US and NC economy and jobs much worse than reported, Bernanke exposed the fragility of the US economy, Media under reports, Financial markets ignore, It is about people and families
“Over the last six months, of the net job creation, 97 percent of that is part-time work,”…Keith Hall, former BLS chief
“The Labor Force Participation Rate in NC has dropped 1.6 percent in 2013.”…Citizen Wells
“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″
I have tried to report the reality of the economy and jobs situation in the US and my home state of NC.
Even though I write about and comment about politicians, I am pretty much apolitical.
After all, what happens in this country is about people, their families and their lives.
I was touched recently by this ad in Craigslist.
“IM LOOKING FOR SOMEONE TO TAKE OVER PAYMENTS ON MY WHITE 2008 KIA SPECTRA. THE PAYMENTS ARE AROUND $225 PER MONTH. IT IS IN GOOD CONDITION WITH AROUND 80,000 MILES ON IT. I RECENTLY LOST MY JOB AND CAN NO LONGER MAKE PAYMENTS. MAKE A REASONABLE OFFER AND IT IS YOURS!”
This is not a statistic.
It is a real person who has lost a job.
I know and I am certain that you know people who have been affected by the job market and economy.
From Citizen Wells September 20, 2013.
The article from Independent Review Journal, in a series of graphs, paints a picture of the true state of the economy and the changes in the past 5 years.
- There are 12.6 percent more part time jobs and 4.6 percent fewer full time jobs.
- Even with part time workers being counted the stated unemployment rate is 7.3 percent instead of 5 percent.
- The labor force participation rate has plummeted 3 percent.
- The average length of unemployment has risen from 17.7 weeks to 37 weeks.
- Median household income has dropped $ 5,000.
I would like to thank Zero Hedge for this article.
“What Bernanke Did”
“What Ben Bernanke did by not Tapering was expose the fragility of the US economy for all to see. His actions, Mises Institute’s Peter Klein explains in this brief clip, based on the premise that the US economy was not capable of sustaining any reduction in the $85 billion per month stimulus free-money, means once again “the economy is so dependent on artificial stimulation from the central bank… that the economy is in another artificial boom just like the artificial boom we have been trying to get out of.” Critically, for all those proclaiming the US as a “cleanest shirt,” Bernanke proved them wrong (and exposed the fallacy of data such as the unemployment rate and jobless claims as having any value – as we have explained).”