Bureau of Labor Statistics
The 30 statistics that you are about to read prove beyond a shadow of a doubt that the middle class in America is being systematically destroyed. Once upon a time, the United States had the largest and most prosperous middle class in the history of the world, but now that is changing at a staggering pace. Yes, the stock market has soared to unprecedented heights this year and there are a few isolated areas of the country that are doing rather well for the moment. But overall, the long-term trends that are eviscerating the middle class just continue to accelerate.
This weekend’s “Things To Ponder” is comprised of a variety of readings that cover a fairly broad spectrum from educational to informative and even a little bit sarcastic.
When considering the catalysts for silver, let’s first ignore short-term factors such as net short/long positions, fluctuations in weekly ETF holdings, or the latest open interest. Data like these fluctuate regularly and rarely have long-term bearing on the price of silver. We're more interested in the big-picture forces that could impact silver over the next several years. The most significant force, of course, is governments’ abuse of “financial heroin” that will inevitably lead to a currency crisis in many countries around the world, pushing silver and gold to record levels; but here are seven more...
According to a new analysis from CareerCast jobs, seven of the top 10 careers are in the healthcare industry and, as expected, require an advanced degree. As CBS reports, while these jobs are all pegged to show strong earnings growth through 2022, there is a downside: Becoming a surgeon or physician requires years of graduate school and training, which requires an investment of time and money. "There is a tradeoff for every job," Oh well, at least it doesn't require stealing from widows and orphans, and one can even sleep at night without the help of industiral amounts of horse tranquilizer. So without further ado, here are the ten top paying jobs for 2014...
Now that even the Fed has admitted the BLS' nonfarm payroll and unemployment rate are meaningless due to the "noise" from a record number of workers dropping out of the labor force, Janet Yellen is left with one fallback "favorite" indicator, the JOLTS survey (Job Openings and Labor Turnover). It is here that something rather unexpected just happened, when moments ago the BLS reported that US employers reported a whopping 4671K job openings in the month of June, beating expectations of a 4.6MM print and well above the downward revised 4,577K in May. This was the highest openings print since February 2001, and one which suddenly puts the "hawkish" Janet Yellen back in play as it suggests that slack in the labor market, at least based on the number of job openings, has not only filled the gap, but it is now overflowing!
The failure to understand money is shared by all nations and transcends politics and parties. The destructive monetary expansion undertaken during the Democratic administration of Barack Obama by then Federal Reserve chairman Ben Bernanke began in a Republican administration under Bernanke’s predecessor, Alan Greenspan. Republican Richard Nixon’s historic ending of the gold standard was a response to forces set in motion by the weak dollar policy of Democrat Lyndon Johnson. For more than 40 years, one policy mistake has followed the next. Each one has made things worse. What they don’t understand is that money does not “create” economic activity.
We frequently see stories telling us how well the United States is doing at oil extraction. The fact that there are stories in the press about the US wanting to export crude oil adds to the hype. How much of these stories are really true? A major concern with falling per-capita energy consumption it that the financial system may soon reach limits where it is stretched beyond what it can stand. The economy needs energy growth to grow, but the economy is not getting it.
If one looks past headline figures, things are not really getting better. As shown in Figure 1, real disposable income per capita in the U.S. has increased only modestly since the Great Recession. However, all of this increase is due to Government Transfers, not from an improvement in the real economy.
Washington can’t stop lying. Don’t be convinced by last Thursday’s job report that it is your fault if you don’t have a job. Those 288,000 jobs and 6.1% unemployment rate are more fiction than reality. What you can take away from this is the opposite of what the presstitute media would have you believe. For the most part economists have turned a blind eye. Economists serve the globalists. It pays them well. The corruption in present-day America is total. No one serves truth and liberty. America has left us. We now have the tyranny of the Orwellian state that rules, not by the ballot box and Constitution, but by force and propaganda.
"Many older workers managed to stay employed during the recession; in fact, the population in age groups 65 and over were the only ones not to see a decline in the employment share from 2005 to 2010 (Figure 3-25)... Remaining employed and delaying retirement was one way of lessening the impact of the stock market decline and subsequent loss in retirement savings."
UPDATE: FIFA bites back and bans Uruguay's Luis Suarez for 4 months
As 12ET rolls around and USA's soccer team prepares to engage zee Germans with the goal of advancing to the FIFA World Cup's knockout stage, Bloomberg undertook an 'economic' face off to see just how the two powerhouse nations stack up. The result - a 4-0 win for Germany does not bode well for the soccer...
Fed economists say they don’t think inflation rates are rising. They think the most recent reading is a fluke. But why does anyone take them seriously? Prakash Loungani, an economist working for the IMF, undertook a study (published in 2001 in the International Journal of Forecasting); there were no surprises in it. “The record of failure to predict recessions is virtually unblemished,” he reported. That was in 2001. Surely, by 2014, the experts had managed to stain their pathetic record with some success? Nope. Loungani and a colleague, Hites Ahir, took another look. They examined 77 different national economies, of which 49 were in recession in 2009. In 2008, how many economic forecasters saw the recessions coming a year later? Go ahead, dear reader, take a guess. The answer is zero.
Have you noticed that prices are going up rapidly? If so, you are certainly not alone. But Federal Reserve chair Janet Yellen, the Obama administration and the mainstream media would have us believe that inflation is completely under control and exactly where it should be. Perhaps if the highly manipulated numbers that they quote us were real, everything would be fine. But of course the way that the inflation rate is calculated has been changed more than 20 times since the 1970s, and at this point it bears so little relation to reality that it is essentially meaningless. Anyone that has to regularly pay for food, water, gas, electricity or anything else knows that inflation is too high. In fact, if inflation was calculated the same way that it was back in 1980, the inflation rate would be close to 10 percent right now.
It appears there is something far more structural with America's long-term unemployment problem, something not even the "smartest academics in the (Marriner Eccles) room" can diagnose. Surprisingly, earlier today Gallup reported one factor that may be contributing to America's unemployment malaise - the same problem that is the reason for the insolvent US welfare state coffers: obesity. According to Gallup, Americans who have been out of work for a year or more are much more likely to be obese than those unemployed for a shorter time. The obesity rate rises from 22.8% among those unemployed for two weeks or less to 32.7% among those unemployed for 52 weeks or more.
In President Obama's speeches this year, a steady theme has been creating jobs and economic opportunity for Americans. Yet during the more than five years Mr. Obama has been in office, young people have been especially hard-hit by the slow and virtually jobless recovery. On a deeply human level, it's profoundly sad. The message to Obama - "The bottom line on labor: Make something less expensive and businesses will use more of it. Make something more expensive and businesses will use less of it."