Bureau of Labor Statistics

In 1 Out Of Every 5 American Families, Nobody Has A Job

If nobody is working in one out of every five U.S. families, then how in the world can the unemployment rate be close to 5 percent as the Obama administration keeps insisting? The truth, of course, is that the U.S. economy is in far worse condition than we are being told.

A Nationwide Minimum Wage Is Even Worse Than State-Imposed Wages

The lesson to be learned here is that, while minimum wage laws are bad, uniform minimum wage laws imposed across dozens of diverse economies are much, much worse. Naturally, imposing minimum wages at the statewide level leads to the same problem, but on a slightly smaller scale. If politicians wanted to increase real wages, they'd instead focus on lowering the cost of living and increasing worker productivity.

Core CPI Hovers Near 8 Year Highs As Shelter/Rent Pops, Autos Drop

Having surged to its highest since 2008 in February, Core CPI's YoY gain inched back from 2.3% to 2.2% YoY in March hovering at post-crisis highs. The food index declined in March, as did the cost of 'shelter' and medical care, but used cars and truck prices declined, as we noted previously.

Chart Of The Day - Wall Street Vs. Main Street

For those of us who recall how the mainstream media, compromised pundits and Wall Street welfare babies “sold” us on the unconscionable banker bailouts, we vividly remember a constant repetition of the invented and preposterous mantra that “helping Wall Street in turn helps Main Street.” This fantastical idea that the fortunes of Wall Street and Main Street are inextricably linked is, of course, total garbage and always has been.

The Next Big Problem: "Stagflation Is Starting To Show Across The Economy"

"I think stagflation is starting to show - that idea of stronger nominal growth but weaker real growth is starting to show up across the economy. It certainly is showing up with real personal consumption slowing; it's showing with slower job creation growth as the wage rate rises, and it's showing up in weaker profits as the share of labor income rises reducing profit margins for corporations."

April "Fools" In March

It may be almost impossible to underestimate the gullibility of professional Fed watchers. At least Lucy van Pelt needed to place an actual football on the ground to fool poor Charlie Brown. But in today’s high stakes game of Federal Reserve mind reading, the Fed doesn’t even have to make a halfway convincing bluff to make the markets look foolish.

Peter Schiff Warns "The Fed Is Stuck In The Same Monetary Mud As In 2008"

The last thing the Fed can bear is for a recession that may be bubbling just under the surface to boil over into full view in the months heading into the election. If that occurs, we all may be seeing a great many press conferences from Mar-a-Lago. That is a development that I’m sure Janet Yellen wants to avoid at all costs.

Global Warming And Food Prices

Given that we all have to eat and that there are some concerning environmental developments out there, here’s an interesting question: has global warming led to higher or lower food prices (thus far)?

Peter Schiff: The Establishment Is Peddling Fiction, Ignoring Fact

Janet Yellen is in a very difficult spot. If she continues to ignore the growing signs of recession, she runs the risk of letting one develop prior to the election. This would favor the Republican challenger who would be disinclined to reappoint her as Fed Chairwoman, if elected. Allowing the Greenspan bubble to bust on Bush’s watch sealed John McCain’s fate, allowing Obama to ride a wave of voter outrage into the White House in 2008. Yellen does not want Trump to catch a similar wave in 2016. As a result, we expect the Fed to soften its rhetoric in the very near future.

An Alarm Goes Off Threatening The "Strong U.S. Jobs" Myth: Withheld Income Taxes Are Stalling

Official Treasury tax-receipt data are at major odds with the much more upbeat numbers reported by the Labor Department. January’s year-over-year payroll increase of 2.665 million, or 1.9%, along with a 2.5% gain in average hourly earnings should yield something in the neighborhood of 4.5% year-over-year growth in tax withholdings — or more than double the actual growth rate in recent weeks. And yet over the past 10 full weeks, starting Dec. 7, tax withholdings have grown just 3.1% from a year ago.

America's #1 Import: Deflation

It seems that everyone these days is exporting deflation to the US. American consumers will be delighted with everyone sending cheaper goods their way. However, what this may do to their income and employment prospects is a whole different matter.