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People Not In Labor Force Soar To Record 91.8 Million; Participation Rate Plunges To 1978 Levels

Tyler Durden's picture




 

Curious why despite the huge miss in payrolls the unemployment rate tumbled from 7.0% to 6.7%? The reason is because in December the civilian labor force did what it usually does in the New Normal: it dropped from 155.3 million to 154.9 million, which means the labor participation rate just dropped to a fresh 35 year low, hitting levels not seen since 1978, at 62.8% down from 63.0%.

And the piece de resistance: Americans not in the labor force exploded higher by 535,000 to a new all time high 91.8 million.

The jobless, laborless recovery continues to steam on.

 

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Fri, 01/10/2014 - 11:22 | 4319365 FrozenBarbie
FrozenBarbie's picture

Obi-Wan Yellenki: "This is the recovery you are looking for".

 

Fri, 01/10/2014 - 11:23 | 4319399 RaceToTheBottom
RaceToTheBottom's picture

It would be good to see the data in graphs that go back beyond 1990

Fri, 01/10/2014 - 11:26 | 4319408 mightybillfuji
mightybillfuji's picture

Your all missing the greatest part of this.

 

The FED itself has only two choices: Accept the published numbers and continue to unwind the QE, which will harm the (really weak) economy and US debt structure or OPENLY ADMIT that the gov't numbers are actually lies, and don't mean anything like they say, and stand pat on the QE.

 

Yellen gonna have a rough first day at the office.

Sat, 01/11/2014 - 03:57 | 4322250 TheMerryPrankster
TheMerryPrankster's picture

She'll likely spend that first day on the job, on her knees like Bernanke and Greenspan used to spend every day, swallowing Banker spooge and saying "Thank You".

The revolving door means bankers get to take turns blowing each other.

Fri, 01/10/2014 - 11:39 | 4319457 Bunga Bunga
Bunga Bunga's picture

What will 00-Yellen do?

Fri, 01/10/2014 - 11:50 | 4319504 insanelysane
insanelysane's picture

We had a Summer of Recovery and now a Winter of Recovery, too bad they were 4 years apart.

Fri, 01/10/2014 - 11:58 | 4319533 papaswamp
papaswamp's picture

What should be scaring the shit out of every one ....If one looks at Table A-1 (not seasonally adjusted) in the BLS report it shows a decline in the size of the civilian labor force from Dec 2012 to Dec 2013 of almost 500,000. With in that, the participation rate also declined from 63.4 to 62.6%. This is massive. So not only did the number of potential workers decline but the percentage of those working also declined Y/Y. Even assuming ADP is correct it signals job growth at ADP levels needs to double just to break even, much less catch up.

Fri, 01/10/2014 - 12:56 | 4319812 insanelysane
insanelysane's picture

Good thing the total population isn't increasing.  </sarc>

Sat, 01/11/2014 - 03:54 | 4322248 TheMerryPrankster
TheMerryPrankster's picture

and the total hours worked per worker decreasing.

Fri, 01/10/2014 - 12:01 | 4319549 csmith
csmith's picture

The Fed creates nothing real (only money). Therefore there is no real recovery. We have a "nominal" recovery...a recovery in name only.

Sat, 01/11/2014 - 09:21 | 4322440 lakecity55
lakecity55's picture

We entered a Depression in 2008 and despite all the .guv propaganda, it is getting worse. Unemployment is accelerating. The ACA is fulfilling its design- to destroy what's left of the economy. Next, EBT cards for everyone except Party Members.

I think soon we will enter the era of Baghdad Bob; I can hear the tanks rumbling now.......

Fri, 01/10/2014 - 12:05 | 4319570 The worst trader
The worst trader's picture

bullish! it must be because the vxx is down with the market!

Fri, 01/10/2014 - 12:06 | 4319574 cypherk1
cypherk1's picture

ZH is going mainstream. Headline on Drudge report. Nice work Tylers.

Fri, 01/10/2014 - 12:19 | 4319635 wisehiney
wisehiney's picture

drudge is lamestream?

Fri, 01/10/2014 - 12:26 | 4319660 jomama
jomama's picture

so i see drudge is still running his website from 15 years ago. that's about the last time i visited that guy since he piqued with the Monica Lewinsky scandal.

Fri, 01/10/2014 - 12:12 | 4319611 Handful of Dust
Handful of Dust's picture
As traffic slumps and teen-oriented stores struggle, retailers suffer worst holiday season since 2009

 

http://blogs.marketwatch.com/behindthestorefront/2014/01/09/as-traffic-s...

Fri, 01/10/2014 - 20:16 | 4321378 GotNuttin'todo
GotNuttin&#039;todo's picture

Don't believe it for a minute. The bars were full!

Fri, 01/10/2014 - 12:14 | 4319616 TonyCoitus
TonyCoitus's picture

This may be the last buying opportunity before going to the moon.....for fuck's sake, BUY THE FUCKING DIP!

Fri, 01/10/2014 - 12:33 | 4319691 GrinandBearit
GrinandBearit's picture

If you are talk about Au, I agree.

I'm very envious of you... you got to bang Janet Leigh on a routine basis.

Fri, 01/10/2014 - 15:11 | 4320495 TonyCoitus
TonyCoitus's picture

Yes, Janet was quite the screamer!

Fri, 01/10/2014 - 18:04 | 4321038 markar
markar's picture

but only in the shower

Fri, 01/10/2014 - 20:22 | 4321395 GotNuttin'todo
GotNuttin&#039;todo's picture

Brutal! But accurate.

Fri, 01/10/2014 - 12:38 | 4319625 Cattender
Cattender's picture

this seems kind of Bad. i wonder why i was under the impression we were in a Recovery?

Fri, 01/10/2014 - 12:40 | 4319726 Cattender
Cattender's picture

http://marketwatch.com maybe the market will actually drop more than 100 points today..

Fri, 01/10/2014 - 12:16 | 4319627 luckylongshot
luckylongshot's picture

and CNN says everything is going well!!!!!!!!!!!!!!!!....liars!.

Fri, 01/10/2014 - 12:29 | 4319676 jomama
jomama's picture

actually, the clip i just saw showed the anchor going after an Obama lackey about the jobless benefits saying:  why hasn't he done anything to spur investor confidense?  (of course they both know he can't do shit, he's just a puppet for the banksters, and does what he's told every step of the way). 

watching the guy squirm as if he thought he was getting softball questions was almost entertaining.  it would be if it weren't all so appallingly predictable.

Sat, 01/11/2014 - 09:16 | 4322433 lakecity55
lakecity55's picture

If you ever wondered what NAZI Germany was like, well, you are living in it now.

Just wait until the Russian Front get bad, then it will be even worse.

Fri, 01/10/2014 - 12:27 | 4319667 Franktastic
Franktastic's picture

I had become a displaced employee in 2010, job went to india, I was making 6 figures. I have not worked on the books since then, by design. I am not paying into this criminal administration (been that way since 1933) I will do what ever it takes to not give them a nickel of my money or labor, am sick and tired of the kings and queens on this planet. Time to throw the trash out and give the planet back to the people. I am sure most that are not working may be thinking along the same lines....enough of this crap and pretend we are your friend and here to protect our asses.  this shit has got to go!

 

I am calling for Civil Disobedience

Withholding payment of taxes is one of the quickest methods of overthrowing a government
Mahatma Gandhi

Fri, 01/10/2014 - 18:17 | 4321063 BeerMe
BeerMe's picture

Yep.  Start working under the table.  Quit sending checks to the clowns.

Fri, 01/10/2014 - 12:29 | 4319677 Franktastic
Franktastic's picture

The only thing that EVER changes tyranny that has been masquerading as the savior of society is to overthrow the masqueraders once and for all. So long as you all think you can play their game based on their rules depending on their system, the only guarantee is that you will LOSE.

Fri, 01/10/2014 - 12:31 | 4319682 GrinandBearit
GrinandBearit's picture

Obamanation.

Fri, 01/10/2014 - 12:31 | 4319683 walküre
walküre's picture

Greece unemployment dropped to 4% with a labor participation rate of 25%.

What is labor? Are people pushing paper sucking on the public teet considered "labor"? I'm afraid so.

The private sector is in no state to support this behemoth of government and public service they've created.

True labor is already working off the reservation.

Fri, 01/10/2014 - 12:37 | 4319715 insanelysane
insanelysane's picture

The gov better raise minimum wage because we the number of unemployed exponentially increasing the actual market wage for unskilled labor is approaching $2/hour.  Unleash the kraken that is unlimited immigration.

Fri, 01/10/2014 - 12:48 | 4319776 jomama
jomama's picture

from kitco:

“It was a clearly weak number in terms of creating jobs – only a few compared to the consensus,” said Robin Bhar, metals analyst with Societe Generale. “That was bearish for the economy, bearish for the dollar and therefore positive for gold. So we’ve seen gold spike higher.”

Still, some might be surprised gold did not jump more than it did.

“Muddying the waters is the unemployment rate, which fell…,” Bhar said. “So it’s puzzling as to what the market will take from this report. It’s a very mixed report.”

 

I'm finally getting the feeling that we are approaching the end of this fantastic charade.  but who the fuck knows.

Fri, 01/10/2014 - 12:51 | 4319792 Judge Crater
Judge Crater's picture

In 1978, there were still plenty of households where husbands worked and wives took care of the kids.  Back then, just before the prime rate started its ascent  to the stratosphere thanks to Fed chair Volcker's ruinous monetary policies, there was a viable middle class.  Most 9-5 jobs came with health insurance and defined pension plans.  Prices for everyday items were low (gasoline was 60 cents a gallon), the taxload was much less, credit card interest rates were 12% and housing costs had just started going up.  So, one wage earner in the family was enough in most parts of the country.  Now, both husband and wife have to work to meet living expenses, so every potential worker wants to be in the workforce.  The problem now is that 30 years of offshoring jobs and of getting rid of defined pensions creates a situation where older people without company pensions work until they drop and many of the jobs we still have pay chump change wages. 

Fri, 01/10/2014 - 14:01 | 4320175 MeBizarro
MeBizarro's picture

Yup and we are returning to the natural order of things although albeit with much longer life spans.  More and more elderly will work until they either die or are physically/mentally incapiated and until to hold employment. 

When you actually get past the participation issues and into the actuarial numbers, it is possible to make SSI sustainable although SSI disability is another issue.  What isn't an easy fix is Medicare and assisted elderly living facilities costs which are Medicaid's single biggest expenditure and continuning to mount. 

Fri, 01/10/2014 - 13:01 | 4319840 boeing747
boeing747's picture

HurryRead will make sure checks will be sent out on time.

Fri, 01/10/2014 - 13:01 | 4319844 rsnoble
rsnoble's picture

And Obamas spouting the new 'end poverty' program today.  Worthless mofo. As they all and were are.

Sat, 01/11/2014 - 09:12 | 4322429 lakecity55
lakecity55's picture

I bet the only thing he is good for is blowing reggie's flute.

Fri, 01/10/2014 - 13:12 | 4319848 knowshitsurelock
knowshitsurelock's picture

NO, no NO !!!   The only way out of this mess is to turn up the printing press, destroy savings and investment, steal all of the pension funds, decimate all asset classes, kill the job market and put everyone on subsidized subsistence entitlements.

Then, with everyone in poverty and doing nothing, you will have a level playing field.

Sat, 01/11/2014 - 09:11 | 4322428 lakecity55
lakecity55's picture

Yes, pure soviet socialism at last!

Fri, 01/10/2014 - 13:08 | 4319879 The Dismalist
The Dismalist's picture

More evidence that we've never actually recovered from the 'Great Recession,' just hit bottom and then started a pattern of tepid and iregular growth, apparently better known as 'Winning the Future.' Yay.

Sat, 01/11/2014 - 03:48 | 4322243 TheMerryPrankster
TheMerryPrankster's picture

I prefer to call it Bernanke's Depression, since he was the expert on economic depression who managed to create this mess with his comrades in arms.

Besides nobody even remembers who alan Greenspan is anymore, you'd think he was dead from his book sales.

Alan Greenspan raped the country for decades and then it collapsed and not a single Fed economist saw it coming. and these assholes are in charge of fixing what they don't understand.

we are boned.....

Fri, 01/10/2014 - 13:18 | 4319935 kchrisc
kchrisc's picture

The above chart is the best to show sheeple that that funny gut feeling they have is very real.

"Yeah, unemployment is 6.7%, unless you are looking for a job, that is."

Fri, 01/10/2014 - 13:18 | 4319939 ThisIsBob
ThisIsBob's picture

Is it fair to conclude that all the Fed's horses and all the Fed's men have saved and enriched the banks and their boyz, and nothing else?

Sat, 01/11/2014 - 03:45 | 4322240 TheMerryPrankster
TheMerryPrankster's picture

Humpty Dumpty took a shit on the housing market and all the kings men can't seem to put it back together again.

That could be the stench that has enveloped our economy or it could be the rotting corpse of liberty buried in Washington D.C. that offends the senses.

Fri, 01/10/2014 - 13:22 | 4319957 shepherd
shepherd's picture

The labor force participation rate of men has been falling since the 1950s where it was over 90%.

It doesn't seem to be a good indicator of anything.

Fri, 01/10/2014 - 20:21 | 4321390 GotNuttin'todo
GotNuttin&#039;todo's picture

It does seem to indicate why there is a severe shortage of private fishing holes.

Fri, 01/10/2014 - 22:02 | 4321618 Wilcox1
Wilcox1's picture

Heh, and that explains why there's no fish in 'em either.  I been slippin' in for awhile.  

Fri, 01/10/2014 - 13:35 | 4320025 Spungo
Spungo's picture

Something is very wrong. One of my silver stocks is up 6% today. Did China declare war on Japan or something?

Fri, 01/10/2014 - 13:43 | 4320073 Van Halen
Van Halen's picture

Anyone who dares speak of the U-6 will be reported to a government official for retraining.

Fri, 01/10/2014 - 13:50 | 4320107 I Write Code
I Write Code's picture

It can't be a good thing, but I can't really make much sense out of these charts given the huge change since 1978 in women working, and its unclear what age limits they have on who should be participating, etc.

Plus, the kind of contract work I mostly do, I probably have hardly ever shown up on these charts as working or not working despite having worked most of the time for decades and being a taxpayer in good standing.  And it's been an increasing trend for people to do temp and contract work, and when it shows working that's misleading because it's temp, and when it shows not working it's because as an independent you don't file paper with the BOL.  Blech.

Fri, 01/10/2014 - 13:53 | 4320120 steveo77
steveo77's picture

High "Quality" troll invades ENENEWS

the troll says all the Plutonium in Hawaii is "background" it was always there, just that no one was looking for it.   Complete bald faced lie, the Plutonium went up 2900% to 3500% based on original pre Fuku EPA monitoring, and EPA results after Fukushima.

The troll story, and the EPA data are here

http://nukeprofessional.blogspot.com/2014/01/high-quality-troll-invades-...

Fri, 01/10/2014 - 13:58 | 4320154 Seeking Aphids
Seeking Aphids's picture

These numbers confirm my long held beiief that there has been no true recovery.....or only on WS. The proof of this lies in the commodities numbers....there has never been a true recovery without commodities doing well - right now they are in the bargain basement. I have been long gold/silver mining stocks for years and watched as the fake climb of blue chips made me look rather foolish......I just can't buy into such a patently fake 'recovery'....well I know they can keep manipulating longer than I can stay solvent but these numbers may be the harbinger of realisation, even in the hallowed halls of WS and Washington, that 'you can fool some of the people some of the time.....'.

Fri, 01/10/2014 - 15:11 | 4320497 RubberJohnny
RubberJohnny's picture

Snow goose hunting season begins Jan. 16 with a daily bag limit of 25 birds.

Maybe the unemployed can get up off of the couch, grab a gun and go and 'feed' themselves.

25 birds can keep one's belly full for a couple of months, no problem.

Fri, 01/10/2014 - 18:11 | 4321055 Dr. Engali
Dr. Engali's picture

You know what happens if 92 million people decide to go snow goose hunting? We have a multitude of Cheney repeats and the extinction of snow geese.

Fri, 01/10/2014 - 20:54 | 4321463 Pareto
Pareto's picture

Hey Doc.  I still laugh about that!  you should (if youhavent already) catch Lewis Black's schtick about that.  https://www.youtube.com/watch?v=94w2Aon7vE4&list=PL20837AE86B434324

Fri, 01/10/2014 - 15:37 | 4320589 bruiserND
bruiserND's picture

92 million out of the work force, gave up. Forget about the Establishment right wing ideologues trying to paint them all as welfare queens with 5 kids by 5 different fathers. If 10% of that 90 million , or 9 million men and women are as desperate for work to provide for their families and keep those families together like my personal hero, Cinderella Man, Jersey Jim Braddock was, then none of us are allowed to rest until the American worker goes back to work. 18.5 million foreclosures v. $17 trillion in bankster bailouts. The poor , the voiceless and the common man are our grass roots champions. Mitch Mc Connell and John Cornyn need to go.

No matter what.

Sat, 01/11/2014 - 09:08 | 4322423 lakecity55
lakecity55's picture

Hell, they all need to go!

Like, yesterday.

Fri, 01/10/2014 - 17:54 | 4321015 Spungo
Spungo's picture

The new jobs are so well paying that women can choose to stay home to raise kids.

Sat, 01/11/2014 - 08:52 | 4322409 Not Goldman Sachs
Not Goldman Sachs's picture

At my expense. Whose yo daddy? Uncle Ben. Whose yo mamma? Auntie Jan.

Fri, 01/10/2014 - 18:20 | 4321070 BeerMe
BeerMe's picture

Gives the Fed an excuse to raise QE again...  "See we tried to cut QE but the economy is still too weak..."

Fri, 01/10/2014 - 18:47 | 4321112 Glennd1
Glennd1's picture

The problem really stems from the plight of the working class. Between the idiotic unilateral trade liberalization, the massive influx of cheap labor that begins in the early '70s due to quadrupling immigration quotas and massive illegal immigrationg being tolerated, the costs of labor regulation and unions we've destroyed the economics of labor at the low end in this country. Couple disincentives for women to marry due to welfare rules and we've created a perfect storm of destruction of an entire class of people in this country. And of course wages are on a 'ladder' so depressed working class wages drag down middle class wages to some degree. 

Couple this with rigged monetary policy and ridiculous capital markets intventions and what you have is a "free market" that is distorted and gamed only for the benefit of an elite, but done so in a way that allows them to maintain the pretense that they are "helping" the poor. You have to get that the people doing this are not consious of it. I mean, does anyone here actually think Obama understands the actuall free markets? Or even Yellen who sees it as a Keynesian engine for her to dump gas in? 

Consider another angle. How did we get here, really? Who is voting in these clowns? Hmmm, it all started back with Woodrow Wilson - and wait, isn't that around when women got the vote? Debt goes up, the Daddy State explode, consumer culture becomes front and center - and remember, not only are women the majority of the population and voters who gave us Obama twice, they also control 80% of household spending. You see, what we really have is a democracy run amok because we have ecomically ignorant people in doing the voting. Women routinely score terribly on basic tests of economic knowledge, and they do worse as they become more educated - not so for men.

Hang on - don't think this is woman bashing. I'm a big fan of woman, but ask yourself, can you even have rational economic discussions with any of them? I have 5 sisters, a daughter - and I tell you, I cannot. They lose interest and seem to dismiss me as some kind of unenlightened being. And it's women who have given us the leviathan of todays govt and it's voracious appetite to "fix" everything. Think about what I'm saying - don't just react. Consider that almost all the comments here are from men. Consider how it all comes apart at the seams as women assert themselves in the west, and feminize all the institutions of our society. Tell me I'm not pointing to something important - I'd actually love to be wrong. But most men I listen to or speak with innately get that we are committing economic suicide. Just sayin'...

Fri, 01/10/2014 - 19:53 | 4321303 Legolas
Legolas's picture

Is that why Yellen looks more like a guy ?

Sat, 01/11/2014 - 03:41 | 4322235 TheMerryPrankster
TheMerryPrankster's picture

NO,  It her penis and testicles that make her look like a guy.she borrowed them from Hillary, who got them from Bill after a Blue Dress fiasco a few years ago....

Fri, 01/10/2014 - 20:01 | 4321329 GotNuttin'todo
GotNuttin&#039;todo's picture

But much of the time our brains are just behind our zipper, so who should we blame?

Fri, 01/10/2014 - 20:30 | 4321409 jomama
jomama's picture

i liek me some wimmins too!

Fri, 01/10/2014 - 22:02 | 4321616 wisehiney
wisehiney's picture

Nothing like a mentally tough, sweet, smart no-nonsense woman. Most of them are not built that way though. We need that soft caring, but not that soft decision making. It is hard enough to find guys that are capable.

Sat, 01/11/2014 - 02:34 | 4322183 ACasey
ACasey's picture

From emotion comes reaction.  From discipline comes resolve.

The brain has logic and emotion sections that cannot function together.  Emotion overrides logic and visa versa.  Women are more emotional than men but as smart or smarter.  They are indecisive because of the struggle that exists between logic and emotion and they cannot make up their minds often times.  Called sitting on the fence, its a woman's perrogative. 

It was females that got the family and farming started back in the hunter/gatherer day.  Men were too nomadic and aggressive but it was the females that were smart enough to understand the value of settling down and provided the foundation of societies.  Men had a role also but it was females that levered to situation to settle down.

Today, the girls are pulling their own very well integrated into the workforce and still trying to keep family together.  Perhaps they need a nudge though to get them out of indecision and off the fence so I have an idea.

Bravery Test.   Print up some T-Shirts with:  "Repeal the 19th". 

Now the girls were smart enough to figure out there was a better way than nomadic life.  Lets get them motivated and they can figure out a better solution to all this jobless mess.  Once girls get their minds made up, history shows, best get out of the way.

 

Sat, 01/11/2014 - 09:03 | 4322417 lakecity55
lakecity55's picture

I have never met a woman who could hold or primarily have any interest in economics except for shopping. And, I am the primary provider for the "shopping" part.

Sorry, but it is true.

Sat, 01/11/2014 - 09:10 | 4322426 Michelle
Michelle's picture

"Women routinely score terribly on basic tests of economic knowledge, and they do worse as they become more educated - not so for men."

Really? Please cite credible sources in support of the above statement.

You aren't women bashing but your comments are sexist. In my experience both men and women equally are ignorant and naive when it comes to economics and their own personal study of the subject is highly correlated to their knowledge, so this observation runs counter to your above statement.

One thought for you: Would there be more war or less war if women were in charge? If less, how would that affect global economies and the well-being of humankind? Would money be the end-all, or would an elevated well-being for all mankind predominate? These are more rhetorical questions and need no answers but I think you get the idea.

As for individual financial success, in my circles those that have obtained less education have become wildly successful beyond comprehension. These are the rare types that are visionary, work hard and have a passion for what they do. These are the people that turn failing companies into successes, are smart enough to grow their businesses without incurring any debt, and live far below their means to stay off the radar. These are both men and women and their success has nothing to do with education, it has to do with being business savvy. America needs more people like these that provide and create good-paying jobs and aren't afraid to take risks.

 

Fri, 01/10/2014 - 19:02 | 4321153 Kina
Kina's picture

You should all note that cattle are sedate and peaceful as the amble up the ramp to be slaughtered. AKA US citizens ambling up the ramp to be a generation of peasants to the elite.

Fri, 01/10/2014 - 19:15 | 4321185 deerhunter
deerhunter's picture

Kina,, worked in a slaughterhouse and they are peaceful til they smell blood,, hence cattle prods, DHS hollow points come to mind here.

Fri, 01/10/2014 - 19:28 | 4321222 CheapBastard
CheapBastard's picture

How can this economy keep humming along at this pace with so many unemployed? Where do they get the dough?

Fri, 01/10/2014 - 19:50 | 4321297 bilejones
bilejones's picture

They make it up.

Fri, 01/10/2014 - 19:56 | 4321313 GotNuttin'todo
GotNuttin&#039;todo's picture

Well, let's see. You used to be able to get one of them there benefit cards. Darn you JPMorgan.

Fri, 01/10/2014 - 19:35 | 4321236 Fix It Again Timmy
Fix It Again Timmy's picture

No real money equals no real jobs.... Can I collect my Nobel Prize for Economics, now?.....

Fri, 01/10/2014 - 20:12 | 4321367 GotNuttin'todo
GotNuttin&#039;todo's picture

Alright, are you ready? We'll just stick our hand into the hat and pull out the name of the lucky winner.....and..... well I'll be darned. It is Krugman again. What a lucky bastard.

Fri, 01/10/2014 - 19:50 | 4321293 bugs_
bugs_'s picture

wow 1978 - maybe Obama's(D) second term will be the expected Jimmy Carter(D) equivalent where even the Acorn masses become so desperate that they look to vote republican in a last ditch throw in the towel move.

Tip from a former Real Republican(tm) for the future Desperate Dems(tm) otherwise known as Reagan Democrats - don't fall for the Chris Christie image alterations that the old media are shoving on you.  He is NOT - enough said.

So much is screwed up now its hard to imagine what else could be screwed up in the next two years.

Fri, 01/10/2014 - 19:53 | 4321305 GotNuttin'todo
GotNuttin&#039;todo's picture

Oh, and by the way, those 16million americans who receive SSDI and SSI benefits, who will never work again, ever, even if they wanted to ... we don't count those folks in our calculation. Makes the numbers look bad you know, and we can't have that now can we.

Fri, 01/10/2014 - 19:59 | 4321322 Kina
Kina's picture

People are going to get a shock when they suddenly realise their USD is worth next to nothing.

 

 

Fri, 01/10/2014 - 20:06 | 4321342 surf0766
surf0766's picture

I can't wait until me neighbor begins crapping his Obama supporting progressive ass pant.  Pass the popcorn and scotch and lets get this on already !

Fri, 01/10/2014 - 20:21 | 4321388 Pol Pot
Pol Pot's picture

The new economy job......NO F'en JOB....

When we reach 300 million the FED will have done its job...

Fri, 01/10/2014 - 20:38 | 4321418 Roscoe
Roscoe's picture

Hat tip from Larry Kudlow to ZH just now for "getting this story right".

Fri, 01/10/2014 - 21:22 | 4321521 OC Sure
OC Sure's picture

I saw that too! If Kudlow is semi-mainstream and ZH gets a shout out there, what can it mean? Too bad, that yesterday he was so certain that rates just have to go higher...

Fri, 01/10/2014 - 21:17 | 4321515 TeddyNovak
TeddyNovak's picture

Obama - The Great Unemployer.

Resist.

www.zazzle.com/FirstPrinciples?rf=238518351914519699

Fri, 01/10/2014 - 21:33 | 4321542 DEADTIME
DEADTIME's picture

Obama is doing just what his tenders wanted of him, flood the system until it collapses. The problem will be that his tenders dont understand the real American mentality, we wont be breaking down the doors for the Marxists progressives to take care of us, we will be breaking down their door to charge them with sedition and treason then we will hang them. It is easier to accomplish a task sometimes than it is to predict an outcome of what you have accomplished. The law of unintended consequences is something that Liberals are terrible at taking into account. The Cloward and Piven strategy that the left is using will lead to a horrible ending, just not the ending they want.

 

 

Fri, 01/10/2014 - 21:53 | 4321596 wisehiney
wisehiney's picture

And the sooner the better.

Fri, 01/10/2014 - 21:41 | 4321562 House of Medici
House of Medici's picture

Drudge Rules!

Fri, 01/10/2014 - 22:14 | 4321644 jharry
jharry's picture

Unless you haven't heard, the objective of all of this is one world government which is not a bad idea given the recent world wars and pending ones of the atomic variety. 

In my humble opinion, the mistake that most great modern economic and political thinkers make is that they believe that each of the great powers is fighting the other when in fact they have made many secret agreements which will keep things going until they have achieved their collective goals.

The various conflicts are just costly hubbub.

 

 

Fri, 01/10/2014 - 22:40 | 4321708 Lost Word
Lost Word's picture

With the supposedly "peaceful" One World Government conspiracy, which in its previous disguise was creating all the past international wars, everything in the future will be "Civil Wars".

Sat, 01/11/2014 - 06:07 | 4322322 Colonel
Colonel's picture

+1

Fri, 01/10/2014 - 22:15 | 4321646 The Carbonator
The Carbonator's picture

So let me get this straight.

Millions of people are unemployed, the economy is going nowhere, 4 million people lose their health coverage, the IRS is used to audit political enemies of the president and the media is freaked out because a few thousand New Yorkers were suck in a traffic jam in NJ.

Amazing!  This is a distraction folks to keep your eyes off the failures of this government.

Sat, 01/11/2014 - 06:08 | 4322323 Colonel
Colonel's picture

It works on leftards.

Fri, 01/10/2014 - 22:15 | 4321650 DangerClams
DangerClams's picture

What's the unemployment rate in Eastasia?

Fri, 01/10/2014 - 22:23 | 4321670 highwaytoserfdom
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Fri, 01/10/2014 - 22:23 | 4321671 highwaytoserfdom
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Fri, 01/10/2014 - 23:08 | 4321793 Duc888
Duc888's picture

 

 

 

If you have your job you can keep your job.

 

 

....oh fuck, wait...

Fri, 01/10/2014 - 23:11 | 4321802 ak_khanna
ak_khanna's picture

Let me get this straight, more the people stop looking for jobs, the lower is the unemployment rate.

So all we have to do is wait till no one is looking for a job because no jobs are available, then according to the current method of calculation we will have full employment. The fact that participation labor rate will go through the floor will have no consequences whatsoever on the economy.

Politicians are best at barking crap. Economic calculations and interpretations are not exactly their strong points.

The true extent of slowdown in the world economy can be judged by the data points which are not subjected to adjustments by the government. Eg. Change in Electricity and Fuel consumption, Ratio of working population to the total population of a country, Miles driven, Baltic Dry Index, Change in commercial Rental Rates etc

www.marketoracle.co.uk/Article40231.html

Fri, 01/10/2014 - 23:12 | 4321803 ebworthen
ebworthen's picture

FYI - Larry Kudlow uses this on his show tonight, mentioning Zero Hedge twice.

Sha-bing!!!

Go ZH!!!

Fri, 01/10/2014 - 23:49 | 4321895 Drifter
Drifter's picture

Ok, which is it?  Have a job and support the status quo via taxes, or don't have a job so I won't support the status quo via taxes?

I see both opinions expressed on ZH.

I see people bad-mouthing the FSA then turn right around and say quit your job so you won't support the status quo with taxes.

I would never advise someone to not work so they don't pay taxes.  Working and paying taxes isn't the problem.

A nation of heavily armed gutless sheep who won't rise up and stop the tyranny.   That's the problem.

Sure it'll collapse on its own eventually.  But we'll go down with it.  Gold, silver, bitcoin, guns, stored food, none of that stuff will help you.

I don't care anymore.  3/4 of my life is behind me.   I can live that last 1/4 under fascism, communism, 2nd world, 3rd world, whatever America becomes.   If it gets intolerable I don't need to finish out that last 1/4, I'll just cut it short, as will many others in the last 1/4 of their lives.

You young folks want any sort of decent future in America, you better get off your lazy gutless sheep asses and get control of this govt. 

That's all I have to say about it.

Sat, 01/11/2014 - 00:30 | 4321995 therevolutionwas
therevolutionwas's picture

"heavily armed gutless sheep" are sheep.  Sheep or not, being armed against the Military National Security State which is armed from the IRS to the Post Office to the Agriculture Dept. to the TSA, FBI,CIA,NSA,etc, is hopeless.  Brains not arms will have to beat this beast down.  Young and old, those of us who are "awake" will have to act, when the time comes.  In the mean time read Hans-Hermann Hoppe  "What Must Be Done"  to get rid of the Tyranny from the bottom up.

Sat, 01/11/2014 - 08:48 | 4322406 lakecity55
lakecity55's picture

Armed American vastly outnumber USG human drones.

If TSHTF, how many USG drones are going to want to get shot at for that ever-decreasing value in their paycheck?

Fri, 01/10/2014 - 23:55 | 4321915 dfwpike
dfwpike's picture

95,000+ reads so far.  and this is only January 10th.  Thanks, Drudge.

Sat, 01/11/2014 - 00:22 | 4321979 gwar5
gwar5's picture

If you like your job, you can apply for another one just like it.

 

Sat, 01/11/2014 - 03:33 | 4322229 TheMerryPrankster
TheMerryPrankster's picture

If you like your job, you can follow it to the People's Republic of China and learn to live on 30$ a month.

On the upside they too have Obamacare, on the downside it works just about as well as it does in the states.

Sat, 01/11/2014 - 00:40 | 4322017 PN7
PN7's picture

Yellin's plan is to put $16 trillion on the Seattle Seahawks tomorrow -8 points; then put the winnings on The Denver Broncos Sunday -9 1/2.  Debt vanishes, and Janet's a heroine.

Sat, 01/11/2014 - 03:30 | 4322227 TheMerryPrankster
TheMerryPrankster's picture

Theoretically that would work, but it would create enormous counter-party risks that could jeopardize global banking systems which have not been sufficiently stress tested under this specific scenario.

Therefore she will punt and run the inkjet printers overtime creating fiat from the quantum nothingness of the universe, mustering yet more currency from thin air.

Abbra Ka-Fucking Dabra...

Sat, 01/11/2014 - 00:57 | 4322047 gwar5
gwar5's picture

From David Stockman:

 

“Gold is the only money that can neither be destroyed or created by the rogue central banks which maraud the global economy.  So naturally they see gold as the ‘barbarous relic,’ or as the enemy of politically-controlled monetary central planning.

And yet we can see over and over, going all the way back to the (late) 1960s, on the eve of when Nixon finally closed the gold window, that it was the free market in gold that time and again told policymakers that they were on the wrong track -- that they were attempting to create free lunches, and that it couldn’t be sustained.  And yet I think we are in the same environment again today.”   KWN, D. Stockman interview.

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/1/11_Da...


 


Sat, 01/11/2014 - 08:45 | 4322401 lakecity55
lakecity55's picture

I read that series of interviews, elsewhere he says it's gonna blow this year.

Long concrete bunkers.

Sat, 01/11/2014 - 01:50 | 4322129 obj089
obj089's picture

You are stupid. LFPR falling as baby boomers increasingly reach retirement age. Not a sign of weak economy just a demographic fact. This is not discouraged workers leaving. It's people retiring. At least 70 or 80 percent. You are being inflammatory

Sat, 01/11/2014 - 04:55 | 4322277 dhengineer
dhengineer's picture

If that were true, then the retiring boomers would be replaced with up-and-coming 20-somethings.  In reality, the jobs of the retiring boomers are being eliminated.  Since the population is rising by approximately 1 percent per year, we need to create about three million jobs per year, or 250k per month.  We are falling behind in terms of job creation, and have been for several years.  This fact is not inflammatory, it is a symptom of a major crisis...

Sat, 01/11/2014 - 01:51 | 4322134 ACasey
ACasey's picture

The unemployment rate must be understood.  The rate is acceleration.  When the rate is positive, unemployment is increasing.  An unemployment rate that decreases but still remains positive still indicates increasing unemployment just a slower rate of acceleration.  A negative unemployment rate would indicate employment is growing.

This can be seen in the data from two [2] sources: 

US Bureau of Labor Statistics      bls.gov/web/empsit/ceseeb1a.htm

US Census Bureau Population Clock     census.gov/popclock/

Using these two sources, you can see the staggering numbers of unemployed.

For example, from the December 2013 Population Clock;

1 person every 17 seconds, 3.53 people every minute, 211.76 people every hour, 5,082 people every day, 1,855,059 new people per year; divided by 12 months is 154,588 people per month.  These are new mouths showing up every month.  The people per second keeps changing resulting in 155,000 to 200,000 per month new population.

From the the Bureau of Labor Statistics:  December 2013 Non Farm Payrolls        136,877,000   

Private Employment     115,020,000    36%

GovtEmploy                  21,857,000      7%

Unemployed                180,464,000    57%

US Population              317,349,000   100%

Certainly some of the unemployed are children, retirees, prisoners, infirmed, etc.  What is revealing is so few workers provide for the needs of so many.  Private employment is heavily encumbered with government contracts that while showing up in the private employment figures still represents money taken from others and funding private employment. 

With government funding private employment via contracts, the 36% private employment could be as low as 25% of the US population is actually taking all the risk and paying all the bills for the entire 317 million.  Government employed and its component in private employment is a blight on this nation as no other. I am in no way bashing the unemployed whether willful, too young or old, or infirmed.  Unemployed is a real component of total US population that needs to decrease.

Obama will be remembered historically as a "politically hazardous asteroid" that impacted the Earth.

Memo to self:   Start building America.  Stop feeding on America.

Sat, 01/11/2014 - 06:02 | 4322279 Dre4dwolf
Dre4dwolf's picture

That is true, any rate above zero is an indicator that there are more people than jobs.

If the rate was negative, that would indicate that there are more jobs than people.

The goal should be 0 to negative 1% unemployement, meaning that the economy is growing and every individual is needed.

 

The sad fact about the real world is, that even if you had more jobs than people, there would still be a lot of useless people out there that would not fit in.

Sat, 01/11/2014 - 03:31 | 4322228 BLUEJAY1111
BLUEJAY1111's picture

The unemployed should simply view their current situation as an extended vacation.  Relax, smell the roses, watch the games and contemplate the meaning of life. 

Sat, 01/11/2014 - 07:03 | 4322355 resurger
resurger's picture

Bloomberg reports this?!

Sat, 01/11/2014 - 08:45 | 4322402 shutupnsing
Sat, 01/11/2014 - 10:26 | 4322497 kenezen
kenezen's picture

The sad fact is: If we don't get manufacturing (Real base product Steel, Plastics, Rubber) for export back to this country we will fail as did Mao until Deng came around. He understood that base Need! Japan understood when W Edwards Deming explained accessing work competitively from the world. S. Kporea understood the success of japan and copied.

We need jobs for high school kids that won't train to be Computer experts!   Do this, get MFG for exporting base product back into America or we will fail! There is a path but it involve deep changes in Federal Government thinking!  

Sat, 01/11/2014 - 10:29 | 4322502 Young Financier
Young Financier's picture

Which is why I pay no attention to the unemployment figures. If they calculated it as it really stands, unemployment would probably triple or quadruple.

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