Zero Hedge challenged the rosy picture painted by the administration of Bidenomics and what is starting to look like a fake economy, the one Joe Biden is running on.
Zero Hedge looked beyond the number of so-called new jobs for the newly employed workers. It was just 86K, the lowest since May and the second lowest of 2023!
Since the number of unemployed workers also rose to 6.360 million, the highest number since January 2022, the unemployment rate remained at 3.8%, says Zero Hedge. It was supposed to drop to 3.7.
How many of the jobs were seasonal?, Zero Hedge asks.
Vanda Research FX trader Viraj Patel noted earlier the official adjusted data showed Leisure and Hospitality added a whopping +96k jobs. But unadjusted data showed that the sector lost 466k jobs in September. This means that the unadjusted private sector payrolls were 399.
⚠️ I wonder how much of the payrolls upside is to do with seasonal quirks more than anything. Take Leisure & Hospitality. Official adjusted data shows this add +96k jobs. But unadjusted data shows sector shed 466k jobs in Sep. Unadjusted private sector payrolls was -399k ♂️ $USD pic.twitter.com/ME1VFf4RHp
— Viraj Patel (@VPatelFX) October 6, 2023
Zero Hedge continued. “If unadjusted total payrolls rose by 585K and yet private payrolls dropped by 399K, that means that… in September, all of the unadjusted jobs came to the government, which added a whopping 984K jobs (mostly teachers).”
It’s more centralization of power in the government that creates nothing.
Peter Schiff also weighed in, predicting doom.
“It’s all clouds,” he said. Reckless spending financed by debt is what he sees as the problem. “It’s a debt fest,” he said. We know Peter Schiff can be too negative, but there is a lot of common sense in this clip.
Chief Economist Peter Schiff @PeterSchiff w/Dan Ball on Real America Discussing the Growing Debt Crisis in America
If you ever miss an episode of #realamericawithdanball on @OANN Just download the #oan app and watch it #ondemand pic.twitter.com/hNjW4TOJo6
— One America News (@OANN) October 5, 2023
The revisions after the phony numbers come out are devastating. People tend to ignore the revisions to the rosy, inflated numbers we get each month. They are almost always revised down.
“Higher inflation, weaker growth, lower consumer spending and a bigger share of government spending” has devastated the economy. The government is taking over the economy, which means more waste.
McCarthy was providing Biden with a figleaf of phony growth numbers even as the real economy declined… https://t.co/Toq3B8IUlh
— damn_jehu (@damn_jehu) October 4, 2023
Janet Yellen only sees reasons to be optimistic. She is VERY optimistic. Yellen says US debt servicing costs are manageable for now.
She doesn’t mention that we are paying a trillion dollars a year in interest on the debt, and it’s larger than the defense budget. It will soon be larger than defense and Social Security and Medicare.
She doesn’t see a financial crisis in our lifetime, but she’s elderly.