Losing Jobs and Lying About It: Opinion

VANCOUVER (Bullions Bull Canada) -- Ignore the fantasy numbers. Ignore the inane hype that accompanies them.

There is only one truth with respect to the U.S. labor market and employment. It is contained in the chart below, produced by the Federal Reserve.

The picture is unequivocal. During the four years that the U.S. government has dubbed "an economic recovery" the U.S. economy has been losing jobs at the fastest rate in recorded history for every year of this so-called recovery.

Having a background in economics and statistics, I've explained in numerous commentaries precisely how andwhy the concocted "statistics" claiming to show "new jobs" have no basis in reality. The problem is that unless readers themselves have a reasonably sophisticated understanding of the mathematics involved, it may be difficult for them to follow such reasoning.

However, everyone can understand a line going straight down. This is the U.S. labor market, and has been for the past four years: a line going straight down. There is no set of conditions where a line going straight down can translate into "more jobs."

This is the only "unadjusted" labor statistic produced by the U.S. government -- therefore it must represent the truth. What does that make all of the "adjusted" numbers purporting to show the U.S. economy "adding jobs" month after month after month?

That's right: lies.

But don't take my word for it. Hear it from a friendly source: Forbes Magazine :

...Our analysis of U.S. withheld income and employment taxes [in 2012] tells us that...job growth has been around 100,000 per month less than being reported by the [Bureau of Labor Statistics].

However, lest any of the more naïve readers assume that the magazine's numbers represent any bottom-line "reality," the Forbes writer goes on to add:

...last year [2011] we reported better job and wage and salary growth numbers than the BLS and BEA.

Yes, in 2011 Forbes claimed the line going straight down (U.S. employment) was going up at even a steeper angle than the fiction writers at the BLS. The salient point here is that even Forbes (a producer of its own fantasy job numbers) acknowledges that reported "job gains" by the BLS cannot be reconciled with actual taxation records.

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