...Our analysis of U.S. withheld income and employment taxesHowever, 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:
in 2012tells us that...job growth has been around 100,000 per month less than being reported by the Bureau of Labor Statistics.
...last yearYes, 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.
2011we reported better job and wage and salary growth numbers than the BLS and BEA.
Note that both the BLS and Forbes (and the rest of the mainstream media) have been claiming there has been growth in jobs and wages during this so-called "recovery." Below is a chart showing food stamp usage in the U.S.
Courtesy of trivionno.com While U.S. employment has been a line going straight down during this "recovery," food-stamp usage has been a line going straight up. There is no possible reality where there could be gains in both jobs and wages, and yet there are still millions more Americans qualifying for food stamps. Indeed, on many previous occasions regular readers have seen a chart showing that adjusted for actual inflation, U.S. wages have fallen all the way back to Great Depression levels. Courtesy of nowandfutures.com The "good news" is that, for the moment at least, U.S. wages have stopped falling. The bad news is that with workers being paid Great Depression wages they can't fall any lower...unless the minimum-wage laws are repealed. This is reality in the United States. Unemployment going straight up. Wages as low as they can go. Over 15% of the population already requiring food stamps just to survive, and that number keeps going higher, too. By any possible and rational definition this is an economic depression, not a "recovery." Understand what is necessarily implied when we see the U.S. government (and mainstream media) peddling numbers that are lthe mirror-opposite of reality. There are no rational/legitimate/honest "adjustments" that can be made that will transform a line going straight down (U.S. employment) into a line going steadily higher. As a proposition of mathematics, such a perversion of reality can only be achieved through a deliberate attempt to deceive. Note that there are several "Big Picture" indicators that corroborate the fact the U.S. economy is plummeting lower in a Greater Depression: the collapse in U.S. energy consumption, the collapse in U.S. retail sales (adjusted for inflation) and the ongoing train wreck known as the housing sector are three examples. However, proof of this Grand Deception comes in much simpler form: permanent 0% interest rates. Readers need to know that no government in economic history has ever engaged in such utterly reckless monetary policy before -- even on a temporary basis. Indeed, prior to our current collapse no governments had ever allowed interest rates to approach 0% except in the most dire of economic emergencies, and only for the briefest of durations.
The only exception to this is Japan: R.I.P. It's been attempting to re-animate its economy with 0% interest rates for an entire generation. Yet, again, today it's looking for even more extreme forms of stimulus for its own corpse-economy. There is a very good reason why governments have refused to engage in such recklessness before. This is the most extreme form of economic stimulus possible: "free money." In any remotely healthy economy it would cause that economy to radically overheat, and then quickly explode into sector after sector of asset bubbles. Zero-percent interest rates are literally the economic equivalent of a defibrillator: the most extreme economic desperation measure, and thus only intended to be used on a "patient" (i.e. an economy) on the verge of death. The analogy here is as obvious as it is precise. We have a doctor claiming to "treat" his patient by using a defibrillator. For the next four years, day after day, the doctor claims the patient is "recovering" (but yet never pronounces the patient healthy). However, throughout this entire four-year period the doctor has continuously been shocking the patient with his defibrillator. When we witness a doctor shocking a patient with a defibrillator again and again and again, relentlessly and continuously for four years, are we witnessing a "medical recovery?" No, we are watching someone char a corpse. There is one ultimate, conclusive action in which the U.S. government and the Federal Reserve could engage to show the U.S. economy is anything other than a charred corpse: normalize interest rates; even set the benchmark rate at the lower end of "normal," roughly 3%. If the United States is a "recovering economy" with four years of GDP gains, and wage and jobs growth then surely Dr. Bernanke can (finally) disconnect the defibrillator? Indeed, Fed Chairman Ben Bernanke began talking about his "exit strategy" (i.e. disconnecting the defibrillator) all the way back in 2009. Then something unprecedented in economic history took place. At the end of 2012, three years after Dr. Bernanke began promising his "exit strategy," the good doctor announced he would keep shocking the U.S. economy with his defibrillator until at least 2015.
What kind of doctor "knows" he will need to keep shocking his patient continuously with a defibrillator for at least two full years? Dr. Frankenstein required only a tiny fraction of that time to create life. To anyone with a modicum of economic literacy, Bernanke's declaration at the end of 2012 of at least two more years of his 0% defibrillator was nothing less than an open confession the U.S. economy is nothing but a charred corpse. Whatever fantasy number is released by the BLS on Friday will be another lie. There were fewer Americans working in February than in January. There will be fewer still working in March. Corpses don't "grow." Follow @bullionbulls This article was written by an independent contributor, separate from TheStreet's regular news coverage.