Please read the whole article over at Mish’s and play the video “Mish: Nov. Jobs Report ‘Looks Fabricated’. Expect Harder Times in 2010”.
Its not like they are necessarily making up numbers out of whole cloth – they don’t have to. The very way the jobs are calculated allows Obama and his liberals to pretend things are better and try to sell us on that notion. Remember – the reason we lost “only” 11,000 jobs in November is because of factors like the BLS believing “X” number of jobs were created, when there is no indication any jobs were created at all, outside government, in November. Additionally, participation in the labor force continues to decline as people lose their unemployment benefits and/or just give up on job hunting – meaning that even as more people have been losing their jobs, the unemployment rate can go down.
But even if the jobs numbers are correct, the economic prospects are still bleak because we’re still losing jobs in manufacturing, construction and other wealth-creating businesses. While GDP is forced up by printing and borrowing money and then spending it like gangbusters, the actual wealth of the country continues to decline. How long can Obama and the Fed keep the magic going? I don’t know – but eventually, everything has to be paid for. I figure its months before it all comes crashing down – but it could be a year or two. But crash it will – and not just here, but all around the world where there are economic bubbles upon bubbles (China’s stock market and the European bond market, for instance).
Save as much as you can and get ready for the worst – it is still to come.
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