Hooray! The official number is only 539,000 jobs lost! …But it is, like seemingly everything coming out of the Obama administration these days, seriously fudged.
BLS adds in a season adjustment of tens of thousands for net birth/death rate, and there were another 60K government census (temporary) jobs added to the rolls. Altogether, the private sector lost over 650K jobs. And it will go up once it is revised next month.
But don’t worry, nothing to see here. The stress tests boosted the banks, borrowing and printing money is not insanely dangerous, and massive unemployment won’t depress a consumer based economy. There are no state and local governments in desperate financial trouble, no pension funds that are seriously underfunded, home prices and foreclosures are leveling off, and America didn’t just have to raise the coupon (mid-auction) on a 30-year bond offering in order to get people to buy them.
Nope, nothing to see here. Green shoots everywhere.
“We cannot go back to an economy that is built on a pile of sand — on inflated home prices and maxed-out credit cards, on overleveraged banks and outdated regulations that allowed the recklessness of a few to threaten the prosperity of us all.”
This was Barack Obama on April 29 in a press conference marking his first 100 days in office.
What is so scary about this is that we really can’t trust anyone, especially the government. The Obama administration understands propaganda and media manipulation (at least as well, if not better, than the Bushies). Do they understand in a deeply interconnected world, with an increasingly irrelevant mainstream media, that lies are uncovered quickly and undermine trust and confidence?
Do they ultimately understand that the crisis is an issue of confidence?
Right now, they’re just buying time and praying. We’d all be well advised to do the same.