Since the neoliberal 90s, America has been steadily thirdworldized. Over 21% of workers wanting jobs can’t find them.
Millions of industrial and other high-pay jobs were offshored to low-wage countries. Ones remaining are mostly rotten temp or part-time, low pay/poor or no benefit service ones with no futures—paying poverty or sub-poverty wages.
The Friday-reported 3.9% unemployment rate reflects pure fantasy. The NYT hyped the deception, saying “workers hardest hit by recession are joining in recovery,” adding, “[T]hey are “a striking symbol of a strong economy . . . [I]mprovement in the fortunes of less-educated workers was a highlight in a jobs report that showed continuing gains across a broad variety of sectors.”
The Times ignored America’s Potemkin economy. Corporate predators and high-net worth individuals never had things better at the expense of most others.
Countless millions of the nation’s least advantaged have been harmed most during the bipartisan-engineered great wealth transfer from ordinary people to privileged interests—what the Times and other media scoundrels ignore.
On Friday, Paul Craig Roberts commented on the true state of America’s economy, saying, “The US government and the presstitutes that serve it continue to lie to us about everything,” including economic conditions in the nation.
Read what he wrote in its entirely. Here’s a few highlights:
America’s economy experienced a declining labor force participation for the last decade because of a lack of enough jobs.
Full employment as falsely claimed by the phony official 3.9% unemployment rate is “impossible [with] no rise in the labor force participation.”
Protracted main street depression conditions persist for most working-age Americans—reflected by real unemployment at 21.5%, along with most available jobs paying poverty or sub-poverty wages—my comment, not PCR’s.
The myth of low unemployment is all about not counting many millions of discouraged workers, not currently seeking jobs they’re unable to find.
“The way the unemployment rate is measured makes it a hoax,” PCR explained.
So is the myth of low inflation. Everyone who eats, drives a car, heats and/or air conditions a residence, has health insurance and other medical expenses, and/or pays tuition bills knows inflation is rising faster than family income, stressing household budgets, driving consumers deeper into debt.
Reality for ordinary Americans shows “scant sign of a vibrant economy, but high debt is everywhere . . . growing faster than the income needed to support it,” PCR explained.
“The millions of Americans whose jobs were given away to foreigners know full well that they have not benefited.”
“They know the [rosy scenario] story told by neoliberal economists and financial presstitutes is a lie.”
Americans are consistently lied to by government officials and media scoundrels like the Times.
Independent providers of news, information and analysis are the only reliable sources—no others.
RSS
Fantasy prosperity in America
Posted on August 7, 2018 by Stephen Lendman
Since the neoliberal 90s, America has been steadily thirdworldized. Over 21% of workers wanting jobs can’t find them.
Millions of industrial and other high-pay jobs were offshored to low-wage countries. Ones remaining are mostly rotten temp or part-time, low pay/poor or no benefit service ones with no futures—paying poverty or sub-poverty wages.
The Friday-reported 3.9% unemployment rate reflects pure fantasy. The NYT hyped the deception, saying “workers hardest hit by recession are joining in recovery,” adding, “[T]hey are “a striking symbol of a strong economy . . . [I]mprovement in the fortunes of less-educated workers was a highlight in a jobs report that showed continuing gains across a broad variety of sectors.”
The Times ignored America’s Potemkin economy. Corporate predators and high-net worth individuals never had things better at the expense of most others.
Countless millions of the nation’s least advantaged have been harmed most during the bipartisan-engineered great wealth transfer from ordinary people to privileged interests—what the Times and other media scoundrels ignore.
On Friday, Paul Craig Roberts commented on the true state of America’s economy, saying, “The US government and the presstitutes that serve it continue to lie to us about everything,” including economic conditions in the nation.
Read what he wrote in its entirely. Here’s a few highlights:
America’s economy experienced a declining labor force participation for the last decade because of a lack of enough jobs.
Full employment as falsely claimed by the phony official 3.9% unemployment rate is “impossible [with] no rise in the labor force participation.”
Protracted main street depression conditions persist for most working-age Americans—reflected by real unemployment at 21.5%, along with most available jobs paying poverty or sub-poverty wages—my comment, not PCR’s.
The myth of low unemployment is all about not counting many millions of discouraged workers, not currently seeking jobs they’re unable to find.
“The way the unemployment rate is measured makes it a hoax,” PCR explained.
So is the myth of low inflation. Everyone who eats, drives a car, heats and/or air conditions a residence, has health insurance and other medical expenses, and/or pays tuition bills knows inflation is rising faster than family income, stressing household budgets, driving consumers deeper into debt.
Reality for ordinary Americans shows “scant sign of a vibrant economy, but high debt is everywhere . . . growing faster than the income needed to support it,” PCR explained.
“The millions of Americans whose jobs were given away to foreigners know full well that they have not benefited.”
“They know the [rosy scenario] story told by neoliberal economists and financial presstitutes is a lie.”
Americans are consistently lied to by government officials and media scoundrels like the Times.
Independent providers of news, information and analysis are the only reliable sources—no others.
Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net. His new book as editor and contributor is titled “Flashpoint in Ukraine: How the US Drive for Hegemony Risks WW III.” Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.