Last week saw the continuation of multiple tectonic plates determining our economic and political future inexorably grinding into each other. The first is the deterioration in the underlying macroeconomic picture. We were bombarded by seemingly positive economic statistics. When the statistics are analyzed in depth and the inevitable “revisions” and “seasonal adjustments” are made, the reality is something quite different from what we were told.
True unemployment is much higher than the official number as is inflation. The number of unemployed continues to be transfixed at an outrageous level, yet we are told that in the United States, the unemployment rate is declining. We were told that GDP soared, yet well over half of the gain came from increased inventory. Year-over-year sales on “Black Friday” declined. Job creation was better than expected, but much of the increase was in government hiring.
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