by Andy Hoffman, MilesFranklin.com:
I feel like it’s been a lifetime since I first wrote of how U.S. economic data is at best inaccurate, and at worst, flat out fiction. The genesis of this fraud dates back decades; specifically, when the CPI inflation index was “rejiggered” in the mid-1990s to include price suppressing techniques such as “substitution” and “hedonics.” It shouldn’t surprise anyone that nearly simultaneously, the dollar peaked in international purchasing power while the U.S. economy entered a death spiral that continues to this very day. The worse things get, the more the data is “doctored”; frankly, at a level of intensity equaled only by efforts to mask the dollar’s decline via PAPER gold and silver raids.
Irrespective of how many “jobs” the monthly NFP report purports to have been created, the real unemployment picture is objectively in its worst shape since the Great Depression. As measured by “underemployment” – which I characterize as those that cannot pay their bills – true unemployment is closer to 25% than the comical 7% published by the BLS, or Bureau of Labor Statistics.
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