While the media and many pundits do a victory dance over the newly released jobs report, claiming unemployment is at 4.3%, the fact of the matter remains millions of Americans are unemployed. Don't take my word for it, President Trump made that fact clear!
I want to get this fact out in the open first so there is no mistake or people take this post as a slam on Pres Trump. Yes, in the past similar unemployment pieces posted on this site were slams on obama, but that is because his policies and Congress' inaction contributed to the lack of job growth, actually they caused job loss!
This time around the blame is going directly on the do nothing, useless, inept, incompetent, impotent Congress. Let's be honest the President for the most, be it Trump or obama, really can't do much to stimulate economic growth. They depend on Congress to create legislation for them to sign into law. Obama's economic policies hurt industry, Trump is taking action to grown industry. Now for those of you in doubt about Congress being useless, here's a simple test: did they pass the obamacare repeal they promised? No. These people are not taking the legislative action necessary to spark the economy, create jobs and reverse the massive economic bubble that will burst.
Per the Bureau of Labor Statistics:
6.981 million Americans are on the books unemployed for July, UP 4000 since June
94.657 million Americans are out of the labor force... when you factor in those on disability (gaming the system because their US benefits have run out) and people completely written off (like yours truly) who aren't factored in, there are far more than 100M Americans out of work.
The actual unemployment rate is 22%, and has been that way for far too long. It is just 3% away from being where UE was during the Great Depression!
Sorry to be party pooper but nothing has really changed in the last 8 mos. It's impossible to go from "the economy is going to collapse" prior to Jan 20, 2017 to "the economy is rocking" Aug 4! All the economic turmoil we've been facing remains. The national debt continues to climb $19.9T, spending is out of control, student debt is $1.5T, people have no savings, we are still in that eye of the storm of the stealth depression we've been in since the experts claimed we're in a "recovery".
Again this is not bashing Trump, it's bashing everyone in DC who is ignoring a major problem coming that will dwarf 2008. "The Stock Market is making new highs"... uh huh, why? Who is buying the stock? Institutions for the most part(they're playing the numbers), investors who can afford to lose some money, companies buying their own stock back. Again most Americans have nothing in the bank, their barely making it, so they aren't the ones buying Amazon @ $987/sh and Apple @ $156/sh. "Well people are buying new cars", yea you know why? Banks and auto lenders are doing subprime loans on cars and trucks that are going into default! Same problem we saw with subprime home loans is about to happen in the auto industry!
Do not take my word on any of this. I come to these conclusions because I do my homework listening to people who are ringing the warning bell. I suggest you start following:
Jesse Columbo
Harry Dent
Danielle DiMartino
James Rickards
Peter Schiff
(There are many more but these people know what they're talking about.)
To those out there bragging about the "great" economy, cool it because you're going to eat your words when the bubble bursts.
No comments:
Post a Comment