May 6, 2011
The Federal Reserve designed 2008 economic takedown is now claiming millions of victims. It is eroding the middle class and slowly turning the United States into a second rank country working its way toward third world status.
In June of 2009, the government announced the economy had entered a recovery after a historical looting by a cartel of international banksters led by the Fed and the Treasury.
It’s turns out to be a McRecovery.
The Labor Department announced today the private sector has created jobs at the fastest pace since 2006. “Nonfarm payrolls rose 244,000 last month, the most in 11 months, the Labor Department said on Friday. The private sector accounted for all of the job gains last month, with payrolls rising 268,000, the largest rise since February 2006,” reports CNBC.
According to the data, McDonald’s was responsible for the modest gain. “McDonald’s and its franchisees hired 62,000 people in the United States after receiving more than 1 million applications,” the Star Tribune reports.
Employment at service-providers rose 200,000 in April after a 184,000 gain the prior month, according to Bloomberg.
Service providers like McDonald’s, not decent paying factory or even office jobs. Factory jobs were long ago exported to slave labor gulags in China and Asia. India now absorbs everything from programming and engineering jobs to telemarketing and customer service.
Burger flipping represents economic growth for Bernanke and the Federal Reserve. “The labor market is improving gradually,” Bernanke told reporters during the first-ever press conference following a Federal Open Market Committee meeting. “We would like to make sure that that is sustainable. The longer it goes on, the more confident we are.”
From The Daily Ticker:
– There are 8.5 million people receiving unemployment insurance and over 40 million receiving food stamps.
– At the current pace of job creation, the economy won’t return to full employment until 2018.
– Middle-income jobs are disappearing from the economy. The share of middle-income jobs in the United States has fallen from 52% in 1980 to 42% in 2010.
– Middle-income jobs have been replaced by low-income jobs, which now make up 41% of total employment.
– 17 million Americans with college degrees are doing jobs that require less than the skill levels associated with a bachelor’s degree.
– Over the past year, nominal wages grew only 1.7% while all consumer prices, including food and energy, increased by 2.7%.
– Wages and salaries have fallen from 60% of personal income in 1980 to 51% in 2010. Government transfers have risen from 11.7% of personal income in 1980 to 18.4% in 2010, a post-war high.
High unemployment and the restructuring of the labor market under corporatist globalism have eroded middle-class incomes after decades of stagnation, explains the New America Foundation. Meanwhile, the cost of health care, education, and other essential middle-class goods have increased, consuming a larger share of household income and driving millions to the poor house.
None of this is a mistake or the result of government incompetence. Since its inception in 1913, the Federal Reserve has slowly but methodically destroyed the American middle class by printing money and deliberately creating inflation.
“Since the creation of the Federal Reserve, middle and working-class Americans have been victimized by a boom-and-bust monetary policy. In addition, most Americans have suffered a steadily eroding purchasing power because of the Federal Reserve’s inflationary policies. This represents a real, if hidden, tax imposed on the American people,” Ron Paul notes. “The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial ‘boom’ followed by a recession or depression when the Fed-created bubble bursts.”
Despite the addition of McJobs reported today, the economy continued its slow decline. “The Labor Department reported the jobless rate climbed to 9.0 percent in April from 8.8 percent in March and 244,000 nonfarm jobs were added to the world’s largest economy,” reports AFP.
9.0 percent, of course, is way off the mark. According to the SGS Alternate Unemployment Rate based on alternate data, the real unemployment rate is well over 20 percent and closing in on Great Depression era levels.
This article was posted: Friday, May 6, 2011 at 8:04 am