Chriss W. Street
January 13, 2014
The Obama Administration’s $5.8 trillion of big government deficit spending has caused the United States to suffer an “internal devaluation,” as American worker wages after inflation were forced down in each of the last five years.
American competitiveness increased by over 10% due to worker sacrifices, but all the benefits flowed directly to corporate officers and financial speculators. When the President recently lamented, “The combined trends of increased inequality and decreasing mobility pose a fundamental threat to the American dream,” he could count on the unwavering support from Warren Buffett, who was the last year’s biggest dollar gainer with a $12.5 billion jackpot. However, as recent polls demonstrate, American voters are now solidly against deficit spending.
The U.S. Bureau of Labor Statistics on January 10th dazed and confused the mainstream media by announcing that December employment grew by only 74,000 jobs versus a consensus expectation of a gain of 197,000. The net number of employed people fell by 400,000 to a 35 year low, yet somehow the unemployment rate tumbled from 7.0% to 6.7%. The New York Times responded by running the sensationalist headline, “Growth of Jobs Slows to a 3-Year Low.”