As the so-called "recovery" sputters forward, one essential ingredient continues to be missing: jobs! But there's no shortage of excuses! The Obama Administration has already passed along responsibility to, of all things, the WEATHER! White House economic adviser Larry Summers said on Monday, winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday.
Spin, spin, spin. Anyone getting dizzy?
"The blizzards that affected much of the country during the last month are likely to distort the statistics. So it's going to be very important ... to look past whatever the next figures are to gauge the underlying trends," Larry Summers said in an interview with CNBC, according to a transcript.
According to a recent article in Atlantic Magazine, (http://www.theatlantic.com/magazine/archive/2010/03/how-a-new-jobless-era-will-transform-america/7919/) a new jobless era is upon us.
The Great Recession may be over. Oh,but it's NOT! But, this era of high joblessness is probably just beginning. Before it ends, it will likely change the life course and character of a generation of young adults. It will leave an indelible imprint on many blue-collar men. It could cripple marriage as an institution in many communities. It may already be plunging many inner cities into a despair not seen for decades. Ultimately, it is likely to warp our politics, our culture and the character of our society for years to come.
You know the spin-meisters are working full-time when job losses are spun to be something good. Take an article in Yahoo today which claims that FEWER job losses are somehow good. The problem? With more people out of work, THERE are fewer people to LOSE JOBS!
According to the Yahoo piece, U.S. private employers eliminated fewer jobs last month, suggesting the job market may be on the mend, while the U.S. services sector grew at its fastest pace in more than two years.(http://finance.yahoo.com/news/Private-sector-sheds-20000-rb-1815769018.html?x=0&sec=topStories&pos=3&asset=&ccode).
Analysts expect the Friday report to show the economy lost 50,000 jobs last month, compared with 20,000 the month before, according to Reuters data. So, the GOOD news is WHERE?
Of course, readers of Marko's Take know that unemployment is nowhere near the 10% level claimed by the Obama Administration. More accurate statistics compiled by ShadowStats (http://www.shadowstats.com/), reflect unemployment to be higher - 22% and hovering, with barely a downtick.
This despite the far-fetched claims of the Obama Administration that it has created so many millions of jobs through its "brilliant" stimulus policies (sarcasm intentional!) or, if all else fails, its claims to have SAVED millions of jobs that would have been lost but for their HEROIC efforts! I don't see the connection between heroism and profligate spending, but that's just me. Certainly, there must be something to it, or the media lap dogs wouldn't be eating it up!
Think I'm being unfair? Think our President deserves credit? TAKE ME ON!
Marko's Take
Our fourth segment of the new YouTube series de-mystifying the internal machinations of the Federal Reserve will be up shortly at http://www.youtube.com/markostake. We will continue to add more segments on a weekly basis. Our thanks to our partner Phoenix Film Group (http://www.phoenixfilmgroup/).
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