Gallup CEO and Chairman Jim Clifton doubled-down on his comments earlier in the week on the misleading Obama unemployment rate.
Obama says the unemployment rate is 5.6% which is very misleading.
Clifton went on America’s Newsroom today to explain the misleading government numbers. (Video included)
“The number of full-time jobs, and that’s what everybody wants, as a percent of the total population, is the lowest it’s ever been… The other thing that is very misleading about that number is the more people that drop out, the better the number gets. In the recession we lost 13 million jobs. Only 3 million have come back. You don’t see that in that number. “
“Are you fighting for your servitude as if for your salvation? Then you have been well-deceived. You have been sheeple-compromised. Your thoughts are not your own. Your actions are not your own. You are in all ways a conditioned puppet who is under the delusion that it is free, and the psychopaths of the world are your uncompromising puppet masters.” –Gary ‘Z’ McGee, Waking Times
Every few months for the last couple of years, a new story pops up declaring the “official” wealth gap — the one most public sources will admit to — is getting wider and wider at a faster and faster rate.
This is the real economic crisis.
The wealth gap in America, for example, is insane these days.
Just 10 percent of Americans own 91 percent of the nation’s stocks and mutual funds, according to economist Edward Wolff (Table 7). Most of the remainder is held by a “middle class” that is steadily losing ground. The bottom 60 percent is almost entirely shut out (Table 2).
Stock owners, some of whom made billions of dollars last year, can defer their income taxes indefinitely, pay a reduced capital gains tax when they decide to cash in, or pass on the capital gains tax-free to their heirs…
$2 of every $5 owned today was created in the last five years, most of it from the financial markets, and almost all of it going to the richest 10 percent.
Unfathomably, the richest 1 percent took anywhere from 95 percent to 116 percent of the new income gains after the recession. Yes, 116 percent, because almost everyone else went backwards. Median wealth dropped about 40 percent from 2007 to 2013.
And it just keeps getting worse. Remember that big report that came out last year about how the 85 richest people in the world — only 85 people — own as much wealth as the bottom 3.5 BILLION poorest? This isn’t set up to let more people get in the club fake American Dream style either. Only people who are still asleep believe that.
No, the elite are closing ranks. The report about the 85 versus 3.5 billion came out in January 2014. It was quickly followed up by a new report just a couple months later that it was down to a mere 67 people… sixty-seven people… who own more than the bottom half of everybody in the whole entire world.
During his State of the Union speech on Tuesday evening, Barack Obama is going to promise to make life better for middle class families. Of course he has also promised to do this during all of his other State of the Union addresses, but apparently he still believes that there are people out there that are buying what he is selling. Each January, he gets up there and tells us how the economy is “turning around” and to believe that much brighter days are right around the corner. And yet things just continue to get even worse for the middle class. The numbers that you are about to see will not be included in Obama’s State of the Union speech. They don’t fit the “narrative” that Obama is trying to sell to the American people. But all of these statistics are accurate. They paint a picture of a middle class that is dying. Yes, the decline of the U.S. middle class is a phenomenon that has been playing out for decades. But without a doubt, our troubles have accelerated during the Obama years. When it comes to economics, he is completely and utterly clueless, and the policies that he has implemented are eating away at the foundations of our economy like a cancer. The following are 27 facts that show how the middle class has fared under 6 years of Barack Obama…
#1 American families in the middle 20 percent of the income scale now earn less money than they did on the day when Barack Obama first entered the White House.
#2 American families in the middle 20 percent of the income scale have a lower net worth than they did on the day when Barack Obama first entered the White House.
#3 According to a Washington Post article published just a few days ago, more than 50 percent of the children in U.S. public schools now come from low income homes. This is the first time that this has happened in at least 50 years.
#4 According to a Census Bureau report that was recently released, 65 percent of all children in the United States are living in a home that receives some form of aid from the federal government.
#5 In 2008, the total number of business closures exceeded the total number of businesses being created for the first time ever, and that has continued to happen every single year since then.
The Bureau of Labor Statistics headline this morning reads: “Payroll employment increases by 248,000 in September; unemployment rate declines to 5.9%.”
How can this be? As I reported yesterday, US corporations are investing in buying back their own stocks, not in new business ventures that produce new jobs. http://www.paulcraigroberts.org/2014/10/02/poverty-report-contradicts-gdp-claims-paul-craig-roberts/
According to the Census Bureau’s Poverty Report, US real median family income has declined to the level of twenty years ago. http://www.census.gov/content/dam/Census/library/publications/2014/demo/p60-249.pdf
Consumer credit and real retail sales are not growing. Construction is limited to rental units. Construction shows 16,000 new jobs, half of which are “specialty trade contractors” or home remodelers.
The payroll jobs report lists 35,300 new jobs in retail trade. How is this possible when J.C. Penny’s, Macy’s, Sears, and the dollar store chains are in trouble and closing stores, and shopping centers are renting space by the day or hour?
At a time when there is a surfeit of office buildings and only 500 new jobs in “heavy and civil engineering construction,” the jobs report says 6,000 new jobs have been created in “architectural and engineering services.” What work are these architects and engineers doing?