Friday, October 02, 2015

REAL Unemployment Continues To Skyrocket, Wages Continue To Crater

by JASmius

Wow.  You could just substitute my name for the above and express the sentiment just as well.

Or any of the other ninety-four million Americans drowning in the same sinking boat I am, constituting a real unemployment level of approximately 15% (excluding the already- (and voluntarily) retired):

U.S. employers slammed the brakes on hiring over the last two months and wages fell in September, raising new doubts the economy is strong enough for the Federal Reserve to raise interest rates by the end of this year.

I will not dignify, nor waste your time with, the Obama BLS's intelligence-insulting codswallop on "job creation" of which there isn't any and their claimed "unemployment rate," which is a pathetic joke.  Let us, instead, cut to the real chase:

The share of the population in the work force, which includes people who have jobs or are looking for one, fell to 62.4%, the lowest level since 1977.

Average hourly wages fell by a cent to $25.09 during the month and were up only 2.2% from the same month in 2014, holding around the same levels seen all year and pointing to marginal inflationary pressures....

In another grim sign, the number of hours worked in the country fell 0.2%, raising the specter that some broader softness might have gripped the economy last month.

There are no new jobs being created, not even the part-time, benefitless, hamburger-flipping variety Dems used to make fun of and accuse every genuine economic recovery under every Republican administration of consisting of.  Wages are falling.  The Obama Depression continues to grow longer and worse and increasingly difficult to conceal.  Does anybody wonder why the Fed didn't raise interest rates last month?

We are not the "ninety-nine percent," my fellow economic exiles; we are The Forgotten.  Or, rather, the designated permanent dependent underclass.  Only difference between most of y'all and me is that I didn't spend my years of plenty living beyond my means, but so far within them that you'd think I was raised by a set of parents that actually lived through the (First) Great Depression.  And that one of them was German.

But eventually even my metaphorical barns will be exhausted of "grain".

One can only nightmarishly imagine what will be left of the "safety net" by then.

If anything.

Sure won't be any jobs to take up the slack.

No comments: