Friday, June 12, 2020

It may be 20 ...

All these people, plus congress and the supremes, have no skin in the game. Their asses are covered no matter how bad the economy gets but for the rest of us rubes not blessed with guaranteed employment, one can lose their job in a NYC second, which seems to have happened to nearly 20% of us instead of the wished-for 14.7% as of June 1, 2020. 

Quoting A Storm is coming, folks without money are slowly realizing they have been had while the connected continue to live large. Unlike FDR in the 30's, there is no one in government at the top who actually cares or knows how to take action to get this country back on track which means, IMHO a storm is coming ... and soon.

On Friday, I reported on the data released from the Department of Labor’s Bureau of Labor Statistics, indicating that 2.5 million jobs were added in May. This was followed by an enthusiastic take on how the United States may be turning the corner. Despite all of the negatives, it seemed the U.S. was seeing rays of hope. The stock market, which has shot up since the initial shocks of the Covid-19 pandemic, bolted up after the report, gaining over 700 points and referred to other positive developments. 

Unfortunately, after delving into the footnotes of the numbers, it now looks like the jobs report has been inaccurate for the last two months. BLS has admitted that government household survey takers mistakenly counted about 4.9 million people as employed, although they were unemployed.  

Had the mistake been corrected, the unemployment rate would have risen to 16.1% in May. The corrected April figure would have been more than 19.5%—rather than 14.7%.

The official response was that the government doesn't correct its survey results for fear of the appearance of political manipulation.

A fubar of biblical proportions 24/7 is how America operates in the year of our lord 2020. 

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