Bill Bonner, as usual, provides an interesting perspective on the news. Here is his take on government employment reporting:
… if they reported the unemployment rate today the same way they did during the Great Depression, unemployment would be at 22% — only slightly below the level of the ’30s.
The Federal Government is responsible for the data reports. One wonders why we believe anything they tell us.
Mr. Bonner identifies the culprit in all of this:
The feds set up a zombie economy. It protects and rewards zombie industries — healthcare that doesn’t really make people healthier, education that doesn’t make them any smarter, defense that doesn’t make them any more secure and finance that takes the feds’ money and pockets it.
It turns both rich and poor into parasites.
And then it lies about how many people are unemployed, underemployed, etc. It encourages this behavior with its policies and then lies about the “success” of these policies.