by Captain Rick of Atridim News Journal
The economy added 74,000 jobs in December while the unemployment rate dropped to 6.7 percent, the Labor Department reported Friday. Analysts had expected job growth of about 200,000, according to a Bloomberg survey of economists.
Captain Rick: Our economy is in sick shape…in spite of the hype we hear on the evening news…mostly being pumped by the DC political machine. This miserable jobs report is a prime example. The only reason the unemployment rate dropped to 6.7% is because a large number of job seekers have expired their unemployment benefits. Those who no longer qualify for unemployment are no longer included in the unemployment numbers. How inaccurate is that? The U.S. unemployment percentage is totally bogus…meaningless. The actual, real unemployment figure is twice as high. I believe the Fed is using this fictitious reduction to justify their reduction in Quantitative Easing…the pumping of $85 Billion (now reduced to $75 Billion) of red ink dollars into the US economy each month…in an attempt to make the US economy look like its doing OK…when it’s really sucking. The truth is that the Fed must lower the red ink dollars it prints each month because the recent budget deal will not allow it…so that another rise in the U.S. National Debt can be avoided. How wonderful it would be if our political bureaucrats in DC would tell us the truth of what is really going on. I have a hunch they think most Americans are stupid and will believe the garbage fed to us via the evening news. Fortunately you have Captain Rick keeping an eye on things and reporting the truth.
For more reports from Captain Rick, visit him at Atridim News Journal