Propaganda to obscure the Greatest Depression.
One of the false narratives being flogged by the establishment propaganda peddlers is the mass retirement of Baby Boomers causing the plunge in the employment to population rate from 64.4% in 2000 to 59.7% today. They need to peddle this drivel, because the difference between these two rates amounts to 12 million missing jobs. The employment to population ratio is currently at 1984 levels. Any critical thinking person with basic math skills realizes the government reported unemployment rate of 5% is an Orwellian farce.
Over 40% of working age Americans aren’t working, amounting to 102 million people, and the establishment touts the ludicrous lie of a 5% unemployment rate. With only 123 million Americans employed full-time and virtually all the job “growth” since 2009 in non-producing low paying service jobs in the retail, restaurant, hospitality and healthcare industries, wages and household income remain stagnant. The 12 million shortfall in jobs isn’t due to Boomers retiring, as this chart proves beyond a shadow of a doubt. Only an Ivy League educated economist or CNBC talking head could pretend to be confused.
We know for a fact 10,000 Americans have been turning 65 years old every day for the last few years and will for the next fifteen years. When the employment to population ratio peaked in 2000 at 64.4%, the ratio for senior citizens was only 12%. It had remained between 10% and 12% for over two decades. There were 35 million Americans over 65 years old in 2000, and 31 million of the them were not employed. They made up a large portion (44%) of the 70 million people not in the labor force.
Today there are 48 million Americans over 65 years old, and 39 million of them are not employed. The establishment narrative is blown to smithereens by the FACT they now only account for 41% of the 94 million people not in the labor force. There are only 14 million more employed Americans today than in the year 2000, while there are 5 million more employed Americans over the age of 65. They have accounted for 36% of all the jobs created in the last 16 years. The percentage of senior citizens working is at an all-time high of 18.9% and rising.
The narrative of retiring Baby Boomers being the cause for the plunging participation rate is entirely false. The data is not hidden. It’s easily accessible. Any CNBC pundit, Wall Street Journal reporter, or Ivy League MBA Wall Street analyst with even a smattering of math skills could discern the truth. Based on the fact they continue to flog false narratives, makes you believe their job and intent is to obscure the truth, obfuscate the facts, and paint a rosy picture for their establishment bosses. There are almost 4 million less Americans aged 16 to 55 employed today than there were in 2007. Does that happen in an economic recovery?
Nope. There never was any recovery. And until we somehow check the growth of government and start to roll it back, there never will be. Plenty more irrefutable evidence at the link.
Update! No mystery here, folks. It’s as plain as it could possibly be.
The economy might be tepid under President Obama, but there is one part that has been thriving. Since Obama took office, the federal regulatory economy has never been better, with solid growth in spending and employment.
That’s according to a new report that tracks how much the government spends on federal regulatory activity. That is, how many people work at regulatory agencies, and how much money those agencies spend. The numbers are staggering.
Total spending on federal regulatory activity has jumped almost 18% in real terms since Obama took office, reaching $56 billion this year. That outpaced overall economic growth, which has climbed a total of 13% since 2008.
Over those same years, the number of jobs at these regulatory agencies climbed by 11.8% — to almost 280,000 workers — while the number of private sector jobs has growth by 8.5%.
To put these numbers in perspective: If GDP had grown as fast as the federal regulatory budget, the economy would be $696 billion bigger today. If private sector employment had kept pace with the growth in regulatory jobs, there would be 3.7 million more people at work.
None of this is coincidental, nor is it “bad luck” in any but the Heinleinian sense. Note, too, how nicely that last fact fits in with the 4 million fewer employed number from the above. The IBD op-ed closes with this:
All these regulations, mind you, are on top of existing ones, adding new layers of costly mandates on an already overburdened private sector.
Is it any wonder the economy has been struggling all these years?
Nope, none at all. It’s the inevitable end result of creeping socialism, and it’s wound up this way or much, much worse every single time it’s ever been tried, the degree of DoublePlusUngoodness depending only on how obstinate that country’s Left is, and how long they’re allowed to hang on to power by the people they’re exsanguinating.
Wrong word update! “How America Lost Its Mojo.” it didn’t “lose” it. It was stolen.