The Truth Behind The Economic Lies
Francesco Abbruzzino, The Uncensored Report, LLC
The lack of critical thinking that we see in the world of journalism today is absolutely frightening. Way too often, the mainstream media simply takes the information that it is being fed and packages it as “truth” for an unsuspecting public. And since the general public does so little critical thinking at this point, most of the time the misinformation that is being foisted upon us goes virtually unchallenged. That is one of the reasons why my articles have become so popular over the years. I am not afraid to challenge the official narratives, and I encourage my readers t think for themselves and to come to their own conclusions.
There is so much misinformation that I could discuss, but in this article I am going to focus on some of the recent economic lies that we have been told.
On Friday, NPR was thrilled to report that the U.S. economy “added 467,000 jobs last month”…
The U.S. job market came through January in much better shape than expected despite a winter wave of coronavirus infections.
Employers added 467,000 jobs last month, according to a new tally from the Labor Department, far outpacing even the most optimistic forecasts. The gains came despite a surge in COVID-19 cases tied to the omicron variant.
But the U.S. economy did not add 467,000 jobs last month.
It actually lost 2.8 million jobs.
So how does a loss of 2.8 million jobs become a gain of 467,000 jobs?
That is where “seasonal adjustments” come in, and as one expert quoted by Zero Hedge noted, “there has never been a January Seasonal Adjustment of this magnitude”…
At this point the answer what is behind the massive January beat should be becoming clear: how did a -2.8 million actual drop in jobs translate into an adjusted 467K? If you said seasonal, covid and population control adjustments, you are right. And to be sure, this is something both we and others flagged, when we lamented that month after month, the BLS appeared to be using stale seasonal adjustments.
But digging deeper shows that this was not just an ordinary seasonal adjustment.
As SouthBay Research notes in his NFP postmortem, “there has never been a January Seasonal Adjustment of this magnitude”
In other words, what we just witnessed was “the mother of all seasonal adjustments”, and the end result was definitely welcomed by the Biden administration.
But anyone that actually believes that the U.S. economy magically added 467,000 jobs last month is not dealing with reality.
Meanwhile, we are getting a cold, hard reality check when it comes to our ongoing supply chain crisis.
The Biden administration assured us that 2022 would be different. We were told that they were on top of this crisis and that they were taking emergency measures to make things better. Theoretically, once we got past the challenging period of the holiday season economic demand would drop and congestion throughout our supply chains would ease.
But that hasn’t happened.
Instead, we continue to get indications that things are getting even worse.