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More Phantom Jobs Created -- All In The Wrong Places

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Cross-posted from Paul Craig Roberts

education is not the answer

From youtube.com/watch?v=6tvtG_5OWE4: Fake Jobs Numbers.
Fake Jobs Numbers.
(image by YouTube)


Last April I saw a report that 83% of May's college graduates did not have a job. I remarked that in my day most of us had two or three job or graduate school offers before we graduated. The latest payroll jobs report issued on June 6 proves that the April report was true.

My opinion, schooled in part by John Williams' very precise reports on Shadowstats.com, is that on average about half of the new jobs each month are phantom jobs created by the birth-death model and inappropriate seasonal adjustments. So, I figured that the 217,000 jobs claimed for May are more like 108,000. Then I read John Williams' report on the May jobs number: "Monthly payroll gains overstated by 200,000 plus jobs"

In other words, there were zero new jobs in May.

Just as the US government can turn an inconsequential Iraq, Afghanistan, Libya, and Syria into dangerous threats against "the world's only superpower," the US government can turn zero jobs growth into 217,000 jobs. It is easy when you have a prostitute media and a gullible public, both of which Washington most certainly has.

But let's take the government data at face value.

First, consider the news report that finally as of May 2014 as many Americans had jobs as had jobs in January 2008. That might seem like good news until you take into account that since January 2008 the US has experienced 6.5 years of population growth. Economists seem to have settled on population growth adding 129,000 people to the work force each month. That comes to 10,000,000 people. Where are their jobs? The "jobs recovery" doesn't provide for the 10 millions who have come of working age since January 2008.

We can conclude from this that the official 6.3 percent unemployment rate is nonsense. The unemployment rate is in the neighborhood of 23 percent as John Williams has established.

Just as the US government claims, falsely, that Russia invaded Ukraine and annexed Crimea, that Saddam Hussein had weapons of mass destruction, that Assad used chemical weapons on Syrians, and so forth and so on, the 6.3 percent unemployment rate is just another government lie.

Second, consider where the claimed 217,000 May jobs are. Hardly any of these claimed jobs are jobs in which university graduates begin their careers. The jobs are in wholesale trade, retail clerks, transportation and warehousing, employment services and temporary help, waitresses and bartenders, and health care and social assistance. In the later category, ambulatory health care services and social assistance account for the majority of jobs.

If college graduates have jobs, they are not the jobs for which they studied. On March 31, CNN Money reported that 260,000 college graduates were employed at or below the federal minimum wage of $7.25 per hour.

For the many years that I have been reporting on the jobs statistics, there has been scant sign of any jobs for college graduates. Considering that there are at least 3,100 colleges and universities in the US, the May graduating class must number in the hundreds of thousands. Looking at the May jobs statistics, those graduating from law school face a dismal situation as employment of lawyers dropped by 700. There were jobs for only 4,100 accountants and bookkeepers. There were 4,500 jobs for architects and engineers, a number that includes secretaries and office managers. There were 1,800 management jobs. State government education jobs declined by 5,300 and local government education jobs declined by 6,600 jobs. So where did the education majors find employment?

How is the second quarter going to come roaring back, as the financial media assures us it will, when the jobs report is so discouraging? How much longer will Washington be able to hide the fact that the US economy is sinking?

If you read all the bullshit that the American media and educational establishment puts out, "education is the answer." Apparently not. Education is the way to become deeply in debt and work for $7.25 per hour, if you are lucky to escape unemployment.

America is a Great Big Lie. There is no truth in what we are told. The entire country, along with that part of the world under Washington's thumb, is run for about six private interest groups. The rest of us are being fleeced.


 

http://www.paulcraigroberts.org/

Dr. Roberts was Assistant Secretary of the US Treasury for Economic Policy in the Reagan Administration. He was associate editor and columnist with the Wall Street Journal, columnist for Business Week and the Scripps Howard News Service. He is a contributing editor to Gerald Celente's Trends Journal. He has had numerous university appointments. His book, The Failure of Laissez Faire Capitalism and Economic Dissolution of the West is available here. His latest book,  How America Was Lost, has just been released and can be ordered here.

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Ed Whitfield has a short video story on the educat... by Richmond Shreve on Saturday, Jun 7, 2014 at 1:05:30 AM
I always wonder why Universities do not take respo... by Pal Palsimon on Saturday, Jun 7, 2014 at 2:32:49 AM
Re. your "In those days, we had no such thing as a... by Eric Zuesse on Saturday, Jun 7, 2014 at 4:22:47 AM
This is a good article and supports by evidence wh... by Pal Palsimon on Saturday, Jun 7, 2014 at 2:43:06 AM
Re. your "It is easy to see people going without w... by Eric Zuesse on Saturday, Jun 7, 2014 at 4:32:02 AM
Welfare abuse is a real problem even if not as wid... by Adam Smith on Saturday, Jun 7, 2014 at 12:52:06 PM
Thumbs down to your criticism of Pal, Eric. Appar... by Steve Hudson on Saturday, Jun 7, 2014 at 2:41:27 PM
I did not say I disapprove of welfare recipients, ... by Pal Palsimon on Saturday, Jun 7, 2014 at 7:41:31 PM
My sympathies, Pal. I found nothing all that reve... by Robert S. Becker on Saturday, Jun 7, 2014 at 9:12:10 PM
You of all people should know me well enough not t... by Pal Palsimon on Saturday, Jun 7, 2014 at 11:37:52 PM
No matter how hard anyone tries to get along with ... by Pal Palsimon on Saturday, Jun 7, 2014 at 11:44:48 PM
Robert, Perhaps I misread your comment before I re... by Pal Palsimon on Saturday, Jun 7, 2014 at 11:49:11 PM
Pal, you just shot the wrong guy here. He is actua... by K V Ramani on Sunday, Jun 8, 2014 at 3:19:16 AM
I may have judged Roberts comments incorrectly as ... by Pal Palsimon on Sunday, Jun 8, 2014 at 4:16:43 AM
I understand your "knee jerk" reaction t... by Bob Gormley on Sunday, Jun 8, 2014 at 8:32:32 AM
And if you read all my comments, many are positive... by Robert S. Becker on Sunday, Jun 8, 2014 at 11:32:40 AM
Thanks Bob. I don't always agree with Becker, but ... by Pal Palsimon on Sunday, Jun 8, 2014 at 11:47:04 PM
Thank you for your apology. Misunderstandings hap... by Robert S. Becker on Sunday, Jun 8, 2014 at 11:29:48 AM
Gosh, I am so relieved to be forgiven by you. I tr... by Pal Palsimon on Sunday, Jun 8, 2014 at 11:42:14 PM
Sorry to hear you were so worried: do I strike you... by Robert S. Becker on Monday, Jun 9, 2014 at 9:47:21 AM
I see a total lack of malice in you. I read other... by Pal Palsimon on Monday, Jun 9, 2014 at 10:46:03 PM
Well, no one has zero malice, though I keep person... by Robert S. Becker on Tuesday, Jun 10, 2014 at 10:28:13 AM
It is painfully obvious by all the nonsense respon... by Linda Laurin on Sunday, Jun 8, 2014 at 7:31:05 AM
The laws concerning welfare to work have changed d... by Linda Laurin on Sunday, Jun 8, 2014 at 7:07:23 AM
Nasty Linda..... not necessary to comment l... by Bob Gormley on Sunday, Jun 8, 2014 at 8:34:20 AM
And Pal's comments were not only nasty but horribl... by Linda Laurin on Monday, Jun 9, 2014 at 12:41:37 PM
Strange you would accuse me of being against the P... by Pal Palsimon on Monday, Jun 9, 2014 at 10:50:55 PM
Would you please point out my nasty words. I don't... by Pal Palsimon on Tuesday, Jun 10, 2014 at 5:03:55 AM
Lloyd Blankfein is a vile abomination of a human. ... by Rob Kall on Tuesday, Jun 10, 2014 at 10:58:27 AM
I do not resent welfare at all, so I don't underst... by Pal Palsimon on Sunday, Jun 8, 2014 at 11:45:31 PM
"America is a Great Big Lie. There is no truth in... by Bob Gormley on Saturday, Jun 7, 2014 at 8:28:46 AM
"America is a Great Big Lie"--you got that right! ... by Steve Hudson on Saturday, Jun 7, 2014 at 8:48:39 AM
Thanks Dr. Roberts. This is an important issue tha... by Hosea McAdoo on Saturday, Jun 7, 2014 at 9:31:54 AM
Some are in hell already. Ever try and pay a $... by Bob Gormley on Saturday, Jun 7, 2014 at 3:25:50 PM
Yes, you are right and I knew better. I have been ... by Hosea McAdoo on Sunday, Jun 8, 2014 at 6:27:57 AM
Agreed. ... by Bob Gormley on Sunday, Jun 8, 2014 at 8:35:59 AM
Keep giving thumbs up to people who insert ad homi... by Pal Palsimon on Monday, Jun 9, 2014 at 11:02:23 PM
There are times I like to quote my friend, on Op-E... by Pal Palsimon on Saturday, Jun 7, 2014 at 7:32:47 PM
So, first nasty to Pal, for no good reason, and no... by Robert S. Becker on Sunday, Jun 8, 2014 at 11:35:46 AM
The Golden Rule is for everyone, of course. My com... by Pal Palsimon on Sunday, Jun 8, 2014 at 11:40:29 PM
Much as I agree with PCR, I keep wondering when th... by K V Ramani on Sunday, Jun 8, 2014 at 12:26:37 AM
One good investment might be to buy, as far in adv... by Pal Palsimon on Sunday, Jun 8, 2014 at 12:42:05 AM
KV I sympathize with you. But hang onto your gold... by Linda Laurin on Sunday, Jun 8, 2014 at 7:21:03 AM
That's my take, too, Linda. But the markets are no... by K V Ramani on Sunday, Jun 8, 2014 at 10:26:48 AM
Don't put your faith in money, put your faith in ... by Bob Gormley on Sunday, Jun 8, 2014 at 8:38:08 AM
There's such a strong streak of residual "Puritani... by GREGG KOZLOFF on Sunday, Jun 8, 2014 at 6:56:43 AM
A whine, but a legitimate whine. The system i... by Bob Gormley on Sunday, Jun 8, 2014 at 8:44:20 AM
Thank you Paul for the article. I hope in the fut... by Linda Laurin on Sunday, Jun 8, 2014 at 8:04:51 AM
When my grandson repeated his father's (ex-son-in-... by Hosea McAdoo on Monday, Jun 9, 2014 at 7:13:41 PM
No real jobs? Well guess what, the corporate owne... by KurtB on Sunday, Jun 8, 2014 at 11:02:07 AM
Just back from a week of graduation parties and fa... by Shirley Braverman on Sunday, Jun 8, 2014 at 3:30:34 PM