America's Fiscal Cliff
America's declining economy is getting weaker.
by Stephen Lendman
America's weak economy shows further deterioration. According to former Fed Governor Kevin Warsh, "(t)he fiscal cliff in early 2013 - when the government stimulus spending and tax relief are set to fall - is not misfortune. It is the inevitable result of policies that kick the can down the road."
In other words, chickens inevitably come home to roost. Reckless money printing, free lunch handouts to corporate favorites and rich elites, and other policies favoring super-rich Americans won't last forever. When the music stops, watch out.
The latest jobs report perhaps warns what's coming. Characterized by some as bad Friday, it was much worse than reported. It suggests trouble ahead, perhaps by late spring or summer.
The Labor Department reported 120,000 new jobs. Its web site says "The confidence level for the monthly change in total employment is on the order of plus or minus 430,000 jobs."
BLS so manipulates data, place no confidence whatever in its reports. In good times, employment growth may be understated. During Main Street Depression conditions, it's mirror opposite.