February 4, 2012

Scepticism on recent jobs report

I would love to believe that the new jobs report is as 'positive in every way' as the economists say in the Wall Street Journal - an increase of 243,000 jobs that pushed down the unemployment rate to 8.3%.

But Zero Hedge has a devastating rebuttal using the same statistics provided by the Bureau of Labor and Statistics. Implied Unemployment Rate Rises to 11.5%.

the spread between the reported and implied unemployment rate just soared to a fresh 30 year high of 3.2%. And that is how with a calculator and just one minute of math, one strips away countless hours of BLS propaganda.

Record 1.2 Million People Fall Out Of Labor Force In One Month, Labor Force Participation Rate Tumbles To Fresh 30 Year Low

Another disturbing indicator Social Security Trust Fund Outlook Takes $1 Trillion Dive

The outlook for Social Security's trust fund has deteriorated to an astonishing degree over the past year, new Congressional Budget Office projections show.

The nonpartisan budget scorekeeper released the estimates Tuesday as part of broader economic and budget forecasts. CBO expects the trust fund to peak in 2018 and decline to $2.7 trillion in 2022 — a full $1 trillion less than Social Security's own actuaries predicted last year.

The new trajectory suggests that the trust fund's current depletion date of 2036 may jump ahead several years when Social Security's trustees release their annual report this spring, making the retirement program more central to the 2012 election .

We're not only not out of the woods yet, we haven't even fully recognized the problem..

Posted by Jill Fallon at February 4, 2012 12:26 AM | Permalink