Thursday, October 08, 2015

Bazzo Says: The Economic Truth

Bazzo Says:
BY ANTHONY J. BAZZO

OF YORKTOWN NEWS & MAHOPAC NEWS




The feds released the latest economic report on the jobs market last week. There is no economic recovery, and there has not been for seven years. I did not really need to read the report to know this. Seven years ago, the feds dropped the interest rates—the rates banks pay to borrow money from the federal government—to next to zero. This was done to stop the economic bleeding from the mortgage meltdown. In that respect, it worked.
 
Here is the dirty little secret. If we had actually come out of the recession, the feds would have raised the rates. They did not, still have not, nor are they going to for the rest of the year, at least. Until then, read between the lines and believe we are still in a recession. Once they do, it will cost more to borrow money. I predict, and you are reading it here first, that the feds, if they suspect a Republican will win the presidency, will raise the rates in time for it to have a negative economic affect after Obama leaves the White House so, should the Republicans control all branches of the government, they will get the blame. 
 
Understand this, for seven years our Whiner in Chief, his acolytes in elected office and the media have blamed Bush for all bad economic news. There is no statute of limitations on what is Bush’s fault.  However, once Obama leaves the White House, there will be an immediate statute of limitation in effect. Nothing bad that continues to happen will be Obama’s fault. This includes whatever havoc occurs as a consequence of the Iran deal and his ever-growing list of failed foreign policy initiatives. It will all be Republicans at fault from moment one.
 
Back to the economic report: We’re now over 94 million Americans not working. The labor force participation rate is the lowest since 1977 (Jimmy Carter and Democrats controlling all levers of government). For the past seven years we’ve had to put up with a lying media, ignoring repeated bad news on the economy—be it wages or hours worked or full-time employment, unemployment, jobs in general.
The truth is this economy, from Obama’s first year in office when he first did the stimulus, has not seen an economic expansion, and more and more people have been leaving the workforce. People’s hours have been converted from full time to part time so that employers comply with Obamacare. There isn’t any economic indicator that shows growth, other than over Wall Street, which is where all the new money that’s been printed has ended up.
 
Continuing the “we are out of the recession and are on an economic rebound” the past couple of weeks, we had heard and read in the business news how the feds want to raise rates. This is because raising interest rates would mean the economy’s roaring so fast, we have to slow it down. It was all a lie.
 
So the report comes out, the job numbers this month are 60,000 below analysts’ expectations. I have always wondered who the experts are. They are always surprised by the “unexpected’ numbers in these monthly reports. The real numbers of jobs created (and the truth is these are only guesstimates) was 167,000.
Yet we need 250,000 new jobs every month just to stay even with population growth. Also in the report, which was glossed over, was a downgrade of 57,000 jobs each of the past two months. It is not the first time this year this has happened nor is it the first time this years that part of the report has been glossed over. It is why the feds do not raise interest rates. They read the whole report.
Yet, we are told the unemployment rate’s was 5.1 percent. This was because 94 million people stopped looking for work because there is not any, so they are, get this, no longer counted as unemployed. The real unemployment rate (the U6 report) is closer to 15 to 20 percent. You want a war on women? Fifty-seven million of those not working are women. You really think this president cares about minorities? Teenage black unemployment is 30 percent and will grow even bigger as states mandate $15 per hour minimum wage. It will be disastrous.
 
The fact of the matter is that month-to-month, year after year, since Obama became president, it’s been a game of the media working with rigged numbers provided by the government and not even questioning them. The overall truth is there hasn’t been any economic recovery. The evidence is everywhere. Ninety-four million people can’t find jobs. Millennials, college graduates, can’t find careers. More and more people are living at home. The job market’s being flooded with illegal immigrants, which is depressing wages. By the way, illegals, according to the report, are finding more work than legal citizens because they will work for those depressed wages, which are still better than the wages in the countries from which they came.
 
There’s not one decent economic sign out there. Just lies, more lies and damned lies. This is why, as if you need more evidence, Trump, Carson and Sanders continue to lead the establishment in all polling.  They are speaking a truth. The emperor has no clothes. They know that even if the truth is not so good, people want to hear it. The question you have to ask yourself when these reports come out is, who are you going to believe: the government or your own lying eyes? This is what I say what say you?
 
Sources:
• “CNSNews: Record 94,610,000 Americans Not in Labor Force; Participation Rate Lowest in 38 Years”
cnsnews.com/news/article/susan-jones/record-94610000-americans-not-labor-force-participation-rate-lowest-38
 
• “MarketWatch: ‘Ugly’ is the Word that Sums this Jobs Report”
marketwatch.com/story/ugly-is-the-word-that-sums-this-jobs-report-2015-10-02
 


 Volpe/Bazzo Report
Guests: Co-Host Domenic Volpe, Bryan Fumagalli and Peekskill Mayor Frank Catalina discuss the issues:
Yorktown:  Wednesdays 9:30 p.m. channel 74 October 14 &21
Peekskill: Wednesdays 9:30 p.m. channel 15
 October 14 &21
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