We’ve written about this before. Government data, especially around inflation and employment is a joke, to be kind.
People often think that property rights benefit those with the most property the most. This isn’t true however. It is actually the poor who in terms of quality of life, benefit most.
Indeed we do. With the Fed coming out and saying (essentially) that it has abandoned the 6.5% unemployment target for raising rates, it is high time we start using a real number. As we said last week, the unemployment rate as currently calculated is little more than a propaganda tool at this point, and not even a good one.
Unemployment (the official unemployment number) keeps going down bit by bit because people are dropping out of the workforce not because people are newly employed.
“Damn, it feels good to be a crony…”
As we have said before we believe that the libertarian movement is the most important movement in American politics right now, perhaps for more than a generation. It is also arguably the most important movement in world politics.
It is the young who have been most hurt by the economy over the last 5 years. This is a case in point. Many younger people are mired in debt (student or otherwise) and have tenuous holds on jobs if they have a job at all. Many college graduates are waiting tables to get by. A good number of younger people resort to mom and dad’s place as the funds run out.
Boy, the Congressional Budget Office report which showed that Obamacare will further reduce the number of people in the workforce sure threw the White House for a loop. It spent most of Friday trying to explain the report away.
The train wreck just continues to pile up.