Saturday, January 11, 2014

Peter Schiff : An Imaginary Recovery Does Not Create Real Jobs

Mark Matheny
January 11, 2014

Peter Schiff, CEO of Euro Pacific Capital Inc., is not one to bite his tongue when it comes to exposing the phony "Recovery" rhetoric of the main stream media, and the current administration.

In his latest update on the Schiff Report, Peter shows once again that the administration is merely playing a "numbers game" (and a bad one at that) when it comes to the amount of jobs created, and the percentage of unemployment in the U.S..

According to Peter, the Wall Street gang had been waiting with baited breath, expecting to see a robust December jobs report which would validate their strong belief in a so-called "recovery".

The official estimate was 200 thousand jobs that were expected to be created, and yet Wall Street was even more optimistic, expecting as high as 225 to 250 thousand jobs - however, reality kicked both the administration and Wall Street in the teeth with only 74 thousand jobs created.

This is the lowest amount in three years.

The main stream media has once again praised the efforts of Obama and his administration for such a great job of bringing about the "recovery", but Peter points out that over half of the jobs created in December were temporary jobs, and that there were fewer jobs created in 2013 and there were in 2012.

So much for a recovery.

The unemployment rate dropped slightly in December from 7% to 6.7%, but again this is "smoke and mirrors". The reason for the drop was again due to the amount of workers dropping out of the labor force, which in turn drops from the amount being counted and therefore causes the percentage rate to drop. Abra Cadabra!

The real unemployment rate is closer to 23% approximately.

The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.
The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment. -

Peter brought out many other interesting facts to expose the phony teleprompter propaganda brought forth by Obama and his loyal minions in the media as well.

You can catch the Schiff Report  Live Weekdays 10am to noon ET on

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