Tuesday, May 5, 2015

Steve Wynn : "The Idea That America is in a Recovery is Pure Fiction"

Mark Matheny
May 6, 2015
Steve Wynn: Getty Photo

 Stephen "Steve" Wynn is an American business magnate. He played a pivotal role in the 1990s resurgence and expansion of the Las Vegas Strip. His companies refurbished or built what are now widely recognized resorts in Las Vegas, including the Golden NuggetThe MirageTreasure IslandBellagioWynn, and Encore.

While being interviewed May 4th on Ralston Live, Steve had this to say about the supposed recovery that the Obama administration had been peddling....

"The idea that America is in the grips of a great recovery is pure fiction. It's a lie. It's not true. It's a jobless recovery. Because recoveries are marked by the amount of real employment. And if you count the people that have left the workforce, really unemployment is 15 to 20 percent.If you take real inflation, and you gotta count energy and food, and all that stuff, inflation is much higher than they say it is.  

My employees' take home pay, in spite of the increases we give them, their paychecks are 90 cent paychecks, on the dollar. It's very difficult to explain to a normal working citizen the implications, that is not a soundbite subject, of what 18 trillion dollar in debt means, and what it means when the Federal Reserve buys the U.S. Treasury Bonds to finance our loss in downtown Washington. People think that is some abstract conversation for pundits... in fact, it impacts every one of my employees critically everyday. They notice when they sit down at the kitchen table, that after they pay the necessities, there just isn't any money left.."
I have been saying that it was a phony recovery since the Obama administration called it the "summer of recovery". I called it the "summer of discontent", but who am I? you may say.

Well, Steve Wynn is no Schmuck, and he calls Obama's recovery a lie....

You can hear Steve's comments at the 9:20 mark of the interview here

(here's a report I did back in 2012 on real unemployment numbers and the phony recovery)

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