{"id":1450485,"date":"2024-01-13T16:40:00","date_gmt":"2024-01-13T21:40:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1450485"},"modified":"2024-01-13T16:40:00","modified_gmt":"2024-01-13T21:40:00","slug":"yellens-bald-faced-lies-exposed","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/yellens-bald-faced-lies-exposed\/1450485\/","title":{"rendered":"Yellen’s Bald-Faced Lies Exposed"},"content":{"rendered":"

Yellen’s Bald-Faced Lies Exposed<\/span><\/p>\n

\n

Authored by MN Gordon via EconomicPrism.com,<\/em><\/a><\/p>\n

Did you see the recent\u00a0government propaganda<\/a>\u00a0from the U.S. Bureau of Labor Statistics?<\/p>\n

Not the latest\u00a0faulty claim<\/a>\u00a0that consumer prices increased at an annual rate of just 3.4 percent in December.\u00a0 But rather the claim that 216,000 jobs were added in December.<\/p>\n

Upon release, and right on cue, Treasury Secretary Janet Yellen declared that the U.S. economy had achieved a soft landing.\u00a0 She also said that her\u00a0\u201chope is that it will continue.\u201d<\/em><\/strong><\/p>\n

<\/a><\/em><\/strong><\/p>\n

What Yellen neglected to mention was that October employment was revised down by 45,000 jobs and November was revised down by 26,000 jobs.\u00a0 That\u2019s 71,000 jobs the government recently reported which didn\u2019t exist.<\/p>\n

How many of the 216,000 jobs reported for December will wind up being pure fantasy?<\/p>\n

Yellen also didn\u2019t mention that 52,000 of the reported jobs are in government, 59,000 are in health care and social assistance, and 22,000 are in food services.\u00a0 <\/strong><\/p>\n

These aren\u2019t the kind of jobs that create and spread new wealth and abundance to the economy.<\/p>\n

In addition, there are 4.2 million workers that are employed part time for economic reasons.\u00a0 <\/strong><\/p>\n

This represents individuals who prefer full-time employment but are working part-time because their hours have been cut or they cannot find full-time work.<\/p>\n

There are also 8.5 million multiple job holders.\u00a0 <\/strong>These are people who work more than one job because a single job doesn\u2019t pay the bills.<\/p>\n

Yellen, obviously, isn\u2019t interested in these pesky details.\u00a0 What she is interested in is that when the data is massaged and contrived, and then summed up, the government can report an unemployment rate of 3.7 percent.<\/p>\n

Hence, she can point to this number and crow about how through her expert navigation skills she has piloted a soft landing.<\/p>\n

What\u2019s really going on?\u00a0 <\/strong><\/p>\n

Here we\u2019ll offer an anecdote followed by some thoughts\u2026<\/p>\n

Burning Ambition<\/strong><\/h3>\n

Your editor\u2019s son, a junior in high school, works at a pizza joint in the mall.\u00a0 There he makes and sells pizzas to hungry customers for $12.50 per hour \u2013 pre-tax.\u00a0 The minimum wage in Tennessee is $7.25 per hour.<\/p>\n

Of note, he\u2019s the only highschooler working there.\u00a0 His coworkers are all well into their dirty-30s.\u00a0 Some have kids.\u00a0 Some have multiple jobs.\u00a0 We haven\u2019t asked any of them.\u00a0 But we suppose none would claim to be living the dream.<\/p>\n

Reviews on Google are unflattering.\u00a0 They warn of pizzas and customer service that are of dubious quality.\u00a0 They tell a story of a shortage of good help.\u00a0 Here are several recent examples:<\/p>\n

\u201cWalked up to ask when they open.\u00a0 Some jerk behind the counter with a ponytail and big ear piercings goes, \u2018Lights out not open!\u2019\u00a0 With a ton of attitude.\u00a0 We said, \u2018You don\u2019t have to be rude, we just wanted to know what time you opened.\u2019\u00a0 And his response was, \u2018Welcome to the mall.\u2019\u00a0 What an absolute jerk. Don\u2019t go here!\u201d<\/em><\/p>\n

\u201cEver had stale crackers with cheap ketchup and paper-thin burnt pepperoni on top of a thin layer of what was once cheap cheese before?\u00a0 If you\u2019re on a quest to find the worst pizza in Knoxville, then come to the west town mall.\u201d<\/em><\/p>\n

\u201cGot a slice of cheese pizza, sat down and the bottom of it was burnt.\u00a0 I tried to go get a different slice and he told me that all the other pizzas would be like that too and that it was normal for them to serve burnt pizza.\u00a0 He was a bit sarcastic about the situation.\u201d<\/em><\/p>\n

There are over one hundred reviews posted which share various tales of customer dissatisfaction.\u00a0 You\u2019ve likely had similar experiences at your own local establishments.\u00a0 Burning pizzas and serving them with heapings of attitude is normal these days.\u00a0 Though having a burning ambition is rare.<\/p>\n

What\u2019s the point\u2026<\/p>\n

Cherry Picking Data Durations<\/strong><\/h3>\n

These low-level service jobs, filled by people with low-level skill sets, are the jobs that Yellen is so excited about.\u00a0<\/strong><\/p>\n

Absolutely, these jobs are important.\u00a0<\/p>\n

If they didn\u2019t exist there would be no option to get cheap mall pizza while simultaneously getting insulted.\u00a0<\/p>\n

Life would be less abundant.<\/p>\n

Nonetheless, these are not the type of jobs that drive the economy forward.\u00a0<\/strong><\/p>\n

They certainly don\u2019t offer opportunities for American workers to get ahead.\u00a0<\/p>\n

They don\u2019t provide the cutting-edge skills, or the higher wages needed to propel the American economy above its foreign competitors.<\/p>\n

One of Yellen\u2019s key talking points is that wage growth is outpacing inflation.\u00a0 She can even point to the December jobs report for justification.<\/strong><\/p>\n

Based on the government propaganda, hourly earnings rose 4.1 percent in the year through December while consumer price inflation, as measured by the consumer price index (CPI), came in at 3.4 percent for the year.\u00a0 Here\u2019s\u00a0Yellen<\/a>:<\/p>\n

\u201cWage increases are running over price increases now.\u00a0 American workers are getting ahead and the progress for the middle-income families is very noticeable.\u201d<\/em><\/p>\n

Cherry picking data durations to support a false narrative is a longstanding tactic of big government statists.\u00a0 The reality is that on Yellen\u2019s watch American workers have steadily fallen behind.<\/strong><\/p>\n

When you zoom out to show from December 2020 to the present, average hourly wages and CPI tell a much different story.\u00a0<\/p>\n

<\/a><\/p>\n

As David Stockman, the former Director of the Office of Management and Budget recently\u00a0detailed<\/a>,\u00a0\u201cthe cost of living has risen 25 percent more than the average hourly wage.\u201d<\/em><\/strong><\/p>\n

In other words, American workers have taken a significant pay cut over the last three years.<\/p>\n

Yellen\u2019s Bald-Faced Lies<\/strong><\/h3>\n

If you didn\u2019t know, Yellen has held various positions with the Federal Reserve and later the Treasury over the last 30 years.\u00a0 She\u2019s participated in and advanced an era of unprecedented economic activism.<\/p>\n

Moreover, Yellen and her colleagues at the Fed have their fingerprints all over the wage debasement that has taken place over the last several years.\u00a0 <\/strong><\/p>\n

As Stockman elaborated:<\/p>\n

\u201cA few years ago when the shortest inflation ruler available\u2014the core PCE deflator\u2014was running significantly below the Fed\u2019s sacred 2.00% target, the Eccles Building was all for a catch-up of the level. \u00a0The Fed even announced a policy of targeting inflation to\u00a0<\/em>average 2.0% over time<\/em><\/strong>, which ukase did not include, conveniently, the exact span of time to be measured.<\/em><\/p>\n

\u201c\u2018The Federal Reserve now intends to implement a strategy called flexible average inflation targeting (FAIT). \u00a0Under this new strategy, the Federal Reserve will seek inflation\u00a0<\/em>that averages 2% over a time frame that is not formally defined<\/em><\/strong>. \u00a0This means that after long periods of low inflation, the Federal Reserve will not enact tighter monetary policy to prevent rates higher than 2%. \u00a0One benefit of this flexible strategy to managing the mandate of price stability is that it will impose fewer restrictions on the mandate of full employment.\u2019<\/em><\/p>\n

\u201cWouldn\u2019t you know it? \u00a0The Fed switched to \u2018averaging\u2019 in August 2020\u2014just months before inflation went soaring to levels not seen since the 1970s.\u201d<\/em><\/p>\n

The gap between reality \u2013 consumer price increases vs wage increases \u2013 and what government bureaucrats want you to believe to be true takes frequent bald-faced lies to fill.\u00a0<\/strong><\/p>\n

Yellen, for her part, excels at selectively using contrived data to make assertions that are visibly false.<\/p>\n

We don\u2019t know if she believes the propaganda she spews or if her intent is to deceive people.\u00a0 Regardless, the whole act is exceedingly wearisome.<\/strong><\/p>\n

*\u00a0 *\u00a0 *<\/p>\n

Today, more than ever, unconventional investing ideas are needed.\u00a0 Discover how to protect your wealth and financial privacy, using the\u00a0Financial First Aid Kit<\/a>.<\/em><\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nSat, 01\/13\/2024 – 11:40<\/span><\/p>\n

\u200bRead More<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Yellen’s Bald-Faced Lies Exposed Authored by MN Gordon via EconomicPrism.com, Did you see the recent\u00a0government propaganda\u00a0from the U.S. Bureau of Labor Statistics? Not the latest\u00a0faulty…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1450485","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1450485","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1450485"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1450485\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1450485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1450485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1450485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}