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Peter Schiff: 102.6 Million Working Age Americans Not Working; What Do You Expect?

Wednesday, October 14, 2015 16:38

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(Before It's News)

Guess what? The big economic news that came out today was all bad. Wow. Go figure! It’s not like anyone has been saying this was coming or anything. UN-REAL! As one would expect, Peter Schiff comes out guns blazing within the first few seconds of his broadcast. Who can blame him? He laughs as he reports that the bad economic news was “unexpected.” How could it be “unexpected?” Are you kidding?

AT WHAT POINT DOES THIS NEWS BECOME EXPECTED TO THESE PINHEADS?

I reported in August of 2014 that 35.4% or 109,000,000 Americans were receiving some form of welfare from the government. The most recent article below from Michael Snyder shows that there are now over 102,000,000 Americans unemployed and on some form of welfare. What kind of an idiot would be expecting positive reports? How long do the “experts” think Obama can keep cooking the books to make it “look” like our economy is ok, when in fact our economy is like the Hindenburg flying into a giant solar flare.

So, we got bad news, BUT… not to worry, the “experts” at the Fed are still LYING about possibly raising interest rates before the end of the year. Remember what I have said over, and over, and over again, and so has Peter, that there is not a snowball’s chance in HELL they are rising interest rates. If you don’t understand why they are NEVER going to raise them, NEVER going to raise them before the end of the year NO MATTER what they SAY, the links at the bottom explain it ad nauseam.

I won’t steal Peter’s thunder and tell you everything he says, because the entertainment value is priceless. Peter is like the plague on investment talk shows right now, because once again, Peter has been right all along, when everyone else has been dead wrong, and no one wants to have him on to hear, “I told you so.” First of all, Peter isn’t that way. If you listen to Peter, and you do so semi-regularly, you’ll find that none of what he says is rocket science. By listening to Peter, in very short time, you’ll know infinitely more than the ivy league talking heads on TV who care more about their sponsors than they care about telling you the truth. They’d rather keep lying to you with fake good news, so you keep watching, and their sponsors are happy. God forbid anyone have any integrity and tell you the truth. Without further ado, here is Peter unloading on the all the morons.

Michael Synder writes:

The federal government uses very carefully manipulated numbers to cover up the crushing economic depression that is going on in this nation. For the month of September, the federal government told us that 142,000 jobs were added to the economy. If that was actually true, that would barely be enough to keep up with population growth. Sadly, the truth is that the real numbers were actually far worse than that. The unadjusted numbers show that the U.S. economy actually lost 248,000 jobs in September and the government added more than a million Americans to the “not in the labor force” category. When I first saw that number I truly believed that it was inaccurate. But you can find the raw figures right here. According to the Obama administration, there are currently 7.9 million Americans that are “officially unemployed” and another 94.7 million working age Americans that are “not in the labor force”. That gives us a grand total of 102.6 million working age Americans that do not have a job right now.

That is not an economic recovery – that is an economic depression of an almost unbelievable magnitude.

This is something that my friend Mac Slavo pointed out the other day. I encourage you to read his analysis right here. If we measured unemployment the way that we did decades ago, we would all be talking about how similar Obama’s economy is to the Great Depression of the 1930s.

But instead we let the feds get away with feeding us this completely fraudulent “5.1 percent” unemployment number and most of us believe the mainstream media when they tell us that everything is just fine.

Well no, everything is not just fine. At this point, the labor force participation rate is the lowest that it has been since 1977. And the labor force participation rate for men is at the lowest level ever recorded. The only way that the federal government has been able to get the official unemployment rate to go down so much is by pretending that hundreds of thousands of Americans that have been unemployed for a very long time “leave the labor force” each month.

The chart posted below shows how our labor force participation rate has deteriorated since the year 2000. And in particular, the decline since Obama first entered the White House has been very striking. Does this look like a “healthy economy” to you?…

To me, the civilian employment-population ratio is a far more accurate measurement of the employment picture in America than the official unemployment rate is. Just prior to the last recession, approximately 63 percent of all working age Americans had a job.

During that recession, that figure slipped below 59 percent and it stayed there for several years. Just recently it slipped back above 59 percent, but as you can see we are now falling once again…

The reason this number is falling is because lots of Americans have been losing jobs lately.

In fact, we are seeing layoffs at major firms at a level that we have not witnessed since 2009…

The jobs report today has been described as “ugly,” though it certainly didn’t, or shouldn’t have, come out of the blue: Layoffs in the energy, Big Tech, retail, and other sectors have recently mucked up our rosy scenario.

“The third quarter ended with a surge in job cuts,” is how Challenger Gray, which tracks these things, started out its report yesterday. In September, large US-based companies had announced 58,877 layoffs. In the third quarter, they announced 205,759 layoffs, the worst quarter since the 240,233 in the third quarter of 2009!

Year-to-date, we’re at nearly half a million job cut announcements (493,431 to be precise), up 36% from the same period last year.

Some of the companies that have recently announced layoffs include Wal-Mart, RadioShack, Delta, Sprint, ConAgra, Caterpillar, Bank of America, Halliburton, Qualcomm, Microsoft and Hewlett-Packard.

If you need to find a job or you plan to switch jobs in the near future, time is of the essence. Jobs are going to become much, much harder to find in the months ahead, and so every single day of job searching is absolutely critical at this point.

Right now, there are more than 100 million Americans that get some sort of assistance from the federal government every month. Government dependence is at a level that we have never seen before in U.S. history, and it is going to get a lot worse.

If we get to a point where the government is either unwilling or unable to take care of all of these people, we are going to have a massive societal problem on our hands.

More than a third of the people living in our nation cannot independently take care of themselves, and more Americans are falling out of the middle class every single day. When the welfare state starts breaking down, the chaos that will ensue will be far worse than most people would dare to imagine.

So what do you think?

Are job losses and layoffs starting to happen in your area?

FOR LINKS TO UNDERSTAND THE ECONOMY & THE COMING ECONOMIC COLLAPSE:

Disaster: Will EU Become a New Enemy to the U.S. After Refugees Collapse EU?

Peter Schiff: “The Fed Admits Rates Could Stay at Zero Forever”

Peter Schiff with Mr. “I Have No Fear Of an Economic or Stock Market Collapse”

Peter Schiff Explains Why Financial Bubbles Are Ready to Pop

Peter Schiff: Everybody Is Preparing for Wrong Outcome in US Economy

The Elite Have Prepared For the Coming Economic Collapse – Have You?

China Warns Washington It’s Been Liquidating U.S. Treasuries

2 Day Crash That Was Larger Than Any 1 Day Market Crash In U.S. History

10 Signs the US is Transitioning to Third World Country Status (Videos)