Chairman Powell of the Federal Reserve this week said something amazing. He said that the official unemployment rate, of 6.3%, wasn't real. And thus the official number was nothing but propaganda.
Now it's not a big surprise that the official unemployment rate is dramatically understated. But what is surprising is that they actually admitted it.
Almost every economic metric is deteriorating except for employment numbers.
If a picture is worth a thousand words, this chart is worth a book.
The past week's unemployment claims came out today, and add another 2.98 million to the pile. This brings total unemployment claims for the past 8 weeks (two months or so) to 36.5 million.
Minneapolis Federal Reserve Bank President Neel Kashkari warned yesterday how ugly it's going to get.
The world has turned upside down.
Last week the Federal Reserve Bank of St. Louis, to not much fanfare, predicted that 47 million workers will lose their jobs just in second quarter 2020.
Or to put it another way.
You know, I absolutely LOATHE Forbes, but this particular writer gets it right when it comes to living disabled every day.
This one comes straight from the horse's mouth. I heard this straight from an IT worker and from my Voc Rehab counselor. Since both the 2008 crash and the end of the Space Shuttle program, people with Bachelor's degrees flooded the field en masse. So, because of that, I've literally no place to go.
