Every day, since the March lows of '09, I feel trapped in some alternative "Groundhog Day" universe where Cher serenades me each morning with "I Got You Babe."
This is how it goes. I snap on CNBC to check the stock market indices. They are always up. If markets, heaven forbid, fall a little bit- parties unknown rescue them and drive them back up. Indeed, markets haven't doubled since '09, they have tripled.
Have we entered a new gilded age? An industrial renaissance?
Day after day, week after week, month after month, I hear that song. Going on 73 months in a row. I wake up, snap on the television and watch the gum flapping, never ending, equity cheerleaders on CNBC.
The latest installment came this morning.
The BLS reported an increase of 223,000 jobs for the month of April. The market reaction went straight up- 250 DJIA points.
What nobody (MSM) mentioned was the further downward revision to March jobs- another minus 41,000. The jobs added in April were all part time jobs, nearly all were in the 55 years and over segment. In fact, all other age segments declined- as well as full time jobs. When you shred 20,000 full time jobs and parse them into 40,000 part time and benefit-less jobs...VOILA!...the new economy! http://investmentresearchdynamics.com/bingo-bls-pads-employment-report-with-birthdeath-plug-spx-melts-up/
or this, http://www.zerohedge.com/news/2015-05-08/old-workers-hit-new-all-time-high-all-april-jobs-go-55-and-older
or my very best proof that the BLS numbers are complete bullshit is that 93 million working age adults are not employed. A whopping 93.1 million or about 30% of Americans don't have a job! http://www.zerohedge.com/news/2015-05-08/americans-not-labor-force-rise-record-93194000
The problem of course with all that bullshit flying around is- the lack of corroboration. The fundamentals, things like tax receipts, housing and new loans, consumer loans, inflation or rising lumber prices- none of those things are happening because....
The political narrative is complete and utter bullshit. This economy, stripped of the trillions added by quantitative (QE) easing, treasury buying, and the years of Zero Interest Rates (ZIRP) can't get going. All that excess fluidity flowed straight into the stock market looking for returns. Working stiffs, the middle class, have been getting sodomized first by bankers who created the housing bubble and destroyed home owner equity, then by politicians sticking Obamacare up our tail pipes.
Obamacare is a tax. It is not health insurance. I lost an additional 400 bucks this year (my "shared responsibility" penalty) because I simply refuse to spend 8 thousand dollars a year for nothing. (500 a mo., and a 2k deductible) Between Obamacare, my federal, state, and local taxes- I would lose 16 thousand or 40% of my income!
I worked 7 hours this week. I worked 12 hours last week. Thank gawd for my retirement. My office created 3 "jobs" after getting rid of one full time worker with benefits. Jobs like mine. My company kept all of the benefit costs- and created 3 jobs to replace the fired full time guy. That is a very small but accurate representative picture of the new American workplace.
Our way of life is not coming back either. Structurally we're screwed. There is simply no way of bringing back those millions of jobs that our politicians allowed corporate America to offshore. This is as good as it gets.
I think all of this economic bullshit can go on for awhile longer too. I keep reading and hearing from people that think this charade will end soon- the latest call is for sometime during the fall of this year. I think a lot of that is wishful thinking and historically based- in part anyway- on the last year of a Presidents's term.
That broken record keeps playing but I'm still not getting used to the tune.