According to Friday's economic data, the unemployment rate dropped to 6.3% and the workforce added over 200,00 new jobs. Lost in the hoopla was the fact that almost a million people were thrown off unemployment insurance and now are counted as no longer unemployed. Funny how not having a job or any meaningful wages to look forward to is a good thing.
The BLS data, which mysteriously disappeared from their site, had much bleaker numbers. According to them, 20% of all families in this country has no working members and an unemployment rate of 28%. If we add in people working part time work who would like to work full time the number jumps to a whopping 59.9%. These are Depression era numbers. The fact that the government tried to hide the data from us by killing the web site didn't work too well and web mirrors already captured the info and is freely available. It's was like trying to stop the flow of water with a cardboard box full of holes. Here is a link to a mirror of the BLS info they are trying to cover up.
Our growth rate was also downgraded quietly from the miserable.1% to a -.2% and that is still using misleading data. What this means is that, minus the fixed numbers, the US has been in a recession for the last three quarters now. Wonderful. As QE infinity has now reduced the amount spent monthly from $85 billion to $45 billion, interest rates could soon start moving upward and this could cause bubbles to pop in housing, stocks, bonds or even the derivative market, which if it blows up, will destroy the world economy in it's wake.
The rate of job loss is accelerating as well. The amount of people without a job has risen 27 million since 2000, caused by companies working people harder for less pay and technological advances. Tech is going to eliminate at least thirty million jobs over the next decade with the rise of 3D printing. Manufacturing jobs are going to disappear at rapid rates, not to mention the companies themselves, along with all the jobs these companies supported. Technology is making the workforce obsolete. So what do we do when there are no jobs and hundreds of millions of people who need work? We better figure this out soon because that reality is already here. There are too many people for too few jobs and supply and demand say that this will diminish salaries as there is no need to pay people much if someone else is willing to work for near free. Capitalism is dying, communism is dead and socialism only works so far before it falls apart too. Someone better get cracking on a new economic theory before this one implodes all over the place.
All of this may be moot because a new scientific study on climate change to be released tomorrow says that global warming may be getting even worse. The study says that Earth's temperatures will increase 10 degrees by the end of the century. This means the end of civilization and most life on the planet. This is a planet killer and yet we are still arguing whether or not this is even occurring. Three degrees would be near impossible to overcome. Ten is death. Period. This hike will destroy all coral reefs on the planet, acidify our oceans to toxic levels, destroy most environments for harboring anything but the hardiest life forms and drive most of what will be left of the human race underground. Still feel like arguing about climate change?
Here in the Northeast, we are seeing the first signs of how bad things could be. Maple syrup production is way off, sea levels are rising several inches per decade and weather fluxuations are becoming the norm. It has been way cold this Spring, which will inevitably be followed by another brutal summer I am guessing, the new norm it seems. Temperatures here have increased 2 degrees over the last hundred years, most of that in the last twenty. Rainfall has increased by 10% as well which means at least we won't have to worry about drought conditions.
Climate change is real and we better get ahead of this before we all broil to death. It is no more theory than evolution or gravity at this point. When you can see with your own eyes, it no longer becomes a hypothesis and has to be regarded as fact. Between this, and plummeting economic data, it may be race to see which finishes us first, human greed for money over wages or human greed for money over the environment.