For years, I’ve been warning that all claims of economic “recovery” in the US are complete fiction.
We now have definitive proof in the form of tax receipts.
Receipts from the Federal Unemployment Tax Act (FUTA) have been falling steadily since 2012, according to the Office of Management and Budget, moving counter to the growing number of people employed. The FUTA tax is levied at 6 percent on the first $7,000 of an employee's wage…
Source: CNBC
There you have it. Since 2012, unemployment tax receipts have been FALLING. If the US economy was indeed creating jobs, this number should be rising.
Why is this number falling… particularly when the unemployment number is supposedly below 5% and job growth is great?
There are a couple of answers to that question and neither is favorable. The BLS numbers are either wrong or the quality of new jobs created must be very poor. The latter response seems the most credible; a combination of an increase in the proportion of part-time workers and full-time jobs that provide lower compensation.
Source: CNBC
As I’ve been saying for years… the recovery narrative is a myth.The unemployment number has become a political propaganda tool and has no reflection on the US' economic realities.
In simple terms, job growth has NOT come back in the US. Those jobs that are being created are low paying.
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The Federal EUC program ended on December of 2013. Those who run out of unemployment benefits are no longer counted by the government. The numbers are total lies.
ReplyDeleteAbsolutely - One big lie, but the masses by it hook, line and sinker.
ReplyDeleteI don't need no stinking BS media, government or analyst to tell me this.
ReplyDeleteI just look at my paycheck and my check book