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Is the news media and government lying about the economy and inflation?


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And yes the way the economy and our currency is set up is a shizen fest and it's not ideal to say the least....

 

We can cry about it....

 

Or we start to understand and play the same game wall street does themselves and benefit from it so you can lead the life you actually want........

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You chaps may have noticed wall street and the politicians who are all inside traders like Pelosi have a pretty good gig going...

 

Get the government to "print" or borrow money from the public purse, filters through to the banksters who can gamble it away risk free in the markets. If they fk up they will get you to pay for it...

 

You really think they give this game up??

 

What they don't want is you learning the game and participating yourself...

 

The Armageddon talk is fear porn. It sells big time in the alternative media who don't fully understand the game. And gets folks to buy stuff that isn't really going up in value so they have the markets all to themselves..

 

That's why I say if you can't beat em. Join em.

 

Learn the game, make some cash for your family..

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6 hours ago, Mr H said:

And yes the way the economy and our currency is set up is a shizen fest and it's not ideal to say the least....

 

We can cry about it....

 

Or we start to understand and play the same game wall street does themselves and benefit from it so you can lead the life you actually want........

 

Yeah, if for example you have a money purchase pension fund where is it invested? 

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17 minutes ago, Campion said:

 

Yeah, if for example you have a money purchase pension fund where is it invested? 

Probably in a banksters/financial planners back pocket. 

 

All these funds and pensions pretty useless and lose money Vs inflation generally...they just care about comission on those things 

 

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15 hours ago, Campion said:

 It's like someone has been successfully chipping away at our self-confidence and social cohesion for a very long time, and yes it's building up to a crisis stage.

 

without a doubt but that war of attrition takes many forms which i lump under the catch all term 'cultural marxism' which is see a method of destroying an enemy through death by a thousand cuts and economic destruction is part of that process

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11 hours ago, Mr H said:

And yes the way the economy and our currency is set up is a shizen fest and it's not ideal to say the least....

 

We can cry about it....

 

Or we start to understand and play the same game wall street does themselves and benefit from it so you can lead the life you actually want........

 

i strongly disagree....seriously, did we learn nothing from the 2008 credit crunch?

 

There we saw the results of the removal of the glass steagal act which had separated investment banks from high street banks which allowed the bankers to play casino games with peoples currency.

 

That was not meant to be the purpose of banks! Banks were supposed to take money that people had going spare and then they were supposed to responsibly allocate that money to people with solid business plans which produced real, tangible things in the REAL economy of production and consumption.

 

But now we have people trying to be clever with financialisation which creates these bubbles that blow up in everyones faces.

 

It's not the time to imitate those hucksters. Now is the time for people to start producing real things and sharing their produce with each other so that we can free ourselves from the cabals currency racket

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5 minutes ago, Macnamara said:

 

i strongly disagree....seriously, did we learn nothing from the 2008 credit crunch?

 

There we saw the results of the removal of the glass steagal act which had separated investment banks from high street banks which allowed the bankers to play casino games with peoples currency.

 

That was not meant to be the purpose of banks! Banks were supposed to take money that people had going spare and then they were supposed to responsibly allocate that money to people with solid business plans which produced real, tangible things in the REAL economy of production and consumption.

 

But now we have people trying to be clever with financialisation which creates these bubbles that blow up in everyones faces.

 

It's not the time to imitate those hucksters. Now is the time for people to start producing real things and sharing their produce with each other so that we can free ourselves from the cabals currency racket

I'm no expert on the banking system. But I don't think banks ever collected people's money and reallocated it. I thought when a loan is issued, new "money" comes into existence.

 

Money YOU lend to the bank they gamble with in the markets....

 

Agree that we should also get back to producing real stuff, would be nice....

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6 minutes ago, Mr H said:

I'm no expert on the banking system. But I don't think banks ever collected people's money and reallocated it. I thought when a loan is issued, new "money" comes into existence.

 

Money YOU lend to the bank they gamble with in the markets....

 

people DO 'deposit' money with banks but when they do that they become an 'unsecured depositor' which leaves the door open to the danger of bank 'bail ins' such as we saw in cyprus where the banks declared a bank holiday and froze everyones accounts. They only allowed people to withdraw grocery money from ATM's whilst taking a 'haircut' off peoples bank accounts above a certain sum of money.

 

So where a bail out sees the government give currency to banks a bail in sees the bank take currency directly out of peoples accounts

 

But in theory it is DEPOSIT money banks are supposed to invest however due to 'fractional reserve lending' they do create new money when they give out a loan as you allude to.

How the Glass-Steagall Act's Repeal Impacted the Financial Crisis

The repeal of the Glass-Steagall Act did impact the financial crisis in some ways because the repeal allowed for the consolidation of investment and retail banks via financial holding companies. This consolidation led to a few bloated financial institutions, like Bear Stearns, heavily invested in mortgage-backed securities.

During the crisis, many of the institutions had to be helped by the federal government. In this way, the act's repeal played a role in the crisis because, in the past, the law kept financial institutions from becoming investment and commercial banks.

The Glass-Steagall Act was partially repealed In 1999 as part of the Gramm-Leach-Bliley Act.

Some argue that the repeal of the Glass-Steagall Act of 1933 caused the financial crisis because banks were no longer prevented from operating as both commercial and investment banks, and the repeal allowed banks to become substantially larger or "too big to fail."

https://www.investopedia.com/ask/answers/050515/did-repeal-glasssteagall-act-contribute-2008-financial-crisis.asp

 

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35 minutes ago, Mr H said:

Agree that we should also get back to producing real stuff, would be nice....

 

if we don't then we become slaves because we would be completely dependent on the technocratic system for everything which is why the great reseters are so desperate to get people to stop eating meat, eggs and milk because they want to remove our ability to produce our own food so that we become dependent on them for handouts and people won't bite the hand that feeds them

 

to not produce real things is to be a slave

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1 hour ago, Macnamara said:

 

if we don't then we become slaves because we would be completely dependent on the technocratic system for everything which is why the great reseters are so desperate to get people to stop eating meat, eggs and milk because they want to remove our ability to produce our own food so that we become dependent on them for handouts and people won't bite the hand that feeds them

 

to not produce real things is to be a slave

 

And also why they like offshoring not only farming and manufacturing but also increasingly service industries to countries with the lowest wages and least regulations so the workers have to compete against each other globally. 

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11 minutes ago, Campion said:

 

And also why they like offshoring not only farming and manufacturing but also increasingly service industries to countries with the lowest wages and least regulations so the workers have to compete against each other globally. 

 

yes but it also renders us dependent on their globalised system because now we are just a 'service' economy that can't make anything except cups of coffee...no offence to coffee makers as coffee is important but we do need more than coffee!

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US Bankruptcies Jump 18% In 2023 Amid High Interest Rates

Friday, Jan 05, 2024 - 07:45 PM

Authored by Naveen Athrappully via The Epoch Times,

Overall bankruptcies in the United States jumped by almost a fifth in 2023 as both businesses and households struggled with high-interest rates and the end of pandemic stimulus.

Total U.S. bankruptcy filings rose by 18 percent to 445,186 last year, up from 378,390 filings in 2022, according to data from Epiq AACER, a provider of U.S. bankruptcy filing data. This includes both commercial and personal bankruptcy filings until the month of November. “As anticipated, we saw new filings in 2023 increase momentum over 2022 with a significant number of commercial filers leading the expected increase and normalization back to pre-pandemic bankruptcy volumes,” said Michael Hunter, vice president of Epiq AACER.

“We expect the increase in number of consumer and commercial filers seeking bankruptcy protection to continue in 2024 given the runoff of pandemic stimulus, increased cost of funds, higher interest rates, rising delinquency rates, and near historic levels of household debt.”

Overall commercial filings grew to 25,627 last year from the 21,479 registered in the previous year, an increase of 19 percent.

Commercial Chapter 11 filings rose from 3,819 to 6,569, an increase of 72 percent. Chapter 11 bankruptcy filings are made by companies to restructure debt and allow the businesses to retain assets while drafting a plan to pay back what they owe.

Personal bankruptcy filings rose 18 percent to 419,559 in 2023, with Chapter 13 filings increasing by 18 percent and Chapter 7 by 17 percent.

https://www.zerohedge.com/personal-finance/us-bankruptcies-jump-18-2023-amid-high-interest-rates

Blue States Saw Highest Rates Of Homelessness In 2023

In the year 2023, the highest recorded rates of homelessness on average were found in states that lean Democratic, as well as the District of Columbia.

https://www.zerohedge.com/political/blue-states-saw-highest-rates-homelessness-2023

Has America's Empire Of Money Reached The Endgame?

Friday, Jan 05, 2024 - 10:00 PM

Authored by Michael Snyder via The Economic Collapse blog,

We did it Joe! 

It took a tremendous push down the stretch, but the U.S. national debt was able to hit the 34 trillion dollar mark before the end of 2023.

Nations all over the globe are starting to move away from using the U.S. dollar in international trade, and they are becoming a lot more hesitant to buy our debt.

You can only borrow and spend so much before the entire Ponzi scheme collapses, and at this moment we are more than 34 trillion dollars in debt

US national debt has reached a record high – hitting $34 trillion for the first time in history.

Data published by the Treasury Department Tuesday showed that outstanding federal borrowing soared to $34.001 trillion on December 29, just weeks ahead of Congress deadlines for new federal funding plans.

The staggering figure, which is a major point of contention between Republicans and Democrats, is equal to $101,233 in federal debt for every person in America, according to the Peter G. Peterson Foundation.

So if there are four people living in your household, your share of the national debt is more than $400,000.

And every day the debt gets even larger.  As Wolf Richter has pointed out, the size of the national debt has increased by 2.5 trillion dollars in just the last seven months…

The total US national debt spiked by $1.0 trillion in 15 weeks since September 15, to $34.0 trillion, according to the Treasury Department’s figures this afternoon. In the seven months since the debt ceiling was lifted, the national debt spiked by $2.5 trillion.

These are huge gigantic numbers that are piling up as a result of the incredible hard-to-fathom daredevil reckless shake-your-head deficit spending by Congress.

Overall, the U.S. national debt has grown by $6.25 trillion since Joe Biden entered the White House.

It took the first 225 years of U.S. history for the U.S. national debt to reach the 6 trillion dollar mark, and now we have added more than 6 trillion dollars to the debt in less than 3 years.

This is what the endgame looks like.

We are in a debt spiral that is totally out of control, and there is no way that this story is going to end well.

And despite the fact that we are endlessly pumping colossal piles of cash into the economy, our economic conditions continue to deteriorate.

On Wednesday, we learned that U.S. job openings have fallen “to the lowest level in more than two years”

U.S. job openings dropped in November to the lowest level in more than two years, the latest evidence that the Federal Reserve’s interest-rate hike campaign is continuing to cool the labor market.

That is a sign that the economy is getting worse.

And more large companies continue to lay off workers.  For example, Xerox just announced that it will be laying off 15 percent of its workforce

Xerox on Wednesday announced it will cut 15% of its workforce as part of a plan to implement a new organizational structure and operating model.

Xerox, which offers digital printing and document management technologies, had about 20,500 employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. Based on this figure, Wednesday’s layoffs will affect about 3,075 employees.

Shares of Xerox closed down more than 12% following the announcement Wednesday.

So what can we do to “get the economy going again”?

Well, we can follow the example of the federal government and borrow and spend even more money.

Of course much of the nation is already drowning in debt.  According to one recent survey, only about half the country will be able to pay off their December credit card balances in full…

Only half of America’s credit card customers believe they can pay off their December balance in full, according to an industry index, signaling a low ebb in “credit card confidence” as the nation emerges from the holidays.

The LendingTree Credit Card Confidence Index, a monthly survey published since 2018 by the personal finance site, dipped to 51% in December, an all-time low.

In a nationally representative survey of 1,514 cardholders, only 51% voiced confidence that they could pay off their card balance this month. In November, the Confidence Index stood at 58%.

Our forefathers handed us the keys to the greatest economic machine in world history.

But that was never enough for us.

We always had to have more, and so we just kept borrowing and spending.

Now the endgame has arrived, and it is going to be excruciatingly painful.

U.S. consumers are drowning in record levels of debt, U.S. corporations are drowning in record levels of debt, state and local governments are drowning in record levels of debt, and the federal government is drowning in record levels of debt.

America’s empire of money was nice while it lasted, but now the jig is up and the collapse that is looming is truly going to be one for the history books.

https://www.zerohedge.com/markets/has-americas-empire-money-reached-endgame

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something else to keep an eye on:

China's Shadow-Banking Giant Files For Bankruptcy

by Tyler Durden
Friday, Jan 05, 2024 - 05:25 PM

One of China's "secretive" shadow-banking giants filed for bankruptcy on Friday due to its inability to repay tens of billions of dollars in debt, a warning sign contagion from the downturn in the real estate industry continues to spread and raises questions if the property crisis in the world's second-largest economy will accelerate into the new year. 

Zhongzhi Enterprise Group Co., also called "China's Blackstone," which once oversaw more than 1 trillion yuan ($140 billion) before the property crisis, filed an application for bankruptcy in Beijing's First Intermediate People's Court, according to Bloomberg

Zhongzhi wrote in a filing that it "obviously" could not repay its debts. A letter to shareholders in November explained its debts total 420 billion yuan to 460 billion yuan ($64.4 billion), compared with assets of 200 billion yuan. 

On the Chinese social media platform WeChat, the Beijing court published a statement saying that Zhongzhi's "assets are insufficient to pay off all debts, and it clearly lacks the ability to repay in full." 

Zhongzhi was once the most prominent firm in the country's $3 trillion trust industry, which pools savings from wealthy households and corporate clients to make loans and invest in real estate, stocks, bonds, and commodities. The bank first came on our radar last August when it skipped payments on several investment products, sparking rare protests outside its buildings by angry investors.

In November, Chinese authorities opened a criminal investigation into the firm's management business after revealing a $36.4 billion hole in its balance sheet. 

"The persistent decline in the real estate market, coupled with stringent policies and increased financial anti-corruption measures, has hindered timely asset collection," said Zhao Jian, head of the Atlantis Financial Research Institute in Beijing. 

Jian warned: "Redeeming these assets has become exceedingly challenging."

According to Bloomberg, the trust sector's exposure to real estate is about 2.2 trillion yuan, or 10% of total assets as of the end of 2022. 

"The big danger is that a negative feedback loop kicks in, with property stress causing strains in the financial system, undermining credit expansion and depressing growth, which, in turn, exacerbates the slump in the property sector," Bloomberg Economics wrote in a recent note. 

The latest developments at Zhongzhi stoke worries about contagion amid China's deflationary pressures and, of course, a struggling property market, which, as a reminder, is the largest asset class on earth...

https://www.zerohedge.com/markets/chinas-shadow-banking-giant-file-bankruptcy

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this might all be seen as doom and gloom but it doesn't need to be....it could be seen as an opportunity but only for people willing and able to rethink about how they want to live in radically different ways

 

I personally want change...i just don't want THEIR vision of change

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Stock Market Faces Worst Start to the Year Since 2008 Amid Economic Uncertainties

January 6, 2024 8:06 am by CWR
The global stock market is off to a rocky start in the new year, experiencing its worst performance since the financial crisis of 2008. As concerns mount and comparisons to the tumultuous year of 2020 arise, investors are bracing for a potentially volatile period ahead.

Major Shipping Disruptions Coming

January 5, 2024 9:35 pm by CWR
Maersk just announced it will continue to divert from the Red Sea for the foreseeable future.

How the US gov't bailed out banks and rich oligarchs

 

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Massive 40% drop in US office building prices, 30% in a year, 1 in 5 vacant, signaling bankruptcies.

January 7, 2024 3:09 pm by CWR

Office building prices in the United States have experienced a substantial downturn, witnessing a significant 40% drop from their peak over the past two years. The past year alone has seen a massive 30% decline, leaving one in five office buildings vacant across the nation. The gravity of the situation is exacerbated by the substantial debt burdens carried by most of these empty office spaces.

With high-interest rates and declining cash flows, delinquency rates are on the rise, paving the way for an impending wave of commercial real estate bankruptcies. As we enter 2024, the commercial real estate sector is set to face a challenging year, marked by bankruptcies that the housing market’s resilience has so far masked.

Amidst the increasing bankruptcies, the narrative of a bear market in commercial real estate gains traction. The price decline of 40%, coupled with a staggering 20% of vacant buildings, raises concerns about the sector’s ability to recover. The lingering question remains: How much further must prices plummet before these buildings attract buyers?

https://citizenwatchreport.com/massive-40-drop-in-us-office-building-prices-30-in-a-year-1-in-5-vacant-signaling-bankruptcies/

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The Federal Reserve threatens the financial ruin of every man, woman, and child in America! Inflation has hit a 40 year high.

The last time inflation was this high was 1982 according to the latest Consumer Price Index (CPI) calculation.

More people than ever are starting to realize that it’s no coincidence prices are going up, it’s the out-of-control spending by Congress enabled in whole by the Federal Reserve.

The good news is, my Audit the Fed Bill, introduced by U.S. Senator Rand Paul in the Senate and Rep. Thomas Massie in the House, would finally lift the veil of secrecy covering up the Fed’s actions.

If passed, Audit the Fed would finally show the American people the Federal Reserve System leads to constant economic crises and the destruction of our currency and the middle class.

I believe by gathering enough cosponsors to force Congress to bring Audit the Fed up for a vote you and I can get this done.

But only with your action today!

Please act at once.

For Liberty,

http://www.chooseliberty.org/wp-content/uploads/2017/05/ron-paul-sig.png

Ron Paul

https://www.chooseliberty.org/atf_senate_2024/?source_code=c14392059

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Yellen Boasts About Clean Energy Tax Break Success Despite $1.7T Deficit And $34T In Debt

by Tyler Durden
Saturday, Jan 13, 2024 - 01:40 AM

Despite the fact that the country is running record deficits, has just passed $34 trillion in debt and is, for all intents and purposes, on the precipice of a debt spiral "point of no return", Treasury Secretary Janet Yellen still seems awfully cavalier about spending.

This past week Yellen said that she "welcomed" larger than expected uptake of tax breaks under the Biden administration's Inflation Reduction Act, despite the fact that the country doesn't have any way to pay for it, according to Bloomberg.

Yellen said this week: “What that reflects is the effectiveness, the tremendous response rate, that we’re seeing from the private sector, from cities and states, to these incentives. So you’re clearly having a very major effect on take-up for clean energy investments.”

https://www.zerohedge.com/markets/yellen-boasts-about-clean-energy-tax-break-success-despite-17t-deficit-and-34t-debt

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We Are Witnessing A Tsunami Of Economic Suffering All Over America

January 12, 2024

2023 was really tough for much of the country, and many of the economic trends from last year just continue to intensify.

 

For example, just look at what is happening at food banks all over the nation.  At one location in southern California, demand is up almost 60 percent since before the pandemic…

The nonprofit Second Harvest Food Bank of Orange County, which provides food for 400,000 people a month in Orange County, has seen a nearly 60 percent increase in demand since before the pandemic.

“If we are really going to help lift people out of poverty, they need fresh food,” Claudia Keller, CEO of Second Harvest Food Bank of Orange County,

At a food bank in the Big Apple, demand has actually doubled since before the pandemic, and now they are being forced to turn people away due to a lack of food…

The shelves at a Bronx food pantry have been bare for the past two weeks as hungry New Yorkers face heightened food insecurity at the beginning of the New Year.

The Albanian American Open Hand Association (AAOHA), located in Pelham Parkway, fed around 800 weekly before the pandemic, but that has since doubled to 1,600.

For the first time in 10 years, the pantry has been forced to turn people away.

https://www.activistpost.com/2024/01/we-are-witnessing-a-tsunami-of-economic-suffering-all-over-america.html

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Federal Reserve’s latest masterpiece: a record $114 billion loss. And there’s still a trillion-plus in ‘unrealized’ losses waiting in the wings.

January 17, 2024 9:50 am by CWR

Fed reports its largest loss in history: $114 billion in a single year.

That would be the third largest bankruptcy in American history. And there's still another trillion plus in "unrealized" losses.

Who'll pay for it? You. And your children. pic.twitter.com/xKfKWDcG4K

— Peter St Onge, Ph.D. (@profstonge) January 16, 2024

 

U.S. Banks are facing unrealized losses of roughly $685 billion. They are desperately hoping the Federal Reserve will cut rates sooner rather than later. pic.twitter.com/YsGjNqpCtm

— Barchart (@Barchart) January 16, 2024

https://citizenwatchreport.com/federal-reserves-latest-masterpiece-a-record-114-billion-loss-and-theres-still-a-trillion-plus-in-unrealized-losses-waiting-in-the-wings/

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Casino Capitalism and the Derivatives Market: Time for Another ‘Lehman Moment’?

Posted on January 17, 2024 by Ellen Brown

Reading the tea leaves for the 2024 economy is challenging. On January 5th, Treasury Secretary Janet Yellen said we have achieved a “soft landing,” with wages rising faster than prices in 2023. But critics are questioning the official figures, and prices are still high. Surveys show that consumers remain apprehensive.

There are other concerns. On Dec. 24, 2023, Catherine Herridge, a senior investigative correspondent for CBS News covering national security and intelligence, said on “Face the Nation,” “I just feel a lot of concern that 2024 may be the year of a black swan event. This is a national security event with high impact that’s very hard to predict.”  

What sort of event she didn’t say, but speculations have included a major cyberattack; a banking crisis due to a wave of defaults from high interest rates, particularly in commercial real estate; an oil embargo due to war; or a civil war. Any major black swan could prick the massive derivatives bubble, which the Bank for International Settlements put at over one quadrillion (1,000 trillion) dollars as far back as 2008. With global GDP at only $100 trillion, there is not enough money in the world to satisfy all these derivative claims. A derivative crisis helped trigger the 2008 banking collapse, and that could happen again. 

The dangers of derivatives have been known for decades. Warren Buffett wrote in 2002 that they were “financial weapons of mass destruction.” James Rickards wrote in U.S. News & World Report in 2012 that they should be banned. Yet Congress has not acted. This article looks at the current derivative threat, and at what might motivate our politicians to defuse it. 

What Regulation Hath Wrought

Derivatives are basically just bets, which are sold as “insurance” — protection against changes in interest rates or exchange rates, defaults on loans and the like. When one of the parties to the wager has a real economic interest to be protected – e.g. a farmer ensuring the value of his autumn crops against loss — the wager is considered socially valuable “hedging.” But most derivative bets today are designed simply to make money from other traders, degenerating into what has been called “casino capitalism.” 

In 2008, derivative trading brought down investment bank Bear Stearns and international insurer A.I.G. These institutions could not be allowed to fail because the trillions of dollars in credit default swaps on their books would have been wiped out, forcing the counterparty banks and financial institutions to write down the value of their own risky and now “unhedged” loans. Bear and A.I.G. were bailed out by the taxpayers; but the Treasury drew the line at Lehman Brothers, and the market crashed.  

https://ellenbrown.com/2024/01/17/casino-capitalism-and-the-derivatives-market-time-for-another-lehman-moment/

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On 1/5/2024 at 4:57 PM, octoplex said:

Uniparty's economy is not good.

 

Fixed that :)

 

The media still wants us to believe that the confectionery they serve us (Biden; Trump etc) in some way represents separate entities. We're still in the same presidency as we were a hundred years ago. The faces change, but the kid-fucking-kompromat machine always pushes the same type of actors to the forefront.

 

 

 


Can you elaborate on this? What do you mean?

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On 1/5/2024 at 7:18 PM, Macnamara said:

 

Many Americans who grew up during the Kennedy years look back on the post-war boom as an idyllic dream. Their yearnings can’t be written off as mere nostalgia bias. Compared to the present, the early ‘60s must have been like paradise: the single breadwinner was the standard, the country


Can you explain then why that was case back than compared to now and what happen?


The referee to building strong middle class with no college or university and working in factory or blue collar worker was accident. 
 

The globalist in the 80s and 90s killed it.

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Also does anyone have stats on the unemployment rate estimate?

 

The problem is the government only counts people looking for work so if you homeless or out work for 6 months or year you not counted has unemployment.

 

 

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