COTW: Some Inconvenient Economic Facts

Corporate mass media would have you believe that 'Merica has completely recovered from the Wall Street induced Financial Panic of 2008. Before you swallow (because you know you want to believe) check this chart:

There has been a 6.9% decline in median household income since 2008. By now readers should know the employment figures and inflation rates are manipulated by the government. CPI is based on the cost of a shopping basket of goods and services. The statisticians keep changing what is in that basket to achieve acceptable levels of inflation. The 321,000 jobs added in November and touted across your screens was achieved by adding 600,000 jobs as a calculation adjustment, i.e. not real, new jobs. The actual, non-manipulated, non-seasonally adjusted number of jobs FELL in November by 270,000. Does these inconvenient facts have anything to do with this statistic: Black Friday sales collapsed by 11% versus last year? Don't blame the Net because Cyber Monday was also a dud. Retail sales, excluding car sales goosed by cheap and subprime debt (Mercedes Benz is now offering 0% loans), continue to be flat as credit card balances are $138 billion BELOW 2008. Real estate prices are inflated beyond reason by speculators, hedge funds, and other assorted opportunists. First-time home buyers are priced out of the market so the number of them is near record lows [chart below]. Our sock-puppet President tells you he has reduced the federal deficit when in reality the national debt went up an estimated $837bn in 2014.

charts courtesy: James Quinn

Perhaps the best thing to do this holiday season is emulate Dicken's Tiny Tim: curl up next to the fire or your video yule log and say, "God bless us, everyone!" For the atheists among you, go into the garage and open your vehicle's fuel tank and sniff that inexpensive gas. At $47 a barrel, it won't last forever!