The NYT Calls Nearly a Million New US Weekly Unemployment Claims Good News
by Stephen Lendman (stephenlendman.org - Home - Stephen Lendman)
At a time of protracted US Main Street economic Depression with no near-term end of it in prospect, the NYT sounded an out-of-step with reality optimistic note, saying:
"(T)he labor market is shaking off the pandemic's effects, setting the stage for an economic revival in the coming months (sic)."
At his farcical Thursday press conference, Biden's impersonator said much the same thing, claiming:
"We are starting to get new signs of hope in our economy (sic)."
"I can say to the American people help is here and hope is on the way (sic)."
Economist John Williams offered a realistic assessment of dismal US economic conditions, saying:
In February, "inflation spiked" higher to 9.4% year-over-year — based on how calculated pre-1990 before the formula was rigged to produce artificial data worlds apart from reality.
The Labor Department "cannot count the unemployed," said Williams.
In February, unemployment rose slightly to 25.8% of working-age Americans — exposing the phony low-ball BLS number that's rigged to conceal the deplorable state of things.
"…US economic collapse continues in a hardening, protracted L-shaped non-recovery," Williams stressed.
"…Structural damage will forestall (a) meaningful economic rebound into 2022 or beyond."
Because of continued money printing madness — largely going to Wall Street for speculative excess, not Main Street for economic growth — inflation will continue to spike higher while Main Street economic collapse persists.
For the week ending March 20, another 684,000 jobless Americans applied for regular state unemployment insurance (UI) benefits.
Another 242,000 applied for Pandemic Unemployment Assistance (PUA).
It's for jobless US workers ineligible for regular UI.
In total, 926,000 Americans sought financial help at a time of the Greatest Ever US Great Depression — this one affecting Main Street while super-rich Americans never had things better at the expense of exploited ordinary people.
The latest data reflected the 53rd straight week that around a million jobless Americans applied for unemployment help.
According to economist Heidi Shierholz:
"I have been a labor economist for a very long time and have never seen anything like" what's gone on for the last 53 weeks.
UI provisions in place will expire the first week of September when "even in the best-case scenario, they will still be needed" because no jobs creation programs were enacted into law — their creation the key engine of economic growth.
The worst of times are likely to get worse still ahead.
If what's planned by diabolical US dark forces go as intended, a permanent new abnormal dystopia will prevent Main Street recovery and return to normality — forever.
Virtually nothing ongoing gives reason for optimism ahead, just the opposite.
A combination of covid mass-jabbing with hazardous to health drugs, protracted made-in-the-USA economic collapse, likely greater wars over ending ongoing ones, and eroding freedoms on a fast track for elimination altogether under totalitarian rule make it likely that the worst of times lie ahead.
Never in my lifetime has there been anything remotely like what's going on now.
Will Americans finally awaken to the reality that both right wings of the one-party state are mortal enemies of peace, equity, justice, the rule of law, and ordinary people everywhere?
Or will they do nothing to change the current course that's wrecking their lives?
The only solution is popular revolution.
All is lost if the worsening status quo goes unchallenged.
Younger generations have most to lose — their health, freedoms and future.
That's what it all comes down to.
Rebel against what's unacceptable or all hope is lost.
VISIT MY WEBSITE: stephenlendman.org (Home - Stephen Lendman). Contact at firstname.lastname@example.org.
My two Wall Street books are timely reading:
"How Wall Street Fleeces America: Privatized Banking, Government Collusion, and Class War"
"Banker Occupation: Waging Financial War on Humanity"