-I am stunned by the continued drop in FICA/SECA tax receipts. There are many metrics on the overall economy that have shown YoY improvement. The SS revenue numbers are telling us something different. They measure the incomes of 160 million workers. This is the broadest definition of employment we have. My read on the numbers is that we have very fundamental weakness in employment. The problem is bigger than the headline numbers from the BLS suggest.
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