Jas Jain, “the Prophet of Doom and Gloom,” points out something startling:
“There’s been no job growth in the US in 10-years!”
Using data from the U.S. Bureau of Labor Statistics, Jain derives the unadjusted employment data for the last decade:
Total employment in July of 2001 was 138.239 million which is actually higher than last month‘s 138.093 million!
Total jobs held is down 6.26% from the peak of the Housing Bubble Madness in 2007.
Jain’s conclusion is that America is in the Greater Depression — a deep trough of depression for the last decade:
“Major depressions in the US, as the country became more industrialized and financialized, have been caused by bad financial practices that have ranged from loose to widespread fraud, which is where we have been for the past 16 years. And there is No Change since Obama. Unless an overwhelming majority of crooks are removed from power and shut in jails, the US economy would continue to get worse, log-term, with few years of artificially inflated growth, at a very high cost, followed by deep recessions. We have a system that rewards bad people at the very top as well as a significant percent at the bottom. That lessens incentives for honest work.”
H/t Urban Survival.