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A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
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Today is Labor Day, a difficult day to celebrate now that American labor has been cast aside and US jobs offshored and given to foreigners. The remainder of the jobs is slated to be replaced by robotics. Friday’s payroll jobs report was full of bad news. Full-time jobs declined by 166,000. The meager 156,000 new... Read More
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The Dog that Does Not Bark
In Sir Arthur Conan Doyle’s “Silver Blaze” Sherlock Holmes uses the fact that a dog did not bark during the night as evidence to unravel a crime, the theft of a race horse. Holmes reasoned that the perpetrator was known to the dog since the dog failed to bark, so QED, the theft was an... Read More
The American media specializes in fake news. Indeed, since the Clinton regime the American media has produced nothing but fake news. Do you remember the illegal US bombing and destruction of Yugoslavia? Do you remember “war criminal” Slobodan Milosevic, the Serbian president branded “the butcher of the Balkans,” who was compared to Hitler until Hillary... Read More
The false reality constructed for Americans parallels perfectly the false reality constructed by Big Brother in George Orwells’ dystopic novel 1984. Consider the constant morphing of “the Muslim threat” from al-Qaeda to the Taliban, to al-Nursra, to ISIS to ISIL, to Daesh with a jump to Russia. All of a sudden 16 years of Middle... Read More
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Billionaire businessman Marc Cuban insists that the H-1B visa racket is a feature of the vaunted American free market. This is nonsense on stilts. It can't go unchallenged. Another billionaire, our president, has ordered that the H-1B program be reformed. This, too, is disappointing. You'll see why. First, let's correct Mr. Cuban: America has not... Read More
This time it is about employment
The US government continues to lie about everything, not just Russia, Syria, Iran, and China. The US government is incapable of telling the truth about something as straightforward as employment. According to the government, March produced only 98,000 new payroll jobs, an insufficient amount to reduce unemployment, but the unemployment rate fell from 4.7 to... Read More
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The U.S. economy is weak. Very weak. But the Federal Reserve is planning to raise interest rates anyway. Why? Here’s what’s going on: According to the Atlanta Fed the US economy is expected to grow at a respectable 2.8 percent for the first quarter of 2017 That’s not bad considering that, for the entire year... Read More
According to official US economic data, the US Gross Domestic Product (GDP) has expanded for 22 quarters, raising real GDP 12.1% above its high prior to the 2008-09 economic contraction. Yet, US manufacturing output and US industrial production have not recovered to their pre-contraction high. So what is driving the real GDP growth? In my... Read More
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In the West Junk Information And Junk Judgment Prevail
The Western world and that part of the world that partakes of Western explanations live in a fictional world. We see this everywhere we look—in the alleged machinations of Russia to elect Donald Trump president of the US, in claims that Saddam Hussein and his (nonexistent) weapons of mass destruction were a threat to the... Read More
The presstitute media delivered the false news, not from Russian propaganda websites such as the Washington Post accuses this one of being, but from Obama’s US Bureau of Labor Statistics. The false news is that the collapsing economy continues to boom with 178,000 new jobs in November and a further fall in the rate of... Read More
Labor Day—what is it? Perhaps not many Americans any longer know, so here is my explanation. In my time Labor Day was the unofficial end of summer, because school began after Labor Day. Today school begins almost a month before. When I was in school that would not have been possible, especially in the South.... Read More
Trump and Hitlery have come out with the obligatory “economic plans.” Neither them nor their advisors, have any idea about what really needs to be done, but this is of no concern to the media. The presstitutes operate according to “pay and say.” They say what they are paid to say and that is whatever... Read More
Last Friday saw the release of a bombshell jobs report, with headlines exclaiming that the US economy added over 250,000 jobs in July, far in excess of any forecasts. The reality was far more grim. Those “jobs” weren't actually created by businesses – they were created by the statisticians who compiled the numbers, through the... Read More
As John Williams has made clear, the monthly payroll jobs number consists mainly of an add-on factor of 200,000 jobs. These jobs are a product of the assumption in the Birth-Death Model that new business ventures create more unreported new jobs than the unreported job losses from business failures. If we sustract out this made-up... Read More
Being as I am a curmudgeon, and delight in human folly and thoughts of huge asteroids, tsunamis, incurable plagues, continent-shattering volcanoes, and the Hillary administration, I follow the advance of robots with hope. They may finally end civilization as we know it. Currently they spread like kudzu. Herewith a few notes from my favorite technical... Read More
Late last week the markets were shocked by a surprisingly bad May jobs report – the worst monthly report in nearly six years. The experts expected the US economy to add 160,000 jobs in May, but it turns out only 38,000 jobs were added. And to make matters worse, 13,000 of those 38,000 were government... Read More
June 3, 2016. Today the Bureau of Labor Statistics announced that the US economy only created 38,000 new jobs in May and revised down by 59,000 jobs the previously reported gains in March and April. Yet the BLS reported that the unemployment rate fell from 5.0 to 4.7 percent, a figure generally regarded as full... Read More
Spider in Kensington, Philadelphia, 2015
Though no millennial metrosexual, I sleep next to my laptop, and this morning, an email came from a Japanese literary journal, Monkey, to ask me to name a short story I wish I had written. Editor Motoyuki Shibata also requested a one-hundred word explanation, which I promptly knocked out while sipping an Earl Grey at... Read More
On Friday the Bureau of Labor Statistics reported that there were 215,000 new jobs in March. John Williams of ShadowStats.com reports that these “new jobs” result from the the Birth-Death model that “artificially inflates headline month-to-month payroll gains with add-factors that currently average well in excess of 200,000 jobs per month.” In other words, the... Read More
In the 21st century Americans have been distracted by the hyper-expensive “war on terror.” Trillions of dollars have been added to the taxpayers’ burden and many billions of dollars in profits to the military/security complex in order to combat insignificant foreign “threats,” such as the Taliban, that remain undefeated after 15 years. All this time... Read More
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The US economy died when middle class jobs were offshored and when the financial system was deregulated. Jobs offshoring benefitted Wall Street, corporate executives, and shareholders, because lower labor and compliance costs resulted in higher profits. These profits flowed through to shareholders in the form of capital gains and to executives in the form of... Read More
US economics statistics are so screwed up that they do not provide an accurate picture. Consider the latest monthly payroll jobs report. According to the report, in January 151,000 new jobs were created. Where are these jobs? According to the report, 69% of the new jobs are accounted for by retail employment and waitresses and... Read More
In my column on Friday I reported the unreported facts in the payroll jobs report.http://www.paulcraigroberts.org/2016/01/08/another-fabricated-jobs-report-paul-craig-roberts-2/ If we choose to believe the report, it is really very bad news. Good middle class jobs are continuing to decline. The new jobs are jobs that pay considerably less and often are part-time jobs devoid of benefits. Moreover, the... Read More
According to Friday’s (January 8) payroll jobs numbers, almost 300,000 new jobs were created in December. Additionally, the previous two months were revised upward by 50,000 jobs. Apparently, the equity market did not believe the report, with the averages moving down today. As I have pointed out almost monthly for what I think could be... Read More
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One hundred years ago European civilization, as it had been known, was ending its life in the Great War, later renamed World War I. Millions of soldiers ordered by mindless generals into the hostile arms of barbed wire and machine gun fire had left the armies stalemated in trenches. A reasonable peace could have been... Read More
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The Great Die-Off of America's Blue Collar Whites
The white working class, which usually inspires liberal concern only for its paradoxical, Republican-leaning voting habits, has recently become newsworthy for something else: according to economist Anne Case and Angus Deaton, the winner of the latest Nobel Prize in economics, its members in the 45- to 54-year-old age group are dying at an immoderate rate.... Read More
The Bureau of Labor Statistics announced today that the US economy created 271,000 jobs in October, a number substantially in excess of the expected 175,000 to 190,000 jobs. The unexpected job gain has dropped the unemployment rate to 5 percent. These two numbers will be the focus of the financial media presstitutes. What is wrong... Read More
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These remarks were made at the World Congress on Marxism, 2015, at the School of Marxism, Peking University, October 10, 2015. The presentation was part of a debate with Bertell Ollman (NYU). I was honored to be made a permanent Guest Professor at China’s most prestigious university. When I lectured here at the Marxist School... Read More
The 142,000 September payroll jobs reported today (2 Oct 2015) by the Bureau of Labor Statistics is too small to be consistent with the still high stock averages or the alleged economic recovery. Moreover, the BLS says that it over-estimated the July and August payroll jobs by 59,000. The average workweek declined to 34.5 hours.... Read More
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The End Times of the Modern Economy
Today we will reflect that the economy will shortly wither, no one will have to work, and we will all die of starvation sitting on street corners and trying to sell each other pencils. Work is going the way of the dodo, the Constitution, and common sense. Won’t be any. Doom moves in ripples. Suppose... Read More
Do you remember when real reporters existed? Those were the days before the Clinton regime concentrated the media into a few hands and turned the media into a Ministry of Propaganda, a tool of Big Brother. The false reality in which Americans live extends into economic life. Last Friday’s employment report was a continuation of... Read More
I’ve depicted Jack’s in a Kensington Postcard, two poems and even a Vietnamese article. In business since the end of Prohibition, Jack’s is the last bastion of a Kensington that existed before all the factories moved out and the heroin came in. Old timers on a shrunken budget can mosey in to get buzzed for... Read More
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Americans seem to have an irrepressible urge to uplift the bottom—the lumpenproletariat, to use a fancy word-- no matter how daunting the mission. The federal government has spent billions since the mid-1960s (e.g., AmeriCorps) with scant success. Numerous non-profits have also sought solutions and here, too, the results are not encouraging. Now the private sector... Read More
It doesn’t get any better than this. Luxuriating in Dunkin’ Donuts, Chuck Orloski and I each have our own cup of coffee and, yes, our individual donut. Shrewd, I have ordered one without a hole since you get more donut for your bucks that way. Biting into a jelly filled, deep fried piece of dough,... Read More
If you become stuck in a boring July 4 hot air speech, distract yourself with this question: Are the values that Western civilization allegedly represents still extant? You don’t need to get heavy into philosophy. See if you can find any of the professed values reflected in current events. For example, Julian Assange, the founder... Read More
As Middle America rises in rage against "fast track" and the mammoth Obamatrade deal known as the Trans-Pacific Partnership, The Wall Street Journal has located the source of the malady. Last Monday's lead editorial began: "Here we go again. In the 1990s Pat Buchanan launched a civil war within the Republican Party on a platform... Read More
May 8. Today’s payroll jobs report is more of the same. The Bureau of Labor Statistics claims that 223,000 new jobs were created in April. Let’s accept the claim and see where the jobs are. Specialty trade contractors are credited with 41,000 jobs equally split between residential and nonresidential. I believe these are home and... Read More
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GDP Downer
The world’s biggest economy ground to a standstill in the first quarter of 2015 wracked by massive job losses in the oil sector, falling personal consumption, weak exports and droopy fixed investment. Real gross domestic product (GDP), the value of the production of goods and services in the US, increased at an abysmal annual rate... Read More
According to the payroll jobs report today (March 6) the economy created 295,000 new jobs in February, dropping the rate of unemployment to 5.5%. However, the BLS also reported that the labor force participation rate fell and the number of people not in the labor force rose by 354,000. In other words, the unemployment rate... Read More
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John Kenneth Fredbraith Speaks
This column contains everything there is to know about economics. Hereafter it will be possible to shut down university deprtments and stop talking about Keynes and the Austrian School, to the great relief of mankind. In gratitude you can send me your childrens'college funds. In 1850 people all lived on farms and grew food, which... Read More
Down the Plughole
Growth of Real Hourly Compensation for Production/Nonsupervisory Workers and Productivity, 1948–2011 Is America in the throes of a class war? Look at the chart and decide for yourself. It’s all there in black and white, and you don’t need to be an economist to figure it out. But, please, take some time to study the... Read More
January 9. The Bureau of Labor Statistics reports that a quarter of a million new jobs were created in December. The reported new jobs are concentrated in construction (48,000), professional and business services (52,000), health care and social assistance (43,700), and waitresses and bartenders (43,600) . The construction jobs are in heavy and civil engineering... Read More
Friday’s payroll jobs report is another government fairy tale or, to avoid polite euphemisms, another packet of lies just like the House of Representatives Resolution against Russia and every other statement that comes out of Washington. Washington is averse to truth. Washington can only lie. First let’s pretend that the 321,000 new jobs that the... Read More
Does the Name "Strauss-Kahn" Ring a Bell?
The International Monetary Fund has finally admitted that it was wrong to recommend austerity as early as it did in 2010-2011. The IMF now agrees that it should have waited until the US and EU economies were on a sustainable growth-path before advising them to trim their budget deficits and reduce public spending. According to... Read More
“The outstanding faults of the economic society in which we live are its failure to provide for full employment and its arbitrary and inequitable distribution of wealth and incomes…Not everyone will agree with the entirety of this statement. But what we have learnt over time is that unemployment and inequality can undermine the very achievements... Read More
Just as the German media has destroyed its credibility with lies, the US government is consistently destroying Washington’s credibility both with its own citizens and the rest of the world. Russia and China, the other two significant nuclear powers, no longer believe anything Washington says or any agreement that the US government signs. The Russian... Read More
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The American Dream, Gone
1: Wage Stagnation: Why America’s Workers Need Faster Wage Growth—And What We Can Do About It, Elise Gould, EPI Economic Policy Institute: (Note: Flatlining wages are the Number 1 reason that the majority of Americans still think we’re in a recession.) 2: Most people still haven’t recouped what they lost in the crash: Typical Household... Read More
The Bureau of Labor Statistics headline this morning reads: “Payroll employment increases by 248,000 in September; unemployment rate declines to 5.9%.” How can this be? As I reported yesterday, US corporations are investing in buying back their own stocks, not in new business ventures that produce new jobs. http://www.paulcraigroberts.org/2014/10/02/poverty-report-contradicts-gdp-claims-paul-craig-roberts/ According to the Census Bureau’s Poverty... Read More
The Dow Jones stock average closed Friday at 17,137, despite the fact that the payroll jobs report was a measly 125,000 new jobs for August, an insufficient amount to keep up with the growth in the working age population. The low 125,000 jobs figure is also inconsistent with the Bureau of Economic Analysis’ second estimate... Read More
The truth about the American economy
The labor force participation rate has declined from 66.5% in 2007 prior to the last downturn to 62.7% today. This decline in the participation rate is difficult to reconcile with the alleged economic recovery that began in June 2009 and supposedly continues today. Normally a recovery from recession results in a rise in the labor... Read More
PastClassics
A simple remedy for income stagnation
Confederate Flag Day, State Capitol, Raleigh, N.C. -- March 3, 2007
The major media overlooked Communist spies and Madoff’s fraud. What are they missing today?
Are elite university admissions based on meritocracy and diversity as claimed?
The evidence is clear — but often ignored