- For months, the various government departments dealing
with things economic--Treasury, Commerce, Labor and of course the Council
of Economic Advisers and the Federal Reserve, have been issuing soothing
words that the nation's economy is headed back up from the Great Recession
that allegedly began in December 2007.
-
- But now comes word from the Department of Labor that,
whoops, we minsunderestimated, as former President George W. Bush would
say, the number of jobs lost. The Department of Labor's Bureau of Labor
Statistics is reporting that because of a "modeling error," it
misstated the number of jobs lost between March 2008 and March 2009 by
17%. In hard numbers, that is to say, the BLS was reporting that a record
4.8 million jobs were lost during those 12 months of economic collapse,
when in fact the job loss total was actually 5.6 million.
-
- They missed 824,000 lost jobs! Just to give you an idea
of how many people that is, we're talking about 10% of the population of
the city of New York, and more people than the entire population of San
Francisco....
-
- For the rest of this story, please go to:
- http://www.thiscantbehappening.net
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