Must Reads For The Week 6/4/16

Payrolls Huge Loss: Only 38,000 New Jobs Added In May; Worst Since September 2010, at zerohedge.com. The number crunchers used to figure that 150,000 jobs become obsolete every month because of the creative destruction of the market. So there has to be 150,000 jobs created every month just to start at zero. So 38,000 jobs created means there was a net loss of 112,000 jobs last month. Also the last two months job numbers have been revised down. So how robust is the “recovery”

These Are The 9 Zero Hedge Charts Showing The “Obama Recovery” That Angered The Washington Post, at zerohedge.com. The labor participation rate is the one chart that can’t be spun. The percentage of working age people is lower than at anytime since the early 70’s. If fewer people are working, and many work fewer hours because a lot of the newly created jobs are part-time, how can we possibly be producing more? The GDP supposedly measures production. Even though government spending (financed by borrowing and central bank money printing), is added into the GDP number, growth has averaged around 2% over the last 8 years. We can’t even counterfeit our way to robust growth. We haven’t even found a bottom to the 2008 recession because the Fed has propped up all the misallocations that it produced with the money it printed in the first place.

Allan Greenspan: “We’re Running To A State Of Disaster”, at zerohedge.com. Greenspan says: “Entitlements are crowding out savings, and hence capital investment. Capital investment is the critical issue in productivity growth, and productivity growth in turn is the crucial issue in economic growth…….Unless and until we can rein in entitlements, which have been rising at a nine percent annual rate in the US and comparable levels throughout the world. We are going to find that productivity is going to maintain a very low rate of increase.”

I think it is interesting he is blaming it on congressional spending when it is his Federal Reserve that printed the money that the government borrowed which led to the increased spending. He also fails to mention all the misallocation of resources that were the result of the Feds credit expansion policy.

Lessons From Cyprus: Spending Restraint Is The Pro-Growth Way To Solve A Fiscal Crisis, by Dan Mitchell, at freedomandprosperity.com. Cyprus bit the bullet and cut spending. This has led to a recovering economy. Greece did the opposite, and is still in the toilet.

GM, Ford Us Auto Sales Tumble In “Bellwether” Month Of May, at zerohedge.com. Sub-prime lending brings future demand into the present. Once future demand has run its course, there is nothing behind it to keep demand propped up. Ergo a mismatch of supply and demand. Intervention distorts economic reality.

A Visual Lesson About Economic Freedom, by Dan Mitchell, at freedomandprosperity.com. When governments take off the interventionist shackles, even in a limited amount, their economy grows.

Black Market Ride Sharing Explodes In Austin, by John Daniel Davidson, at thefederalist.com. Austin forced Uber and Lyft out of the market. But the demand for rides is being supplied by black market ride sharing apps. This is the spirit of the American Revolution. Don’t Tread On Me!

Private Restrooms Are Private Property, by Patrick Barron, at mises.org. Respect for private property would solve the made up transsexual bathroom problem. Allow the owner of the bathroom to make the decision how his bathroom will be used. There won’t be a one size fits all to down cluster fox trot. “No Shirt No Shoes No Service.” “No Vagina, Go Across The Hall.”

Eleven Measles Cases In Arizona Traced To Inmate At Immigration Detention Center, at tammybruce.com. People think rules are arbitrary. Most rules have a specific purpose. If you’ve taken the tour of Ellis Island, you would understand that part of our immigration policy was to keep out diseases, like measles, that were under control in the US. but not everywhere else.

Texas Man Pays For $212 Speeding Ticket…In Pennies, at tammybruce.com. People have different levels of tolerance for government regulations. Many have had enough.

 

I Hate To Do it Again.

Have you seen this on mainstream media outlets? All I want is for both Democrats and Republicans to be covered the same by the media. I wish they would show every politicians screw ups. Can you spell P-O-T-A-T-O-E? Who doesn’t know what I’m referencing?

 

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