The US is coming up fast on the so-called Fiscal Cliff, but neither of the two political parties’ candidates are openly discussing the potential economic calamity or any remedies to overcome any resultant disaster. On this CNBC interview, Lloyd Blankfein, CEO of Goldman Sachs, Alan Simpson & Erskine Bowles of the Deficit Commission discuss the reasons why so many major corporations are holding their cash at this uncertain juncture.
Here’s a chart from the St. Louis Federal Reserve showing Bureau of Labor Statistics (BLS) data on persons not in the work force. Record numbers!!! One of the reasons the statistics on unemployment have shown decreases lately is that there are fewer persons counted among the total. When one compares the total population to the number of employed, one can see that there’s a real problem here.
Dr. Paul Craig Roberts served as the Assistant Secretary of the Treasury under President Ronald Reagan. He should know a thing or two about U.S. economic policy. In this brief and simple article, he explains how government statistics on inflation, housing, employment and GDP have consistently under-reported actual data.
“In place of recovery, we have hype from politicians, Wall Street, and the presstitute media.”