Thursday, December 05, 2013

Economy

The Department of Labor modifies Q3 growth numbers from 2.8 percent to 3.6 percent. I'm sure no corruption was involved there. Of course, with real inflation running about 8 percent, that means our economy is shrinking at at least 4.4 percent annually.
"Almost the entire third-quarter revision was due to a big jump in stockpiles. Consumer spending, the lifeblood of the economy, was the weakest in nearly four years.
When excluding inventories, the economy grew at a 1.9 percent rate in the third quarter, down from 2.1 percent in the spring. That's in line with the same subpar rate that the economy has seen since the Great Recession ended four years ago."
As usual, the real story is much worse than the headline.

A $15 minimum wage could put 20 percent of fast food workers out of work, costing 460,000 jobs.

Article claims one in ten jobs in America is in a non-profit. That's crazy. These jobs don't create wealth. It also claims non-profits are rife with corruption, and since they're funded mostly by government, I believe that.

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