The Weekly Economy News

Another week of the usual hard-to-believe economic statistics from the Bidementia administration.  The jobs report yesterday reported higher than expected growth, with fewer than the normal revisions of past numbers.  But even the mainstream media has now come to look deeper and there were multiple stories regarding what the report really showed.  And what it showed was that all the new jobs were part-time, and for the past year full-time jobs have declined while part time ones represent every supposed new job during that time.  And all the new jobs are being filled by foreign-born workers, i.e., illegal immigrants.  Finally, most of the jobs are not in the core private sector–they are in government or in health care, which is largely government-supported.  (ZH Post)

In other relevant news, the economy has been supported by excessive government spending, which in turn is backed by massive debt issuance.  All the money floating around has fueled consumer spending which is the bulk of our economy.  And consumers are increasingly using credit card debt for this spending, at interest rates over 20%.  As that credit card debt grows, failures to pay it off are also rising.  All the spending has reduced the savings rate, leaving people with fewer resources when financial crises hit.  At some point, consumers will simply run out of available credit and spending and the economy will be impacted.  (ZH Post)

So the truth about the nation’s economy is that record levels of deficit spending by the federal government and by consumers is keeping it propped up, coupled with a surge in illegal immigration that provides cheap labor.  It can’t and won’t last forever.  Meanwhile, on the usual hilarious side, Fat Timmy Walz is apparently considering a presidential run at some point based on the wonderful job he has done of ruining the quality of life in Minnesota.  As usual he lies without missing a beat, claiming we have a great economy.  The truth is that Minnesota has one of the lowest rates of economic growth in the country and the productive people who live here are leaving as fast as they can.  (CAE Post)