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Stories behind News in Global Economic Arena - Part of Tapsearch Com and Tapart News Network sites

Explore the untold stories behind the news in the lost worlds of Globalist Free Traders. It is really all about you in the global economic arena. By Ray Tapajna - Editor and Artist at Tapart News and Art that Talks - global issues. " Information Digest " sites at from the real world of the streets of USA

Mumbo jumbo economic reporting

January 31st 2012 23:01
Bizarre Politics Reports: Economic reports leave much to be desired. They do not compute with the past. With our economy chopped up and spread across the world , the reporting is too
Ref. About Ray Tapajna -author

Mumbo Jumbo Economic Reporting

The economic reports come out. The stock market responds. However the reporting is chopped up since our economy is chopped up and spread across the world. To get the real story about how things really are, the parameters must be re-defined to fit the way things are today. The methods of reporting no longer fit the situation.

The unemployment reporting does not match up with the past since primarily only full time jobs were the basis of reporting in the past. Part-time jobs and temporary jobs were not counted because much of the data came from the unemployment insurance offices. Even a single mother making only about a $100 per month. Many others have more than one part time job at a time and the reporting today, just counts jobs and does not count how many jobs one person has. It is automatically assumed in the reporting, that one jobs equals one person working. And the terms entry level jobs and underemployment have lost their meaning. There are no distinctions when the unemployment reports come out.

The major factor is excluded too. Only about 38 percent of all American workers qualify for unemployment insurance. This means more than 60 percent of all workers are in an undefined zone and there is no real reporting about what is really going on with all these people missing in action from any kind of real reporting. The Bureau of Unemployment now admits that they do not count those who gave up looking for work in their overall statistics. They do not tell us how many are really in this grouping. For example, they leave out the senior population with millions wanting to work but there are no jobs are available for them except those that were once considered entry level jobs.
Now I see many middle age workers holding down these lowing paying jobs too.

The same applys to average income. In the past, the average income was mainly based on one individual income. Today, most of the reporting is based on family income. However they still compare the average income with the past statisitics where the average income was based on a single person and not a family.

We also get the good news when the trade deficit drops but it is usually just a percentage point or two with the total still very large as it always has been since 1994. I tell us the drop in the trade deficit is because , we are producing more and exporting the products. However, nothing is said about the new working and the vast underemployed class who are no longer able to afford to buy even the cheaper imports. This alone could be behind the drop in the trade deficit.

They also are quick to tell us when the manufacturing rate goes up. However in the past, manufacturing was understood to be linked with Made in America products and parts. Today, we have only assembly plants where the parts come from all over the world. And no one knows how many parts flowing out to other countries that were once made here are really exports.

The one of the most economic insane things if have extra tax cuts and stimulus money enacted without thinking about the big picture. When the people get alittle extra money, most of the money is spent at the retail level with the money quickly fanning out to where the products are made and where the major investments reside. Obviously, the extra money goes to some other country and does not stay in place to grow our economy.

Even Federal Reserve Chairman Ben Bernanke noted this when he told Congress during the Bush stimulus package that the best way to restore our own economy is to buy "domestically produced goods." As we know this never happen because we live in a mumbo jumbo economy that makes no sense.

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