We’re being told unemployment’s at 14.7% when in fact it’s at least around 20% and most probably at 27%.
And the number of those jobs not coming is higher than you’re being told as well.
The entirely unnecessary coronavirus lockdown, based on a hoax of false models and fraudulent medical claims, was entirely unnecessary, and perhaps the greatest manmade catastrophe in history.
And even more insane is that U.S. policy was based on the fraudulent data and recommendations of one of the shadiest, discredited doctors and government officials in human history,
Dr. Fauci, a leftist dedicated to fighting climate change by shutting down industry and vaccine-driven population reduction, a man openly partnered with Bill Gates, and who stands to profit to the tune of untold millions or even billions should his partner Gates’s upcoming coronavirus vaccine be approved and patented by his agency, and made mandatory.
And let’s not forget all the up to 150,000 Americans who are going to die because of the lockdown.
These people cannot be allowed to get away with all of this.
Now it has happened, and it turns out that fear of COVID-19 was the “black swan event” that triggered the collapse.
The ironic thing is that COVID-19 is not even close to the worst thing that is going to happen to us.
But it was more than enough to topple our incredibly fragile economic system, and now tens of millions of Americans are deeply suffering.
On Friday, the April jobs report was released, and it was the worst jobs report in U.S. history by a very, very wide margin.
According to the official numbers, 20.5 million Americans lost their jobs during the month, and the unemployment rate shot up to 14.7 percent.
During the last recession, the unemployment rate peaked at about 10 percent, and we have already left that number in the dust.
The figures that we are seeing now are truly, truly horrifying, and what is even more frightening is that they aren’t even that accurate.
But don’t take my word for it.
On Friday, the U.S. Labor Department publicly admitted that the true unemployment rate in April was closer to 20 percent…
I applaud the Labor Department for trying to be honest. In the report, they openly admitted that an “additional 7.5 million workers” should have been classified as unemployed.
But responses to the survey by which the data was collected show 11.5 million people were categorized as employed but absent from work because of vacation, parental leave or other reasons, but including 8.1 million absent for “unspecified” reasons, a group that usually numbers about 620,000.
“One assumption might be that these additional 7.5 million workers …should have been classified as unemployed on temporary layoff,” a note attached to the government’s jobs report Friday said.
If those workers had been correctly classified, the official unemployment rate would have been about 19.5 percent, and that would have put us solidly in Great Depression territory.
But others have looked at the numbers and calculated that the true rate of unemployment should be even higher than that.
For example, Standard Chartered has calculated that the true rate of unemployment could be as high as 27.5 percent:
“While it is true that what the BLS reported that the April unemployment rate (UR) was less than expected (14.7% versus consensus of 16.0%) and the drop in payroll employment of 20.5 million was also less than the 22.0 million expected, Standard Chartered bank has calculated that adjustments to the headline unemployment rate push the effective number of unemployed to 42 million and the effective UR rate to 25.5%, higher even than the U-6 underemployment rate of 22.8%. Worse, if one treats underemployed in line with the U-6 methodology, the true April unemployment number would rise to an mindblowing 27.5%.”
This is what an economic depression looks like, and it is going to be so incredibly painful.
And it is critical to understand that what we have experienced so far is just a warm-up act for the next chapters.