Obama's Internal Devaluation Increases Income Inequality

Big Government reports:

The Obama Administration’s $5.8 trillion of big government deficit spending has caused the United States to suffer an “internal devaluation,” as American worker wages after inflation were forced down in each of the last five years.

American competitiveness increased by over 10% due to worker sacrifices, but all the benefits flowed directly to corporate officers and financial speculators. When the President recently lamented, “The combined trends of increased inequality and decreasing mobility pose a fundamental threat to the American dream,” he could count on the unwavering support from Warren Buffett, who was the last year’s biggest dollar gainer with a $12.5 billion jackpot. However, as recent polls demonstrate, American voters are now solidly against deficit spending.

The U.S. Bureau of Labor Statistics on January 10th dazed and confused the mainstream media by announcing that December employment grew by only 74,000 jobs versus a consensus expectation of a gain of 197,000. The net number of employed people fell by 400,000 to a 35 year low, yet somehow the unemployment rate tumbled from 7.0% to 6.7%. The New York Times responded by running the sensationalist headline, “Growth of Jobs Slows to a 3-Year Low.”

However, according to the insightful Lee Adler at the Wall Street Examiner who unscrambles the Bureau of Labor Statistics seasonal adjustments (SA) in the monthly Jobs Report, the December civilian labor force “did what it usually does” by laying off Christmas seasonal workers after the holiday. He believes, “In the next month or two, the SA data will return to trend with a combination of larger increases in the latest month and likely upward revisions for December.” He points out that the supposed 123,000 miss for new jobs grossly overstates any weakness in jobs growth. His non-seasonally adjusted data reveals consistent U.S. employment growth over the last twelve months of 1.6%, about the same level as the boom years from 2004 to 2007.

Keynesian economics has produced low grow since 2000 which something the statists can't explain.