Inflation Association: Collapse is Coming

Rather than trying to do a clumsy job summarizing a spot on editorial, by the National Inflation Association, allow me to quote, verbatim, the first three paragraphs:

"On Friday it was announced by the Bureau of Labor Statistics that the U.S. unemployment rate in November declined from 10.2% to 10%. While the mainstream media would like you to believe we have seen a peak in unemployment and the worst of the economic crisis is behind us, we know that this dip in the unemployment number is phony and the recession is only beginning.

Although the unemployment number dipped in November, we still lost 11,000 nonfarm jobs. Unemployment fell by 0.2% only because the civilian labor force shrunk in November by 98,000 people. This means more people are becoming discouraged and giving up looking for jobs. When you combine both short and long-term discouraged workers who aren't included in the labor force along with those who are underemployed with part-time jobs, real unemployment in the U.S. today is nearly 22%.

The most important area of employment to look at is manufacturing jobs. Increasing manufacturing is the only way for our country to truly recover and build real wealth, because it will allow us to cut down on inflation by exporting real products instead of the money we print. Unfortunately, the U.S. lost 41,000 manufacturing jobs in November and has lost 2.1 million manufacturing jobs over the last two years."

I do appreciate the NIA's plea to expand our manufacturing base. How sad, though, that the reality, today, is shuttered factories throughout the once-glorious Rust Belt.

Please read the rest (warning: it gets gloomier) of the editorial. Hat tip to John P. for sending the link.