Job Growth and no Inflation- a big Lie? [Video Briefing]

Craig Huey Economics Leave a Comment

Are the official employment and inflation figures lies?

Steve Wynn thinks so, as do many business owners, employees, retirees and the unemployed.

He said,

“Well, the idea that America is in the midst of a great recovery is pure fiction. It’s a lie.

It’s not true.

“It’s a jobless recovery because recoveries are marked by the amount of real employment. And if you count the people who have left the workforce, real unemployment is 15- to 20-percent. If you take real inflation, and you’ve got to count energy and food and all that stuff, inflation is much higher than they say it is.

My employees’ take-home pay, in spite of the increases we give them, their paychecks are 90-cent paychecks on a dollar. It’s very difficult for the middle class in America to keep up because of the inflationary pressure and the devaluation of the dollar

It’s very difficult to explain to a normal working citizen the implications, because it’s not a soundbite subject, of what $18 trillion in debt means. And what it means when the Federal Reserve buys the U.S. Treasury bonds to finance our loss every month in downtown Washington.

People think of that as some abstract conversation in Washington for pundits. In fact, it impacts everyone of my employees critically everyday. They notice when they sit down at the kitchen table that after they’ve paid the necessities there just isn’t any money left.”

And economist Art Laffer warns of little or no economic growth, rising salaries and slow job creation in the historically anemic economy.

See Steve Wynn here.

See Art Laffer with common sense economic action steps for growth.

What do you think?

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