We got the jobless claims from last week, and, no surprise to WinePress readers, they were horrible. The Labor Department reports another 770,000 jobless claims. The previous week was 712K, that is until they were revised to the new total of 725,000 claims.
We keep saying every week when we do these reports that America is an economic freefall. We say this, not to add panic upon pandemonium, but to warn and remind readers what is going on in the REAL economy. The mainstream media and financial “experts” do not even talk about these numbers; and if they do, they spin them like it is a good thing – people like Larry Kudlow that tells us that we are in the midst of a “booming v-shaped recovery.” To be acerbic here, only a willingly unenlightened halfwit would believe this economy is good. Logic would dictate that the markets would be WAY down because of the abysmal news, but it’s not. As long as the FED keeps buying it all up, juices the markets, more stimulus, and debt is created out of thin air, etc., the markets will continue to ascend to ‘new record highs’ (which we have been noting).
In this weekly jobless report, I have decided to tack on a few additional facts that were released recently, and you ask yourself: is the American economy recovering and doing well?
Nasdaq reported that the Labor Department also announced that import prices have risen yet again. Import prices have now risen another 1.3% in February. In January they rose another 1.4%. We have been reporting on the rising import costs and trade deficit that has returned to 2008 levels.
The same day it was also announced by the Commerce Department that retail sales crashed 3%. That percentage may not seem like a big number, but in the context of an entire economy, that is massive. Numerous outlets are all blaming the bad weather in February for this drop. The WinePress says this is nonsense and has very little to do with that. If anything, to us, logic would dictate that in places like Texas that were battling the blizzard and power outages – stores were picked clean with snaking lines of customers waiting in line to buy supplies. You would then speculate retail sales would have at least stayed flat; so we do not buy into that narrative. Some have mentioned that the stimulus checks signed in from December under Trump are finally cooling off, but I am not convinced of that. Some of that is there to a certain degree because of some extended benefits, but the peasant checks of $600 in this ever-inflating economy cannot be frugally distributed for that length of time.
Bottom line: the economy is dead and you need to be preparing for the zombie corpse of this nation to vanquished again in the future.
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