David Craig, on November 6th, 2017(Monday/Tuesday blog) One of the main headlines on the BBC’s world news and business news at the weekend was “US jobs data disappoints” and “US jobs growth below forecast”. The Trump-loathing BBC’s implication was, of course, that Trump was failing to boost US economic growth.
But at the same time, I got an email from MoneyWeek magazine claiming that “US jobless at record low”.
These conflicting opinions were very confusing for someone with a small brain and limited understanding of economics like myself.
It seems someone was lying. But who? The BBC? Or MoneyWeek?
So I found a financial (non-political) website to check what was really happening, to check whether the BBC might be deliberately lying to us.
Here’s what I found – the US economy expanded an annualized 3% on quarter in the third quarter of 2017, beating expectations of 2.5% and only slightly below 3.1% reported in the previous quarter which was the strongest growth rate since the first three months of 2015.
Can you imagine that? A 3% growth rate. Just for comparison, here’s a chart from the same website showing the UK’s economic growth:
Oh dear, a bit disappointing, don’t you think? Try to picture the joy in Westminster if Britain could achieve 3% instead of the miserable 1.5% that the British economy is actually getting.
In the new post-crisis era of low growth, achieving anything like 3% is amazing, it’s something to be celebrated. Yet the BBC managed to put negative spin on what should have been a good news story. How did they do that?
So I checked the jobs growth figures for the US:
In October, the US added another 261,000 new jobs – the highest number for quite some time. (The figures for September were exceptionally low due to several hurricanes). But somehow various ‘experts’ had forecast 310,000 new jobs, even though (as far as I can see) this level has never been achieved. So, in spite of record jobs growth, the BBC was able to claim that jobs growth “disappoints” and was “below forecast”.
I think what has happened is the following. Under pressure from Trump to stop closing US factories and moving them to Mexico and other cheap-labour countries, some US executives have abandoned plans to ‘offshore’ their production thus helping to lower the US jobless figures and contribute to US (rather than Mexican) economic growth.
When a recovery starts, at first businesses try to meet increased demand with overtime and with hiring more workers. But gradually this hits the law of diminishing returns as the supply of well-trained, well-motivated workers decreases and there isn’t enough equipment to keep up with rising demand. Then businesses are forced into making investments into new equipment to meet further demand – US business investment on new equipment increased by an impressive 8.6% annualised rate.
But BBC economists (like most economists?) have never had a real job in their lives, so they don’t understand the mechanics of economic recovery.
US companies are doing what all the experts say they should be doing – investing in new equipment to increase productivity.
So, although the US unemployment rate has fallen to a record low of 4.2%, displaying an incredible ignorance of economics and their visceral loathing of Trump, the BBC managed to turn this extraordinarily good news story into yet another “bash Trump because we hate him” attack.
Moreover, all of this has occurred before the Republicans have even delivered on their tax cut and reform package. If the Republicans can stop squabbling among themselves and can sideline Mad John “I hate Trump” McCain and revamp the US tax system, then billions of dollars being held abroad by US companies might flow back into the country further boosting business investment and growth.
Trump’s Asian tour “disaster”
Most people don’t have the time or energy to research whether the overpaid, over-pensioned, economically-illiterate, libtard scumbags at the BBC are ever telling us the truth. But once you do check BBC stories against reality, it’s amazing what you can find.
Anyway, now that Trump has embarked on a 12-day tour of a few Asian countries, we can expect a couple of weeks of sneering, contemptuous know-it-all BBC supposed ‘reporters’ repeatedly telling us what an embarrassing disaster the whole tour is.
And yes, there will be problems as Trump tries to deal with issues that the BBC’s Nobel Prize-winning Saint Hussein al Obama ignored during his eight years improving his golf handicap while supposedly being US president.
But whatever Trump does or doesn’t achieve, there’s one thing we can be sure of – most of the BBC’s reporting of the Trump Asian tour will be the usual biased, anti-Trump, BBC libtard torrent of lies.
You have been warned!
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Hoorah, the only person saying something about RIDICULOUS BBC BIAS. They can’t help themselves because the organisation believes in DIVERSITY…but only of skin colour, not opinion.
Soros & The Myth Of European Democracy: A Shocking Revelation
It’s an open secret that the “Soros network” has an extensive sphere of influence in the European Parliament and in other European Union institutions.
The list of Soros has been made public recently. The document lists 226 MEPs from all sides of political spectrum, including former President of the European Parliament Martin Schulz, former Belgian PM Guy Verhofstadt, seven vice-presidents, and a number of committee heads, coordinators, and quaestors. These people promote the ideas of Soros, such as bringing in more migrants, same-sex marriages, integration of Ukraine into the EU, and countering Russia. There are 751 members of the European Parliament. It means that the Soros friends have more than one third of seats.
George Soros, a Hungarian-American investor and the founder and owner of Open Society Foundations NGO, was able to meet with President of the European Commission Jean-Claude Juncker with “no transparent agenda for their closed-door meeting”, and pointed out how EU proposals to redistribute quotas of migrants across the EU are eerily familiar to Soros’s own self-published plan for dealing with the crisis.
The billionaire financier believes that the European Union should receive millions of immigrants from the Middle East and Northern Africa, provide each one with an annual 15,000 EUR in aid, and resettle these migrants in member-states where they do not wish to go and are not necessarily welcome.
http://www.zerohedge.com/news/2017-11-05/soros-myth-european-democracy-shocking-revelation
I won’t touch the BBC with a barge pole. I try to deny them ears, eyeballs or mouse clicks whenever possible. I encourage others to do the same. There are alternatives for almost everything they provide.
It would be more tolerable if they confined their BS “narrative” to their #FakeNews output but – from what I hear – it still permeates every aspect of their output.