American industry is fundamentally sound and undisturbed by the recent financial upheaval, according to the Department of Labor in its monthly employment bulletin issued today.
The stock market break has not caused reduction in employment . . . and the belief was expressed that it might bring more money into industrial development.
Why, the Times was at it then! “It” being a lack of candor about the fate of an economy. The market had just crashed in late October, but the federal government clung to its DOL stats and concluded, “Nothing to see here. We are just fine.”
One decade later the United States was still in a depression. But government bureaucrats insisted, “We’re fine! Movealong!)Lots of jobs in WPA and other government programs. We By 1932 the stock market had lost 89% of its value. Multiply your retirement funds by .89 and then subtract that number from your current funds and you have 11% to survive upon as the government fiddles.
Not to worry — the Times is on the job today reporting every word of President Biden.
“It underscores the kind of economy we’ve been building,” Mr. Biden said on Wednesday. “We’re seeing a stronger labor market where jobs are booming and Americans are working, and we’re seeing some signs that inflation may be beginning to moderate.”
“The slower price increases are also likely to reassure the Federal Reserve, which has been waiting for any sign that inflation is starting to moderate. But central bankers are likely to see this as a first step in the right direction rather than a definitive victory, because the cost of many goods and services continued to pick up rapidly even as gas and travel-related price declines pulled overall inflation lower.”
“On the surface, this is good news for the Fed,” said Omair Sharif, founder of Inflation Insights. “This is the first baby step toward the moderation they want to see on a regular basis.”
Sheer optimism from the gray lady. Again.
Thanks to Jay Evensen of Deseret News Weekly for including part of the above intriguing quote and teaser in his column onFebruary 21, 2022. He inspired further research.