Obama Hands Trump Huge Bubble – Ep. 218

  • Yesterday we got the final jobs report of the Obama era,
  • We got the December Non-Farm Payroll.
  • Now technically, when we get the January number, the first Friday of February,
  • Half of that would have been during the Obama presidency,
  • But because we won’t get the official news until the Trump presidency,
  • I’m sure that Donald Trump is going to take the credit, or maybe have to deal with the blame,
  • Depending on how that number ends up being received, whether it beats the consensus or misses,
  • But this is really the final jobs number for Obama.
  • The number came out O.K.
  • It missed the consensus estimate, which was 175,000 jobs,
  • And the actual number, at least until they revise it next month was 156,000
  • So that was below what was expected.
  • Now they did revise upward the prior month from 178,000 to 204,000
  • And the month before that was revised down a bit
  • So I guess, when you take all the revisions, it was probably about a push on the number.
  • This report should have been seen as not so good,
  • Most of what I was reading was about how strong, not only this report was,
  • But the entire job-creation legacy of Barack Obama
  • This is what you get from the mainstream media
  • That peddles all the fake news
  • About what a great economy President Obama is handing off to Donald Trump;
  • That we have really low unemployment –
  • The official unemployment rate kicked up from 4.6, but still 4.7,
  • So, low unemployment, all these jobs being created,
  • Forgetting about the fact that once again, you’re talking about low-paying, part-time jobs that have been created
  • In fact, the number of Americans not in the work force grows again;
  • It wasn’t a big jump, but it was still a jump
  • To a new all-time record high.
  • So labor force participation has been eviscerated during the Obama years.

Peter Schiff is an economist, financial broker/dealer, author, frequent guest on national news, and host of the Peter Schiff Show Podcast.



Signup to schiff sovereign newsletter