Love the jobs numbers – there is a catch
Most everyone loves the jobs numbers – who doesn’t. Well there is a timing issue people are not paying attention to, and usually don’t – unregistered unemployed.
This is simple, on September 5 PUA ended abruptly, so did PUI, which ended at the same time. The number of registered unemployed went down by 22 million because those people were no longer considered unemployed. You have to be registered to be counted as unemployed. So those numbers went from 6% total unemployed to 4% total unemployed within a month. It takes two months to report job growth, well, 4 million jobs were added, but there was a huge reduction in the workforce so it looks like there are more employed than ever before.
This is not really lying, it is just taking advantage of the millions who are no longer registered as unemployed. It looks really good in the numbers but is really the actual same place we were at before the pandemic, with an economic crisis looming, while the jobs look great.
Because there is a large cross-section of unregistered unemployed, we don’t actually gain any ground economically. The fact that many of those who are unregistered homeless, and jobless, are crowding the food banks with those who are gainfully employed but far behind in the mortgages and rents, is astounding.
In order to get help, the tenant and landlord must agree to work together to get rental assistance, and many do not want to guarantee a year to tenants that owed many months of back rent. They would instead take the loss and evict the tenant. The same thing goes for the mortgage company but can be even more insidious.
The mortgage company can refuse to help the homeowner, foreclose, take the house to a booming housing market and then get the full worth of the home.
There are no real laws protecting the unregistered unemployed, the homeless, and those in trouble with rent or mortgage. A moratorium is a useless waste of time, stalling the inevitable, which is the landlord or mortgage holder coming in and driving out those they feel are lazy, losers, or just annoying.
As always check me on this, and comment.