Print the page
Increase font size

Three Million Workers Have Disappeared

Posted October 11, 2021

Jeffrey Tucker

There were some spooky data points in the latest jobs numbers. The headline was worrying enough: only 194,000 new jobs added, which is the slowest pace of job growth this year. It feels like an emergent recession, not that we ever left the last one.

In addition, we are nowhere near where we are supposed to be in terms of labor participation. The public school sector actually lost workers — and maybe that’s sort of good news! Who knows? Otherwise it’s all bad: women still can’t go back to work because they are still caring for kids who have no school. Hospitality keeps raising wages, but can’t get new workers.

We are two years into this nonsense with no end in sight.

Mass firings are also a factor. Large companies are dumping employees who are refusing the vaccine. Joe Biden thinks this is just great. That’s basically what he said in a press conference. United Airlines fired 600 workers (they are now filing lawsuits) and he said this is fine because now all their workers have the vaccine. New York City continues to lose workers and businesses, and now its health-care sector is under pressure from furloughs and firings due to vaccine refusal.

The Fanaticism

Biden seems genuinely under the impression that the vaccine stops infection and spread, which it clearly does not. An important study of 68 nations and thousands of counties in the US shows no discernible relationship between vaccine compliance and contracting Covid-19. It possibly protects against severe outcomes, but the risks of that are very low for any healthy person under 70, but really you have to get the average age of dying before the risks become real. It only makes sense for that group to get the vaccine, but it makes equal sense for everyone else to think about the risks of the shot itself.

Regardless, the firings over vaccine non-compliance are taking place in all areas of the American economy, not just the public sector, but in technology, medicine, and academia. Doctors are being hounded by medical boards for failing to repeat the BS that they are being told by government. We’ve never seen such heavy-handed intervention in the medical sector.

As for hospitality, the whole industry is seriously hurting because it cannot recruit workers from other lines of production, or out of their now government-paid couch-potato lives. It’s no wonder: these people don’t want to wear masks all day, barely being able to breathe and looking like total sefs and idiots. This is surely a major factor.

Regardless, have a look at the big picture. Three million people are missing from the labor rolls. Just gone.

Labor Force Participation

It’s stunning to be firing people in an environment like this, but that’s where we are. The level of vaccine fanaticism within the Biden administration is a remarkable thing to behold. Like Communists of old, or Crusaders in the Middle Ages, they have seized on a single social outcome and decided that any price is worth achieving it, the science and data be damned.

Women, Blacks, and Immigrants

Get this: the latest numbers document that ever more women are leaving the labor force. Schools are throttled, child care unavailable, and the workplace so full of nonsense that many are just dropping out — and at greater rates than in a year. Let’s look at the data on women in particular. What we find is the following: we’ve lost 35 years of progress in women’s workplace participation. We are today exactly where we were in June of 1987!

Labor Force Participation

One more chart to document that the slight progress in improvement for black men over 20 years old has reversed itself. We are at extremely low levels now.

Labor Force Participation

Let’s also mention immigration. You have this grave crisis at the border. Hundreds of thousands of unvaccinated people are pouring in at a rate never seen before, disrupting cities and towns and fueling enormous public anger in every border area of the country. Governors are calling for more border control, but the waves of people are more than any authority can manage.

Meanwhile, white collar workers from all parts of the world are being PREVENTED even from traveling to the US to work in the private sector. So much innovation in the US economy in the past traced to the recruitment of highly trained scientists from abroad. That all came to a halt on March 12, 2020, and we are still nowhere near getting back to what we once called normal.

I often imagine what historians of the future will write about our times. The president who promised to make America great again actually believed it was a fine thing to do to tell everyone to stop working and stop producing. Just stop doing everything while he fought the virus, and we would all gather together in a few weeks and congratulate him on his stunning achievement. The arrogance and sheer idiocy of believing that just takes one’s breath away.

And here we are with the very foundation of American productivity being gutted. People are the ultimate resource for any economy. We are now witness to the shocking disregard that the American left has for the very workers who were declared “essential” only last year, people who are now being told that they are dispensable. Not even the US president can muster enough energy to pretend to care.

Like everything else in the current economic environment, nothing here complies with what we learned in the past. This is not the unemployment we’ve seen in past recessions. The unemployment number calculates the number of people looking for work who cannot find jobs. This is different. This is people actually dropping out of work and probably dropping out of a lot of life too!

Oh let me conclude with an observation about inflation too. It is running at a faster rate than increases in wages and salaries — especially for the working class. The people who are working are being pillaged by The Fed in another form of taxation.

It’s tremendously sad to see a whole nation slip so far, so fast into decline. It is easily reversible, but we seem to lack the wisdom and courage that would be required to turn this around.

Regards,

Jeffrey Tucker

P.S.

Just days now my colleagues are going LIVE with the biggest event in the history of our company…

At this event you’re going to get to hear from some of the greatest financial minds in the world today.

People like: James Altucher, Jim Rickards, George Gilder, Ray Blanco, Zach Scheidt and Alan Knuckman.

This is a once-in-a-lifetime opportunity to join these Editors on a private Zoom and hear from each of them LIVE, as they talk about their best investments and recommendations for the coming year….

And each of them is going to release a major prediction that could affect your financial future as soon as this October.

In order to make sure you don’t miss this once-in-a-lifetime opportunity you must register to the event.

[Click Here to Register]

We are Sick as Dogs

Posted October 27, 2021

By Jeffrey Tucker

We’ve lost years of life as a society, all in the name of public health.

Producer Prices: “Largest 12-month Increase on Record.”

Posted October 26, 2021

By Jeffrey Tucker

The regime is facing a massive legitimacy problem. Nothing it has pushed is working. Another dip in the existing depression is impending.

This is Precisely What Trump Should Do

Posted October 25, 2021

By Jeffrey Tucker

This is how big tech will be broken up, not through government but through rivalrous competition.

Maybe Your City Can Go Constitutional Too!

Posted October 22, 2021

By Jeffrey Tucker

This won’t stop the coming economic chaos but it lays a good foundation for rebuilding in the future.

How Low Can Expectations Go?

Posted October 21, 2021

By Jeffrey Tucker

The unfolding disaster is going to affect everything and everybody.

Get Ready for Food Rationing

Posted October 20, 2021

By Jeffrey Tucker

It doesn’t matter how bad it gets. Our leaders will never admit failure. They will look at the disaster they are creating and call it success.