Jobs Hype Won’t Work Much Longer – Ep. 490
The Peter Schiff Show Podcast3 Aug 2019

Jobs Hype Won’t Work Much Longer – Ep. 490

Recorded August 2, 2019
July NonFarm Payroll Report: Great? Not so Great
This morning we got the release of the July NonFarm payroll report, and the general consensus among the analysts seem to be that it was s strong report, a solid report. I saw Larry Kudlow this morning on Fox Business talking about another "solid performance" in job creation. But once again, once you look beneath the surface, and you don't have to look too deep, this is not a good report.
The Bar Was Set Pretty Low
First of all, the bar was set pretty low. The consensus was 151,000 jobs. That's not a lot of jobs, so it's not that hard to beat it, and we did. We got 164,000 jobs. But the reason we beat it was because we created more government jobs than the market expected. For private payrolls, the consensus was 160,000 jobs and we only created 148,000 jobs. So we created 12,000 fewer private sector jobs than had been expected and we made up the difference by creating government jobs, whether they are for the Federal government or state government.
Public Sector Jobs vs Private Sector Jobs
But there's a very big difference between private sector jobs and public sector jobs, in that the taxpayer isn't on the hook to pay the salaries of the private sector workers. They're working in companies that are generating profits, so the salaries are paid for by the profits that the businesses generate.
The Government Does Not Generate Profits
The government doesn't generate any profit. It just has to suck up tax revenue; we have to pay for these. So it's not a good thing that government gets more bloated and hires more people. Especially since a lot of government bureaucrats tend to complicate things. They make everybody less efficient. If we're hiring more regulators to slow down the economy and get in everybody's way, that's not a good thing. I'd rather have a lean, mean government. Of course, that's not going to happen.

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Get an additional 15% off an annual membership at https://masterclass.com/goldCut your wireless bill to $15/month at https://mintmobile.com/gold. $45 upfront payment required. For new customers on the first 3 month plan only.Join my Locals community to get The Pete Schiff Show ad-free! Plus get access to special live reports and Q&As. Visit https://schiffradio.com/premium to become a member.Invest like me: https://schiffradio.com/investSIGN UP FOR MY FREE NEWSLETTER: https://www.europac.comSchiff Gold News: http://www.schiffgold.com/newsBook Store: https://schiffradio.com/booksFollow Peter Schiff on Twitter: http://www.twitter.com/peterschiffFollow Peter Schiff on Instagram: https://instagram.com/peterschiffFollow Peter Schiff on TikTok: https://www.tiktok.com/@peterschiffofficialFollow Peter Schiff on Facebook: http://www.facebook.com/peterschiff Our Sponsors:* Check out Aeropress and use my code GOLD for a great deal: https://aeropress.com* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Boll & Branch: https://boilandbranch.com/SCHIFF* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

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