Frequent readers of this blog will know the utter contempt I have for Brian Wesbury. If you would like to refresh your memory, please see the following posts:
Behind the Curve or on Another Planet?
Permabulls in a State of Desperation
Joe B. Rips Brian Wesbury a New Asshole
That Wesbury is incompetent is clear. However it's comical the kind of stuff he is now sprouting. 12 months ago he could actualy point to real data to support his case, now he just making things up. Friday was a perfect case in point.
In relation to Friday's dismal jobs report, Wesbury made the claim that the unemployment rate jumped significantly not because a huge amount of jobs are being lost but because there has been a surge in the labor force, or in other words the amount of people looking for work has increased dramatically in the last 6 months.
Then John Ryding of RDQ Economics absolutely bitch slaps Wesbury by pointing out that the labor force participation rate, that is the percentage of people of working age in the labor force has remained steady since March and quotes the exact numbers whihc anyone who read the report would know.
You can clearly see from the expression on Wesbury's face that he knows he's been caught out in a lie, he's absolutely lost for words and stutters his way though some insignificant point. Then to prove that he is still in denial he drops this doozy to finish the show;
“….between December and June, gasoline prices went up 17 cents a month, it was a killer, people were shocked, and I believe that’s what we’re seeing here, it’s just a shock to the system, we’re now bouncing back, auto sales soared and truck sales soared in August, I think this economy is nowhere near a recession."Thanks for clearing that up Brian, it's just the shock of oil prices, the economy is doing just fine. The only shock going on is the realization from Wesbury that he has gotten it so horribly wrong. Click on the image below to watch the clip.
Is America Working?