The strong emphasis in this morning’s jobs reports is on how the data indicate that job losses are mostly from governments letting people go – state and local governments mostly, governments that are forbidden to use the printing press. One also detects a hint that we shouldn’t worry about a bad jobs report because it is just bureaucrats being fired. However, the point is that the previous government hires were entirely artificial, contrary to the previous celebration that these government jobs were a source of economic growth. Also see this Gallup report.
Source link: http://archive.mises.org/14183/governments-without-central-banks-fire-workers/