Asset Management Firm Describes the Real U.S. Employment Situation As 'Awesome'. Just Kidding. It's Horrific.

Zero Hedge passes on last month's macro job report from IceCap Asset Management and it is, in a word, glum.

At its peak in 2008, the US economy was supported by over 138 million workers. Today, despite the American government spending billions to create jobs and printing trillions to save the banks, the American job machine has a total of 132 million people working. That’s a full 6 million less jobs than 3 years ago and is actually the same number of people who were working 11 years ago. ..

Just before the onslaught of the Great Recession in 2007, about 4 million Americans were working part-time for economic reasons. Today, we have over 8 million. ..

...in the USA there is over $1 trillion in student loans outstanding. To make matters worse, we should also consider that over 25% of these student loans have not received a loan payment during the last 30 days...

Under this administration, the Bureau of Labor Statistics has become a thinly disguised, Soviet-style industrial propaganda engine, churning out happy-face news as more and more workers 'disappear' from the labor force.