Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Last week, we got another stunning employment report.
The finest money can buy.
So stunning, in fact, that it had Federal Reserve watchers fretting that maybe the Fed cut rates too early—a so-called policy error.
As in, the economy’s still too strong and needs more choking by the Fed—what, with jobs waking up at their own funeral, jumping out of the casket, and dancing with the catering girl.
Well, it turns out that stunning jobs report had a secret ingredient: government workers.
A lot of them. 785,000, to be precise. On the month.
Another couple months like that and our entire economy will be government workers regulating
each other, sustained in their work-from-home colonies by flitting Amazon delivery guys.
By the way, 785,000 is the…
