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The scary truth behind the new jobs numbers

The Federal Reserve is in trouble. And that means we are all in trouble.

You've already had time to digest last Friday's employment report. The government said just 54,000 jobs were created during May, which was a whole lot worse than the 243,000 new positions that allegedly popped up in April.

Neither of those numbers is an accurate representation of what's really going on in the job market.

What happens when the jobs data comes out the first Friday of every month is really nothing more than an exercise in Fun With Government Numbers.The government's data on the economy is so bad it should be written in crayon, with happy face stickers next to it.