A careful look at the government's unadjusted household unemployment data shows a stunning 740,000 jobs added to the economy in February - three times the 227,000 reported based on the establishment payroll survey. If the economy is doing so well, how can Gallup's nearly 30,000 random interviews with Americans across the nation show a significant increase in the unemployment rate?
One would think that if the economy is doing so well, then income tax receipts should show a marked improvement. Lets look at the California Tax Revenue, for the month of February compared to February 2011. Which shows a 22.55% plunge! Or, in February 2012 income tax receipts are down $328 million year-over-year.
What about retail sales taxes then? California had a "temporary" sales tax hike of one percent that expired last July. Adjust the data to reflect that change, it looks like sales taxes in February are down $400 million year-over-year. Despite higher consumer prices, especially for gasoline!
California, with a GDP larger than many small countries, should show some improvement if the economy is doing so well. I can only surmise that these latest, so-called "statistics", put forth by the BLS are nothing more then a work of fantasy, from the BLS realm of Fantasyland! (Apologies to Walt Disney)