Steve Wynn: Economic recovery 'pure fiction'


New Member
I understand that it is pointless to reply to you, as you are a moron...but maybe some else will benefit. The quotes will be from the article GRUPS posted:

“Well, the idea that America is in the midst of a great recovery is pure fiction. It’s a lie. It’s a jobless recovery,” Wynn said. “Because recoveries are marked by the level of real employment. And if you count the people who have left the work force, real unemployment is 15 to 20 percent.”

No one has ever said we are in a "great recovery". Right off the bat Mr. Wynn is distorting the truth, or more bluntly, lying.

There is no such thing as "real" or "unreal" unemployment. There are 6 different measurements of unemployment released every month. These are same measurements that have been used for years/decades. Mr. Wynn is making political points, not economic ones.

is also rigged in such a way that it doesn’t accurately reflect what real Americans experience on a daily basis. According to the U.S. Bureau of Labor Statistics, the U.S. had -0.1 percent inflation for the 12 months ended in March 2015. Inflation doesn’t exist.

Wynn says that’s a sham.

“If you take real inflation, and you’ve got to count energy and food and all that stuff, real inflation is much higher than they say it is

There are also a number of CPI measurements. Mr. Wynn picks 1 the CPI-U ex food/energy to discuss. There is also a CPI-U that includes food and energy. So here again, Mr. Wynn is again distorting data to make a political point, not an economic one. In this case Mr. Wynn is really showing his agenda. Only someone completely detached from reality is going to complain today about energy prices as a portion of CPI-U. In case you don't understand this point (GRUPS won't), average price of a gallon of gas this time last year was a $1 per gallon higher than it is today.

So if you can follow along: Mr. Wynn is complaining that the govt inflation data is "a sham". He is basing his conclusion on one of the inflation reports that does not include gas prices and if that report did (which other sections of the CPI report actually do), then inflation would be "much higher than they say it is". Yet, in reality gas prices are about 30% cheaper today than they were 1 year ago.

BTW...if you really want to highlight how little Mr. Wynn actually understand macroeconomics, one only need to understand that there is no such this as "real" inflation. When economists speak of prices in terms of inflation, they refer to that item in "real" terms. In other words the price of gold in 1980 peaked around $800+. When we adjust for inflation, gold today would need to be in excess of $2300 per ounce to hold the same value as it did in 1980. So in "real" terms (adjusted for inflation), today's price of an ounce of gold is much cheaper than it was in 1980.

Mr. Wynn refers to "real" inflation. There is no such thing.

“It’s very difficult to explain to a normal working citizen the implications of what $18 trillion in debt means, and what it means when the Federal Reserve buys the U.S. Treasury bonds to finance our loss every month,” Wynn said. “People think that is some abstract conversation in Washington, uh, for pundits.

“In fact it impacts every one of my employees, critically, every day,” he said. “They notice when they sit down at the kitchen table, that after they pay the necessities, there just isn’t any money left.”

There is nothing about this quote that makes the least bit of sense.

The current amount of US debt has zero impact on how much money someone has after they pay their expenses.

The Federal Reserve stopped buying Treasury Bonds 7 months ago and began reducing their purchases in Dec 2013.

For Mr. Wynn's statement to be true, for the debt or Fed actions to impact the day to day finances of the American family, inflation and interest rates should have shot significantly higher. They haven't. In reality, interest rates on purchases are way down. The flip side is that savers are paid very low rates.

If Mr. Wynn was truly concerned about the amount of money his employees have at the end of the month, why doesn't he pay them more? Mr. Wynn is trying to make you believe it is the gov't's fault that his employees "don't have any money left".
I won't walk through a bunch of data / conceptual points relating to the things Mr. Wynn said, for better or worse it seems that tommyjo already tried to do that. (Though I'm happy to discuss any particular points someone wants to pull out.)

That said, I watched part of that PBS interview and he did say or suggest some bunk-ish stuff. It's pretty simple: He just reported terrible results. I mean, just stinky results. So he's trying to explain away or otherwise distract from those results by vaguely linking them to the idea that the economy is deep in the ####ter (even though much of his company's business is overseas - he also tried to explain away problems in those parts of the business in other ways). This is what CEOs do, when they have unexpectedly bad results they try to explain them away - sometimes by pointing to macro issues (or, at least, issues outside the companies' control). But I would say that Mr. Wynn tends to be fairly flamboyant when talking about such things (or, I might say, anything) - that's just his style. I mean, he builds and promotes ridiculously extravagant gaming properties, what do you expect? More power to him, but he is what he is. And he of course is no fan of the current administration, so he isn't going to pass up too many opportunities to directly or indirectly (and fairly or unfairly) criticize it. That, or the obverse, is true of so many people. So regardless of who says something, you have to ask yourself - is this notion correct or not?


PREMO Member
I understand that it is pointless to reply to you, as you are a moron...

I wasn't taking it serious sweet cheeks, that why it is posted here ... in Conspiracy Theory, Prepping, UFOs, the Esoteric

but thanks for playing along and showing once again how much of a condescending D-bag you are


Well-Known Member
I wasn't taking it serious sweet cheeks, that why it is posted here ... in Conspiracy Theory, Prepping, UFOs, the Esoteric

but thanks for playing along and showing once again how much of a condescending D-bag you are



Well-Known Member
:gossip:Wynn,...huge contributor to....

the Democratic party.

I wonder if they will label him a racist? Ask how much he pays his female employees? Ask why there are no Hispanics on his trustee board? Are all his properties handicapped compliant? Does he intend to spend millions on gender-neutral bathrooms?

This is how the game is played people. Let a Dem step out of line, and the dems trigger their lapdogs (the MSM) to begin the public relations meltdown.

Steve, Steve, Steve, didn't read the memo? Shut up & keep donating!