The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (

TheStreet

) -- In many

previous commentaries

I have maintained that the "statistics" from the U.S. Bureau of Labor Statistics have lost almost any relevance or analytical value.

Where we can still find some small analytical value in these numbers is to compare the differences in the BLS' (revised) aggregate numbers with the headline it has been dispensing each month. Unfortunately, the revised aggregate numbers only provide us with data up to the end of 2010. However we can still reach some interesting conclusions based upon the available numbers.

The U.S. propaganda machine tells us that the "great recession" ended in March 2009, while the BLS has been reporting monthly "job gains" in nearly every report since that time. As a matter of simple arithmetic, if the U.S. economy began adding jobs in the spring of 2009 (and the job losses had supposedly eased in the months immediately prior to that), we should have seen the year-over-year numbers turn positive no later than the end of 2009 when we looked at the total number of employed workers in the U.S. (as calculated by the same BLS).

This is not what the BLS' own data indicates. In its own

"Comparison of All Employees"

with seasonally adjusted numbers, we see that December of 2009 marked the absolute bottom for total employment in the U.S.

In other words, during the first eight months of "job creation" during this supposed "economic recovery," the U.S. economy lost more jobs on a net basis.

By the

summer of 2010

, the Obama regime was bragging that it had "created or saved" over 3 million jobs based largely upon the questionable monthly "non-farm payrolls" reports of the BLS. Yet by the end of 2010 we see that total employment in the U.S. had inched upward by a mere 1 million jobs from the absolute low.

Note that this feeble level of "job creation" is less than half the amount of new jobs needed just to keep up with population growth. In other words, throughout this mythical "recovery," U.S. unemployment has worsened proportionately month after month. Keep in mind that by itself population growth will always generate more jobs. New additions to the population mean more "mouths" to feed, more people who need clothes, housing, and an endless assortment of consumer goods.

Obviously population growth alone could have accounted for that entire, paltry 1 million jobs. This means that despite the largest "stimulus package" in the history of the world, and more than $10 trillion in additional

Fed

"credit" and hand-outs to Wall Street, the U.S. economy has generated nothing in terms of jobs and in fact has lost ground due to the population growth which has occurred over that period.

Of course the BLS isn't alone in boasting about "job creation." The

Federal Reserve

itself likes to make grandiose claims about jobs which never existed. Fed Vice Chairman Janet Yellen claims that Fed money-printing (by itself) will have "created 3 million jobs" by the end of 2012. And critics of this piece will argue that (supposed) job creation has been "even stronger" in 2011 than in 2010.

The reality here is that the "stronger growth" in jobs this year is 100% accounted by the BLS to its thoroughly discredited

"birth/death model,"

Who has "discredited" the birth/death model? The BLS itself.

Over the last few years, the BLS has added roughly 1 million "phantom jobs" per year via its birth/death calculation. And then after each of those years it "revises" its calculation (using real data) and then subtracts all of those jobs. It is the BLS itself which has calculated that none of these "birth/death" jobs ever existed.

This year, if we subtract the more than 600,000 phantom jobs added by the birth/death model since January, we see virtually all of the supposed "new jobs" vanish. And keep in mind that all of the numbers from this year will be "revised" again (lower), just as the BLS has been doing every year.

Thus, as we near the mid-point of 2011, here is the reality of the U.S. economy. At best, since the supposed end of the "great recession," the U.S. economy has added roughly 1 million new jobs: less than one new job for every eight lost jobs which have (officially) been recorded since the U.S. economy crashed. And those jobs were generated not by real "economic growth, but simply due to a swelling population.

In terms of the unemployment rate," the numbers are unequivocal: The percentage of employable Americans who are without jobs continues to go up every month due to the combined effect of the still extremely high weekly layoffs and the fact that the number of "new jobs" doesn't come close to even matching the growth in population.

We've already been through the charade in the U.S. housing market. Again we were told by countless media talking-heads and "experts" that the U.S. housing market had "bottomed" in 2009. They even had the audacity to claim there was a "recovery" taking place in the U.S. housing market -- as opposed to merely a "dead-cat bounce" after the worst real estate crash in the history of the U.S. economy.

Returning to the real world, we have now seen U.S. housing prices

plunge through

that supposed "bottom."

We are about to reach the same point with the U.S. jobs market Today's BLS monthly report claimed that the U.S. economy added an anemic 54,000 jobs. Buried beneath the "headline", the BLS quietly added over 200,000 mythical birth-death jobs. What this means is that even when we add in all of the other statistical deceptions which the BLS uses, the U.S. economy would have lost 150,000 jobs in May.

Obviously there was never more than a tiny trickle of job-creation in the U.S. during this pretend recovery. Obviously the U.S. economy is again losing jobs on a monthly basis. And we arrive at this conclusion just as the last of the Obama "stimulus" dollars are being spent and with the Federal Reserve again pretending that it is about to "end" its own gravy-train of trillions of dollars in "free money" (for Wall Street).

Meanwhile, the Republicans in Washington are flexing their muscles and talking about slashing spending.

The situation is now very clear with the U.S. economy. If Washington politicians follow through on their promise/threat to subtract from current spending levels, the anemic U.S. economy will completely implode. And as revenues collapse even from today's extremely depressed levels, the U.S. is facing a Soviet Union-style disintegration in less than two years. Given that the most extreme/reckless "stimulus" in the history of the world did nothing but allow the U.S. economy to "tread water." Removing all that stimulus from this still-crippled economy can only result in catastrophe.

The other scenario is equally bleak. With the U.S. economy even weaker than when it first crashed in 2007 and much more bloated with debt, it would require a significantly more extreme "stimulus" program just to allow the U.S. economy to avoid collapse.

With the U.S dollar already teetering on an historic collapse when the market thought that the Fed would "end" its reckless money-printing, the only possible result is the collapse of the U.S. dollar (and

the hyperinflation this directly implies

), should it instead ramp-up this currency-dilution even faster.

The cheap parlor tricks of this "smoke and mirrors" economy have run their course. The tens of millions of Americans without jobs will soon become tens of millions without food, if state Republicans follow through on their plans to slash unemployment benefits, pension benefits, and health-care benefits.

If they don't follow through on these misguided threats, and simply continue racking-up the same humungous deficits, hyperinflation looms directly ahead. The only thing we can say for sure is that regardless of which of these two economic catastrophes takes place, there won't be any jobs for Americans.