"The economy is worse than you know"
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Many of the commentators I read have been pointing out for years that the government fudges their reported numbers -- inflation, unemployment, GDP -- to make the economy look better. Now it seems the "major" media are finally catching on, as indicated by
this newspaper article:
Ever since the 1960s, Washington has gulled its citizens and creditors by debasing official statistics, the vital instruments with which the vigor and muscle of the American economy are measured.
...The truth, though it would not exactly set Americans free, would at least open a window to wider economic and political understanding. Readers should ask themselves how much angrier the electorate might be if the media, over the past five years, had been citing 8 percent unemployment (instead of 5 percent), 5 percent inflation (instead of 2 percent), and average annual growth in the 1 percent range (instead of the 3-4 percent range).
If you want to see how, bit by little bit, all of these statistics got corrupted -- a phenomenon which has now been dubbed "Pollyanna Creep" -- you'll want to read the whole article.
Brad
- Friday 09 May 2008 - 05:46:44
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