What started out as little lies has now grown to where entire agencies lie regularly with each release of information or statistic produced from a federal agency.
Under John Kennedy, out-of-work Americans who had stopped looking for jobs — even if this was because none could be found — were labeled "discouraged workers" and then excluded from the ranks of the unemployed.
Lyndon Johnson orchestrated a "unified budget" that combined Social Security with the rest of the federal outlays. This innovation allowed the surplus receipts in Social Security to mask the emerging federal deficit.
Richard Nixon created a division between "core" inflation and headline inflation. If the Consumer Price Index was calculated by tracking a bundle of prices, so-called core inflation would simply exclude, because of "volatility," categories that happened to be troublesome (and thus in the "headlines"). At that time, it was food and energy (as it is now).
Under Ronald Reagan, the Bureau of Labor Statistics decided that housing was overstating the Consumer Price Index and substituted an entirely different "Owner Equivalent Rent" measurement, based on what a homeowner might get for renting his house. This methodology, controversial at the time but still used, sidestepped what was happening in the real world of homeowner costs. Some say that led to the mortgage crisis today.
Under the first President Bush, officials moved to reorient U.S. economic statistical measure away from old industrial-era methodologies toward the emerging services economy and the expanding retail and financial sectors. Skeptics said the underlying goal was to reduce the inflation rate in order to reduce federal payments — from interest on the national debt to cost-of-living outlays for government employees, retirees and Social Security recipients.
Under President Clinton, the convoluted CPI changes proposed under Bush were implemented. And the Clintonites tinkered with the unemployment number, in part, by changing its housing economic sampling, disproportionately eliminating inner city households. That is believed to have reduced black unemployment estimates and eased worsening poverty figures.
The United States Economy cannot be fixed with the wrong or at the very least inaccurate statistics. The Federal Reserve has record Low interest rates, American citizens are enjoying record low mortgage rates, and still no job growth.
To get the economy back on track and earn back the trust of the American people, The Federal Reserve must use the correct statistics, and once that is accomplished, the real facts would reveal the the US economy is still shrinking and the recession is not over. The correct statistics would also point toward proper corrective action.
9 comments:
When you posted this, it went viral amoung the White House Economic Team. Expect a review of statistic reporting and a study announcement Monday
George, what are you saying? Are the presidents advisors sabataging his Presidenty. That one for the conspiracy theorist. If what you write is true, then the economic advisors Fed and others to the President may not be as smart as they pretend to be. Others have said the Fed is out of bullets. People are jumping ship. God help us.
Obama, the Clintons and his new socialist government are destoying this country to creating a new world government. Glen Beck has the proof and documentation
The Federal Reserve and Board of Governors tracks and distributes statistics to various agencies, many of which are not public and are well aware of the deflation occuring throughout its districts. The decision makers are stacked and biased with the New York Fed Reserve, therefore, all economic decisions benefit that particular region and group. Economic decisions made by the Fed are to gratify itself and not the President of the United States or its citizens.
White House to announce a reveiw of economic statistical analysis financial information.
The Secretary will call to discuss your input
As a person that understand the importance of Statistics, Please join us at the United Nations as we celebrate World Statistics Day on October 20. Your presence will add to the occassion. I will am sending a formal invitation from New York.
Glen Beck is infotainment for Fox. The same network with the Simpsons. George Farrell is for real. I have followed his blog for over a year and he is spot on. His post from 2008 were amazingly accurate. Go back and read them.
Obamas Economic Team have twisted statistics to state that the recession ended in 2009. They will be twisting in the wind after the 2010 mid term elections.
Post a Comment