Lies, Damn Lies, and Government Statistics

Kevin Phillips has a superb article in the May edition of Harper's that does a great job historically explaining the major economic statistical numbers released by the government: the unemployment index, the inflation rate, and the gross domestic product. These are the three key indices most businesses and individuals focus on monthly and quarterly to have an insight on how the American economy is doing. Unfortunately these indices are full of lies. The numbers have been doctored and fixed for years going back to the Kennedy Administration, but the Clinton and Bush Junior administrations have taken the deception and lies to whole new heights the last ten to fifteen years. The government reports the unemployment rate currently is around 5 %; in reality it is above 12 %. The report on inflation indicates an annual rate recently at a little more than 4 %; it really is above 12 % and rising. And we all know the GDP numbers are far worse than the 0.6 % growth rate reported for the first quarter of 2008,; the true number is somewhere between - 1.5 % and 2.0 % (NEGATIVE) and perhaps higher. The distortion of economic numbers by officials and bureaucrats in the Executive Branch is shameful and disgraceful, and there ought to be criminal ramifications for these government lies.
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http://www.mindfully.org/Reform/2008/Pollyanna-Creep-Economy1may08.htm
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