Speaking of “fake news” the usual suspects have been spreading it for decades according to a new economic analysis recently published:Regular readers will know that I've been complaining about this for the last 8 years, just look for the title "Cooking the Books" in this blog. Unemployment, GDP, 8 consecutive Summers of Recovery and more and we have more people out of work and not looking for work than ever. But wait! There's a new scapegoat in town and he doesn't own the media so for the immediate future we can now expect reasonably accurate economic numbers from the government and the media won't be hiding them. Growth less than 3% will be front page news and called substandard. 95M people dropped out of the work force will finally get noticed. 62% labor force participation rate will now be a crime against humanity and suggesting that the previous administration had anything to do with this will be racist.
“Conventional wisdom — as reported in many major newspapers and media — tells us the U.S. economy is ‘recovering.’ Well-meaning economists, academics and government officials use the term ‘recovery’ when discussing the economy, implying that growth is getting stronger. The study finds there is no recovery. Since 2007, U.S. GDP per capita growth has been 1,” according to Gallup Chairman Jim Clifton.If the media wants to regain its credibility it needs to begin reporting the hard facts of what Americans are really facing economically instead of collaborating with government to continue to spread what I consider to be falsehoods. Start reporting the facts. Start doing the hard work of journalism. Quit being a publishing tool for government propaganda. Then, maybe, people will again invest some faith in what you have to say.
“As this report makes clear,” added Council President Deborah Wince-Smith, “productivity growth is in a serious multi-decade-long slump that is dangerously close to stalling completely.”
Thursday, December 8, 2016
We may be looking at a distinct reduction in the amount of fake news we're being fed, specifically in the area of government supplied economic statistics. From Q and O.net: