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npub1uwh0...fqu7 4 months ago
Aka, the numbers aren't accurate any longer...
Donald J. Trump's avatar Donald J. Trump
I am pleased to announce that I am nominating Highly Respected Economist, Dr. E.J. Antoni, as the next Commissioner of the Bureau of Labor Statistics. Our Economy is booming, and E.J. will ensure that the Numbers released are HONEST and ACCURATE. I know E.J. Antoni will do an incredible job in this new role. Congratulations E.J.! image
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npub1uwh0...fqu7 4 months ago
That statement defies evidence. I'm no timeline would it make sense to put out fake numbers on purpose, only to be refutted by ADP, paycheck, the st Louis fed, and the underlying economy.
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npub1uwh0...fqu7 4 months ago
Yes, and that didn't exactly help Biden/Kamala, did it? Nor does it now help Trump. It's based on surveys, data isn't amazing. They are estimates. People lie, they get fired in the meantime, they move, and on and on. Usually, they tend to revise down when an economy is shrinking in real terms, flat in flat economies, and upwards when economies are growing. Here is an annual chart of the past 2 decades image
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Kevin's Bacon _@kb.mynostr.com 4 months ago
I don't actually believe that literally every fed number is completely made up and untrue from every conceivable point of view. I use St. Louis fed data for economic research from time to time. It's called a joke. In truth, only **most** of what the state says is a lie, not all of it.
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npub1uwh0...fqu7 4 months ago
If you don't think it is a partisan lie, then why wouldn't they give accurate numbers if they had them? If they don't care one way or another who they help or hurt, they could just release accurate numbers. But they don't have them, they are estimates. Obviously
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Kevin's Bacon's avatar
Kevin's Bacon _@kb.mynostr.com 4 months ago
> If they don't care one way or another who they help or hurt Genuine question: do you assume that partisan issues are the only possible ones to determine who they privilege or transfer from or in what direction they might bias figures or scientific pronouncements? The government is more than just red squares and blue squares.
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npub1uwh0...fqu7 4 months ago
Not all, no. But in general, yes, I do. What other possible reason could there be in this case? They look like morons to everyone, and it just got the top lady fired. Nah, the real answer is you cannot anymore use old survey methods to measure the employment and jobs of 160 million workers, in a $27 trillion economy without full mass intervention and forced responses.
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Kevin's Bacon's avatar
Kevin's Bacon _@kb.mynostr.com 4 months ago
They're measuring and quoting the wrong empirical data in the first place, for a variety of reasons. Largely to keep the narrative going that the fed is needed to stabilize the economy. Unemployment figures is a grossly misleading term for what that figure actually measures, for example. They don't look like idiots to everyone, only to those people who do economics right.
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Kevin's Bacon _@kb.mynostr.com 4 months ago
And they're not idiots. It's very carefully constructed to avoid most people ever questioning the system, while keeping the system self sustaining within a gullible populace.
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npub1uwh0...fqu7 4 months ago
True, but in this case that's not what we are talking about. We are talking about survey data estimates and actual data post timeframe comparisons/revisions.
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