HolyCoast: Economic Quote of the Day

Wednesday, February 08, 2012

Economic Quote of the Day

From David Stockman, former Reagan budget director, on the unemployment numbers and how they're basically just made up:
But the mainstream narrative never gets to the trend. In this case, the plain fact is that we are warehousing a larger and larger population of adults who are one way or another living off transfer payments, relatives, sub-prime credit, and the black market. My suspicion is that this negative trend and many others like it get buried by the monthly change chatter from mainstream economists and on bubble vision, and that these monthly deltas are so heavily manipulated as to be almost a made-up reality. Call it the economists’ Truman Show.
Stockman wrote a lengthy email which is available at the link that has a lot more detail. The fact is Obama's team is manipulating the data to ensure the unemployment rate appears to be dropping and the economy improving. In fact, nothing of the sort is happening.

Read the email and see what you think of Stockman's opinion.

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