The economy is worse than you know
May 10, 2008 – 7:08 pm by JohnI must offer a small retraction and an apology to at least a small number of MSM-print journalists out there because apparently some of them still do some worthy political commentating and question the establishment on serious matters. Kevin Phillips of Harper’s Magazine wrote sort of an exposé on the Imperial Federal Government’s fudging of economic statistics to make things seem better than they are: The economy is worse than you know. He begins:
Ever since the 1960s, Washington has gulled its citizens and creditors by debasing official statistics, the vital instruments with which the vigor and muscle of the American economy are measured.
The effect has been to create a false sense of economic achievement and rectitude, allowing us to maintain artificially low interest rates, massive government borrowing, and a dangerous reliance on mortgage and financial debt even as real economic growth has been slower than claimed.
The corruption has tainted the very measures that most shape public perception of the economy.
It’s pretty scary and more than a little depressing. Raise your hand if you expect any more of the government.
(Oooh, this also creates a new and unexpected use for my Unrealistic category tag. I entered it as one of my original tags, to refer to Statist claims that libertarianism is crazy and unrealistic, when in fact Statism is based on nothing but unrealistic assumptions. Now it is also useful for this article about the State’s published lies, which led to unrealistic assumptions by everyone about the economy.)
Hat tip: Brad, Wendy McElroy’s husband/life partner/co-blagger.
