Amazing financial fairy tales we’re told daily.
Their reporting on politics and culture – which is to say, biased, inaccurate and misleading, sometimes intentionally so.
In fact, a great deal of what passes for “objective reporting” on the economy is little more than “laundered” press releases from the government (and other power players like the Federal Reserve) whose credibility depends on continually deceiving the public. So, what are the government, the Fed and their media cheerleaders hiding?
Let’s begin with the unemployment rate. A month before Election Day, the government’s official unemployment rate, after close to four years above 8 percent, surprised everyone by magically breaking through the psychological 8 percent floor with a September “jobless rate” of 7.8 percent. As proof the president’s controversial spending and regulatory policies were indeed working to heal a troubled economy. High-profile skepticism was immediate. Jack Welch, former chairman of General Electric, suggested fudged data: “Unbelievable jobs numbers. The numbers don’t square with what’s going on with the economy,” states Trump, Welch and Langone.
It’s easy to forget that all these numbers are just a fairy tale created by the government and promoted by the elite media. Ron Paul “has long argued that the unemployment figures released by the Bureau of Labor Statistics are inaccurate and that the country has actually been in a depression for the past decade.” But if you take … the number of people employed, 132 million people, it’s the same number that was employed in the year 2000. There have been no new jobs produced.”
And how does the government arrive at only 8 percent unemployment? Easy, just leave out lots of unemployed people from the calculations. Let’s break it down. According to the Bureau of Labor Statistics, “In September, 2.5 million persons were marginally attached to the labor force.” … they were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey.” In case you missed that: The government is openly admitting that 2.5 million unemployed Americans were not counted as officially “unemployed.”
That’s just for starters. The government’s “official” unemployment stats also don’t include part-time workers who want and need full-time work. As the PolicyMic.com blog summarized, the Bureau of Labor Statistics’ 7.8 percent figure “does not include unemployed members of the workforce who are not actively looking for work; nor does it factor in workers with part-time jobs who are seeking full-time employment. When these workers are included, the (U-6) un/underemployment rate for September remained at 14.7 percent as it had been in August.” In an article titled “The Real Unemployment Rate,” Fox Business News analyst Elizabeth MacDonald does the math and arrives at virtually the same number: 14.5 percent unemployment.
And Mortimer Zuckerman, U.S. News & World Report’s editor in chief, writes: “Given that the median period of unemployment is now in the range of five months, vast numbers who want to work are just not counted. If we include, as we should, people who have applied for a job in the last 12 months, and those employed part time who want full-time work, the real unemployment number is closer to 15 percent.” In short, America’s actual unemployment rate is almost double the “official” fairy-tale number.
“Everyday prices are up some 8 percent over the past year, according to the American Institute for Economic Research.” The not-for-profit research group measures inflation, not by the academic theories preferred by government economists, but by focusing on Americans’ daily purchases of food, gasoline, prescription drugs, phone service, television programming and all the other things most people actually buy on a regular basis.
The group’s index measures the real-world impact of price increases, most people are astonished to learn the government excludes from its “cost of living” calculations food and gasoline. Bloomberg Television commentator and equities analyst Barry Ritholtz humorously sums up the government’s game: “If you take everything out of the CPI basket that’s going up in price, sure, you have no inflation!” To keep the “official” inflation rate as low as possible, the government has actually redefined the way it calculates inflation at least twice in recent decades.
“In 30 years as a private consulting economist,” said Williams, “I have noted a growing gap between government reporting of inflation, as measured by the consumer price index, and the perceptions of inflation held by the general public. It has been my experience that the general public believes inflation is running well above official reporting, and that the public’s perceptions tend to mirror the inflation experience that once was reflected in the government’s CPI reporting.”
“Primarily is due to changes made over decades as to how the CPI is calculated and defined by the government. Specifically, changes made to the definition of CPI methodologies in recent decades have reflected theoretical constructs offered by academia that have little relevance to the real-world use of the CPI by the general public. Importantly, these changes generally are not understood by the public.” Putting it even more candidly, Williams said, “the reporting system increasingly succumbed to pressures from miscreant politicians, who were and are intent upon stealing income from Social Security recipients without ever taking the issue of reduced entitlement payments before the public or Congress for approval.”
Sources—wnd, whistleblower, david kupelian, ron paul, wash post, bls, barry ritholtz, john williams