258 june 8 bad use of bad economic indicators
Two numbers from economics have a big impact on society, unemployment and GDP. AS we know both are suspect, or even bogus.
I was sickened last week by the release of “unemployment” figures and the reactions of even the progressive press.
The broadcast numbers and interpretation were that the economy was “Springing back way beyond expectations”. This narrative as I think we know is very misleading as it is hardly a measure of the true unemployment as it leaves out the defeated, those who took part time jobs, those who were working as mid level managers now working as grocery clerks, the self employed who can’t find gigs.
But the scary part was that it is taken by Trump and co as a vindication of their wonderful policies. “The economy is the strongest in history and I alone did that for you” we are supposed to believe,
The question is, can economics, being so used by the political process, find a way to discipline itself and those from within the profession, and those employed in the process of formatting unemployment rates? A Trump victory in November is a continuing tragedy for the world and it will-be terrible if economics continues to be used to support his reelection on the basis of serious flawed facts. Why does economics let this malevolent use of bad economic indicators happen?
But we don’t get such details. Here is one who tries.