The Misleading Nature of Government Statistics
By John Tamny RealClearMarkets
“Macroeconomics is a tautology and a myth, a dangerous one at that, sustaining the illusion that prosperity is necessarily linked with territory, national units, and government spending in general.” – Reuven Brenner, Labyrinths of Prosperity
The Labor Department is set to announce the nation’s unemployment rate tomorrow. And while the number is expected to be bad, what sometimes goes unquestioned is the reliability of the government’s calculations when it comes to the health of the economy. The view at H.C. Wainwright Economics is that its various measures of our economic health are faulty.