The Cost to Future Generations of the Economic Data Fabrications
Much has been made lately of Jack Welch's "turn" on the Administration regarding the BLS data for September. It seems a bit odd that Jack would be worried about this now since Zerohedge readers have been exposed to reports that this has been going on for a few years. Why now Jack?
In fairness the September data point might not be as fabricated as everyone thinks. The September data point COULD be the result of younger workers finally abandoning the conventional wisdom of obtaining higher education and instead attempting to retain their current employment. A bird in the hand. The September data point COULD be an important precursor to the awaited bust of the higher education bubble along with the inevitable collapse of the student loan ponzi. I can rationalize the garbage data with the best of them!
September's data point will get all the press and the other piles and piles of bogus data points with their skewed revisions will get little notice.
The garbage data does serve to muddy the political and business decision making process. Much of this data is viewed skeptically at the current moment which increases the uncertainty that both capital and labor abhor.
Beyond the current moment, however, and much farther in the future those generations will be studying the squandering of wealth that the current generations demanded or went along with.
One of the worst things happening from the viewpoint of history is the fabrication of all this data. Future generations of students will wish there were good data from this tribulative period but it will not be there for them.
In retrospect how much of the data from Great Depression 1.0 can we trust?
The scholars of this age have deliberately falsified data or allowed falsified data to be published without significant dissent. This is scholarly malpractice on a global warming scale.
Future students will argue about what the economy did and why. The probability that there will ever be a correct consensus is low because of all the garbage data in the official historical record.
Many things are being squandered by the current political class but consider the potential lessons learned for future generations. These may also be squandered by the tampering of government economic data by those who should have a higher calling.