Lies, Damned Lies And Statistics: The U.s. Economic Reports

By Author: Dene McGriff
Total Articles: 7
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Lies, Damned Liesand Statistics

The U.S. Economic Reports

By Dene McGriff

Mark Twain, who said there are three kinds of lies - lies, damned lies and statistics, would turn over in his grave if he knew what the government had been doing with its reporting. As a result of government hype and reporting, the June Consumer Confidence Index soared the month of June 2005 to 105.8 and the stock market rose triple digits on the news. Optimism abounds as the economy appears to be doing well. Housing continues to rise. The government tells us that new jobs are being created, inflation is under control and the economy is growing. If you listen carefully to the pundits on MSNBC, CNBC, CNN, FOX and the networks, they all say things are getting better and better. Just this morning (June 28, 2005) on NBC Good Morning America, Treasury Secretary Snow declared that all the economic indicators are good and the basics of the economy are sound. We are told that Real Estate will always go up. So will the stock markets (at least for the long haul). We Americans are bullish on the future.

This is the first ...
... of a multi-part series titled, Game Over - Collapse of the World Economic System. What we are facing is literally a disaster of Biblical proportions. The longer the growth cycle goes, the greater the fall in the end. We don't know when this will happen, but it will. There are extremely powerful forces keeping the whole system propped up and many prognosticators of gloom and doom have been proven wrong. If you understand what has happened and is happening, you will see why the eventual fall is inevitable.

In order to understand what is happening in the world of economics you have to understand things from God's perspective - from a prophetic Biblical perspective and then you have to dig deep to find out what is REALLY happening in the world today. But before we do that, we have to realize that there is a great deception out there - a kind of George Orwell's 1984 double speak being carried out by our government.

The same government that lied about Pearl Harbor, the Gulf of Tonkin, Kosovo and Iraq has been lying to the American public about the economy for years by changing rules and definitions, twisting and turning - spinning the news with the full support of the pundits who work for the corporate controlled news networks. Analysts whose real job is to sell and hype stocks ignore the facts and keep the smiley face on so that people will continue to buy stocks, refinance their homes, use their credit cards and run deeper and deeper into debt thinking they are attaining the American Dream. Let's face it, the analysts job is to build up the market - not tell the truth.

Greenspan and the Federal Reserve continue to act confused about what is happening. They give the impression of trying their best to keep the American economic engine on track. He assures us that inflation is under control, that the housing industry just has a little froth in it, but that the economy is growing soundly at a 3.5 to 4 percent clip.

So can the United States continue to have massive budget deficits, massive trade deficits and continue to lose productive capacity to other countries and still be the great consumer nation of the world? Are we looking at a mere slowdown or something worse? We, as Americans, are an optimistic people with such faith in our country, and if past performance is any judge, reason to continue to have great faith. The question is, have changes been occurring right under our nose without our even knowing about it? Has there been a massive cover up to keep us in the dark?

So let's look at the American government's reporting on the economy: inflation, growth, unemployment, cost of living indices, etc. Let's see how reporting has changed over the years in order to hide the real situation from the public and experts alike.

Inflation

Inflation is one of the most important indices there is. Inflation represents the hidden tax we all pay. Since the beginning of the Federal Reserve in 1912, the value of the dollar has fallen by 95 percent. In other words $50,000 in 1912 would be the equivalent of a million dollars today. Is there anything you can think of that makes the post-war house in Los Angeles that sold in 1950 for $5,000 worth a half million today, or

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