…it pours bad news!

“The article focuses primarily on three measures: the monthly Consumer Price Index (CPI), the quarterly Gross Domestic Product (GDP), and the monthly figure for the unemployment rate. Phillips convincingly demonstrates that the real unemployment rate in the United States is between 9 and 12 percent, not the 5 percent or less that is officially claimed. The real rate of inflation is not 2 or 3 percent, but instead, between 7 and 10 percent. And real economic growth has been about 1 percent, not the 3-4 percent officially claimed during the most recent Wall Street and housing bubble that has burst.”

Data Fudging 101. The History Of US Government Statistics Manipulation | MadConomist.com

It would be nice to think that one result of this mess would be real international standards for economic reporting. However, I can’t see that happening. Can you?