So, what are you going to believe? The government or your lying eyes? *rimshot!*
It almost seems like someone (or a group of someones) doesn’t want to tell you the truth about the economy. However, some truths cannot be hidden, lied about, or massaged. Money is like that.
You will doubtless recall how our unemployment rate was expressed in the Days Before Obama. There are several measurements that the government uses to track that figure, with the most popular being the U-3 statistic. (Click here for the Bureau of Labor Statistic’s page, scroll down to the chart on page 2.) But today’s long-term unemployed are skewing that number. If you’ve been out of work and can no longer qualify for unemployment compensation, you aren’t counted as being unemployed.
While that figure is still in use, the Obama administration fabricated a metric, “jobs saved or created.” If you’ve never heard of that phrase before, you’re not alone. No one else had either. It’s essentially meaningless since there is no accurate way to measure whether or not a job has been “saved.” Maybe it suddenly got religion.
The methods used to calculate inflation have changed over the years. The method used in the ’70’s isn’t the same method in use today. Even the BLS says so.
“Some have argued that if the CPI were computed using the methods in place in the late 1970s, the index would now be growing at a rates as high as 11 or 12 percent per year.” (This was written in 2008.)Well, it just so happens that someone has figured today’s inflation using those methods in place in the late ‘70’s. You’ll never guess what they found. Never in a million years.
Inflation is nearing 10%. And that number is just for February.
I don’t need to tell you that.
But someone needs to tell Washington. We know that prices are rising much faster than what we’re being told. We also know why. It’s in the interests of any administration that the public not be told the truth about the terrible economy. An inflation rate of 10% usually means disaster for whoever has his feet on the Resolute Desk in the Oval Office.
Almost as surprising as this number is, what’s even more surprising is where this nugget of information is found. CNBC.com.
Now I don’t for a second think this will make it to the evening news on any of the alphabet stations of the Make Believe Media, but folks will eventually find this out. And it’s not like it’s actual news. We’ve known it for a while now, but it’s always nice to see a bit of validation.
This is particularly noteworthy since President Obama is set to give us a speech on the budget. Our deficit is the highest in history and is in large part responsible for the sagging economy. Government spending is clearly out of control, taken to unprecedentedly new and unsustainable levels by Nancy Pelosi and Harry Reid during the last two years of their Reign of Terror in Congress.
As usual, I’ll be washing Fido, my imaginary pooch, instead of listening to that speech.
He stinks almost as much as our economy.