wo recent editorials by economists suggest that private sector accountants aren’t the only ones tempted to inflate and misstate the numbers to please their bosses:

US Unemployment Rate is Actually 8%

An economist at the University of Chicago argues that the US government, under both Republican and Democratic administrations, has been playing fast and loose with unemployment numbers to make themselves look better. Not only is the real unemployment rate 8% and still rising, but with temporary and part-time work making up most of the ‘new’ jobs, there is little doubt that under-employment, which no government dare develop an accurate measure of, has now soared past the 50% mark.

Productivity Data Assume We’re Neither Working Harder Nor Exporting Jobs

The senior economist at Morgan Stanley reveals that the reported jobless economic recovery, which Bush officials are so euphoric about, not only ignores the impact of massive “offshoring” of service jobs to cheaper third world countries, but also uses ‘nonsensical’ data on the average work week. The data assume that the average worker spends the same 35 hours a week working as s/he did a generation ago, which is demonstrably wrong. In fact one of the factors exacerbating the joblessness of the recovery is that employers prefer to pay (or cajole) their employees to work longer hours, double shifts, and large amounts of overtime, rather than search for, train and provide benefits to new workers and then, if sales fall again, lay them off and pay severance. As a consequence, the average work week, which is the denominator on which productivity data is based, is wildly understated, and hence productivity data are wildly overstated.


…And the Collapse of the US Dollar Portends Worse to Come

The two charts above illustrate that the free fall of the US dollar against other currencies (the chart against the pound and yen is similar) continues unabated. While the Bush regime, always reliably thinking short term, seems to see no harm in this, it poses disastrous longer-term dangers for both the US and world economies, as I’ve reported earlier. Watch for the Euro to replace the US dollar as the global currency standard within a few months. Then watch all hell break loose. The staggering Bush-created US debt, which is behind all this, is pushing us to global economic collapse.

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  1. Indigo Ocean says:

    We have built an econo-socio-political system so intricate and sophisticated that it is incredibly vulnerable. This level of intellectual systems functioning requires accurate information and honest evaluations in formulating solutions. Otherwise the system self-destructs. It is not a natural system so it can’t be left to nature. It must be maintained by what created it, human intellect.The problem we have is that greed and the glorification of savage independence have so twisted our minds that those who are able to go right ahead and extort whatever they can get away with and horde it for themselves and their descendants. This has of course always been the case, but the new worldwide econo-political system makes the situation far more thorough. At the same time, you have all these educated victims who may be able to watch their own slow demise.So this is what we come down to, either 1) the people making choices within the system start making them with a goal of sustaining the system, something which requires they put back into the system resources that will then be shared and not just bleed it dry, or 2) we experience a world empire of oppression and inequality that makes ancient Rome look like a rotary club or 3) revolution redux.Any other options? Any votes for preferences and likelihoods?

  2. Steve says:

    “La, la, la, la, la, I can’t hear you.” Pres. Bush

  3. Elizabeth Ann Godsey says:

    I just want you to know that by putting this obviously democratic, liberal shit online is really low. You and I both know that it looks like, because of the HIGHLY needed war with Iraq, the Bush administration only thinks short-term when in fact; if what they’re doing wasn’t done now, the odds could only get worse as to what could of happened or become of The United States of America.

  4. Dave Pollard says:

    Hmmm…looks like Ann Coulter has discovered my blog ;-)

  5. Elizsssabeth, your repitition isss ssso very sssssothing…yessss *gulp*.

  6. O RLY YA RLY says:

    I can’t help thinking that someone’s being ironic there. Even the language smells of Bushisms.

  7. Marc says:

    Yes, even Elizabeth’s “mastery” of the English language reeks of Dubya! I think we have discovered a new Jonathan Swift…

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