Lies, Damned Lies and Government Statistics

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My grandfather grew up in small town Wisconsin.  He worked long hours at a community drug store to support his wife and nine kids. Their family never had much money. He never had access to the opportunities of today, and yet he was one of the wisest people I have ever known.  He taught me […]

The Disconnect Between Household Wealth and GDP Growth

Twenty years of going nowhere! Where are we? If you have been paying attention… you know there is something wrong. The world’s leading economy, in the most dynamic, inventive period in human history, has failed to make people a penny richer. GDP went up. But real wages did not. In fact, people got nowhere financially […]

What If We Have Never Left the Recession?

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It has been nearly four years since the Great Recession began in 2008 with the near collapse of our financial system caused by the Wall Street banks and their cronies in Washington D.C. Reported GDP Is Overstated and Inflation Unstated The mainstream media has been telling the American people that we have been out of […]

GDP: A Theater of the Absurd

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How do you get from Nominal GDP to Real GDP? You subtract inflation. The Bureau of Economic Analysis (BEA) uses its own GDP deflator for this purpose, which is somewhat different from the BEA’s deflator for Personal Consumption Expenditures (PCE) and quite a bit different from the better-known Bureau of Labor Statistics’ inflation gauge, the […]

The Garbage / GDP Correlation

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In "CHART OF THE DAY: The US Garbage Indicator Is Sending An Ominous Sign For The Economy," Business Insider points us to another piece of data that suggests the U.S. has fallen into line with Europe, China, and others in a synchronized global economic slowdown: Among the 21 categories of items shipped by rail, none […]