posted May 12, 2019
Condition of US Economy April 2019: GDP & Jobs

Article 1: 1st Quarter US GDP: The Facts Behind the Hype

By Jack Rasmus
April 28, 2019

US GDP for the 1st quarter 2019 in its preliminary report (2 more revisions coming) registered a surprising 3.2% annual growth rate. It was forecast by all the major US bank research departments and independent macroeconomic forecasters to come in well below 2%. Some banks forecast as low as 1.1%. So why the big difference?

One reason may be the problems with government data collection in the first quarter with the government shutdown that threw data collection into a turmoil. First preliminary issue of GDP stats are typically adjusted significantly in the second revision coming in future weeks. (The third revision, months later, often is little changed).

There are many problems with GDP accuracy reflecting the real trends and real GDP, that many economists have discussed at length elsewhere. My major critique is the redefinition in 2013 that added at least 0.3% (and $500b a year) to GDP totals by simply redefining what constituted investment. Another chronic problem is how the price index, the GDP Deflator as it’s called, grossly underestimates inflation and thus the price adjustment to get the 3.2% ‘real’ GDP figure reported. In this latest report, the Deflator estimated inflation of only 1.9%. If actual inflation were higher, which it is, the 3.2% would be much lower, which it should. There are many other problems with GDP, such as the government including in their calculation totals the ‘rent’ that 50 million homeowners with mortgages reputedly ‘pay to themselves’.

Apart from these definitional issues and data collection problems in the first quarter, underlying the 3.2% are some red flags revealing that the 3.2% is the consequence of temporary factors, like Trump’s trade war, which is about to come to an end next month with the conclusion of the US-China trade negotiations. How does the trade war boost GDP temporarily?

Two ways at least. First, it pushes corporations to build up inventories artificially to get the cost of materials and semi-finished goods before the tariffs begin to hit. Second, trade dispute initially result in lower imports. In US GDP analysis, lower imports result in what’s called higher ‘net exports’ (i.e. the difference between imports and exports). Net exports contribute to GDP. The US economy could be slowing in terms of output and exports, but if imports decline faster it appears that ‘net exports’ are rising and therefore so too is GDP from trade.

Looking behind the 1st quarter numbers it is clear that the 3.2% is largely due to excessive rising business inventories and rising net exports contributions to GDP.

Net exports contributed 1.03% to the 3.2% and inventories another 0.65% to the 3.2%. Even the Wall St. Journal reported that without these temporary contributions (both will abate in future months sharply), US GDP in the quarter would have been only 1.3%. (And less if adjusted more accurately for inflation and if the 2013 phony re-definitions were also ‘backed out’). US GDP in reality probably grew around the 1.1% forecasted by the research departments of the big US banks.

This analysis is supported by the fact that around 75% of the US economy and GDP is due to business investment and household consumption typically. And both those primary sources of GDP. (the rest from government spending and ‘net exports).
Consumer spending (68% of GDP) rose only by 1.2% and thereby contributed only 0.82% of the 3.2%. That’s only one fourth of the 3.2%, when consumption typically contributed 68%!

(Durable manufactured goods collapsed by -5.3% and autos sales are in freefall). And all this during tax refund season which otherwise boosts spending. (Thus confirming middle class refunds due to Trump tax cuts have been sharply reduced due to Trump’s 2018 tax act).
Similarly private business investment contributed only a tepid 0.27% of the 3.2%, well below its average for GDP share.

Business investment is composed of building structures (including housing), private equipment, software and the nebulously defined ‘intellectual property’, and of course the business inventories previously mentioned. The structures and equipment categories are by far the largest. In the first quarter 2019, structures declined by -0.8%, housing b y -2.8% and equipment investment rose only a statistically insignificant 0.2%.

This poor contribution of business investment contributing only 2.7% to GDP, when the historical average is about 8-10% normally, is all the more interesting given that Trump projected a 30% boost to GDP is his business-investor-multinational corporate heavy 2018 tax cuts were passed. 2.7% is a long way off 30%! The tax cuts for business didn’t flow into real investment, in other words. (They went instead into stock buybacks, dividend payments, and mergers and acquisitions of competitors). And they compressed household consumer spending to boot.

Sine Trump’s tax cuts there’s been virtually no increase in the rate of Gross private domestic investment in the US. It’s held steady at around 5% of GDP on average since mid-2017. Within that 5%, housing and business equipment contributions have been falling, while IP (hard to estimate) and inventories have been rising.

In short, both Consumer spending and core business investment contributions to US GDP have been slowing, and that’s true within the 3.2% GDP. First quarter GDP rose 3.2% due to the short term, and temporary contributions to inventories and net exports–both driven artificially by Trump’s trade wars.

The only other major contribution to first quarter GDP is, of course, Trump war spending which rose by 4.1% in 1st quarter GDP. (Conversely, nondefense spending was reduced -5.9% in the first quarter GDP).

Going forward in 2019, no doubt war spending will continue to increase, but business inventories and household consumption will continue to weaken.

Trump is betting on his 2020 re-election and preventing the next recession now knocking at the US and global economy door. He will keep defense spending growing by hundreds of billions of dollars. He’ll hope that concluding his trade wars will give the economy a temporary boost. And he’ll up the pressure on the Federal Reserve to cut interest rates before year end.

Meanwhile, beneath the surface of the US economy the major categories of US GDP–business structures, housing, business equipment, and household consumer spending (especially on durables and autos)–will continue to weaken. Whether war spending, the Fed, and trade deals can offset these more fundamental weakening forces remains to be seen.

Bottom line, however, the 3.2% GDP is no harbinger of a growing economy. Quite the contrary. It is artificial and due to temporary forces that are likely about to change. It all depends on further war spending, browbeating the Fed into further submission to lower rates, and what happens with the trade negotiations.

Jack is author of the forthcoming book, ‘The Scourge of Neoliberalism: US Economic Policy from Reagan to Trump’, Clarity Press, Summer 2019, and ‘Alexander Hamilton and the Origins of the Fed’, Lexington Books, March 2019. He blogs at, tweets at @drjackrasmus, and hosts the weekly radio show, Alternative Visions, on the Progressive Radio Network on Fridays, 2pm eastern time.

(For those interested in a further discussion of these trends, listen to my April 26, 2019 Alternative Visions Radio show).


Article 2: How Accurate Are US Jobs Numbers?

May 6, 2019

The just released report on April jobs on first appearance, heavily reported by the media, shows a record low 3.6% unemployment rate and another month of 263,000 new jobs created. But there are two official US Labor dept. jobs reports, and the second shows a jobs market much weaker than the selective, ‘cherry picked’ indicators on unemployment and jobs creation noted above that are typically featured by the press.

Problems with the April Jobs Report

While the Current Establishment Survey (CES) Report (covering large businesses) shows 263,000 jobs created last month, the Current Population Survey (CPS) second Labor Dept. report (that covers smaller businesses) shows 155,000 of these jobs were involuntary part time. This high proportion (155,000 of 263,000) suggests the job creation number is likely second and third jobs being created. Nor does it reflect actual new workers being newly employed. The number is for new jobs, not newly employed workers. Moreover, it’s mostly part time and temp or low paid jobs, likely workers taking on second and third jobs.

Even more contradictory, the second CPS report shows that full time work jobs actually declined last month by 191,000. (And the month before, March, by an even more 228,000 full time jobs decline).

The much hyped 3.6% unemployment (U-3) rate for April refers only to full time jobs (35 hrs. or more worked in a week). And these jobs are declining by 191,000 while part time jobs are growing by 155,000. So which report is accurate? How can full time jobs be declining by 191,000, while the U-3 unemployment rate (covering full time only) is falling? The answer: full time jobs disappearing result in an unemployment rate for full time (U-3)jobs falling. A small number of full time jobs as a share of the total labor force appears as a fall in the unemployment rate for full time workers. Looked at another way, employers may be converting full time to part time and temp work, as 191,000 full time jobs disappear and 155,000 part time jobs increase.

And there’s a further problem with the part time jobs being created: It also appears that the 155,000 part time jobs created last month may be heavily weighted with the government hiring part timers to start the work on the 2020 census–typically hiring of which starts in April of the preceding year of the census. (Check out the Labor Dept. numbers preceding the prior 2010 census, for April 2009, for the same development a decade ago).

Another partial explanation is that the 155,000 part time job gains last month (and in prior months in 2019) reflect tens of thousands of workers a month who are being forced onto the labor market now every month, as a result of US courts recent decisions now forcing workers who were formerly receiving social security disability benefits (1 million more since 2010) back into the labor market.
The April selective numbers of 263,000 jobs and 3.6% unemployment rate is further questionable by yet another statistic by the Labor Dept.: It is contradicted by a surge of 646,000 in April in the category, ‘Not in the Labor Force’, reported each month. That 646,000 suggests large numbers of workers are dropping out of the labor force (a technicality that actually also lowers the U-3 unemployment rate). ‘Not in the Labor Force’ for March, the previous month Report, revealed an increase of an additional 350,000 added to ‘Not in the Labor Force’ totals. In other words, a million–or at least a large percentage of a million–workers have left the labor force. This too is not an indication of a strong labor market and contradicts the 263,000 and U-3 3.6% unemployment rate.

Bottom line, the U-3 unemployment rate is basically a worthless indicator of the condition of the US jobs market; and the 263,000 CES (Establishment Survey) jobs is contradicted by the Labor Dept’s second CPS survey (Population Survey).

GDP & Rising Wages Revisited

In two previous shows, the limits and contradictions (and thus a deeper explanations) of US government GDP and wage statistics were featured: See the immediate April 26, 2019 Alternative Visions show on preliminary US GDP numbers for the 1st quarter 2019, where it was shown how the Trump trade war with China, soon coming to an end, is largely behind the GDP latest numbers; and that the more fundamental forces underlying the US economy involving household consumption and real business investment are actually slowing and stagnating. Or listen to my prior radio show earlier this year where media claims that US wages are now rising is debunked as well.
Claims of wages rising are similarly misrepresented when a deeper analysis shows the proclaimed wage gains are, once again, skewed to the high end of the wage structure and reflect wages for salaried managers and high end professionals by estimating ‘averages’ and limiting data analysis to full time workers once again; not covering wages for part time and temp workers; not counting collapse of deferred and social wages (pension and social security payments); and underestimating inflation so that real wages appear larger than otherwise. Independent sources estimate more than half of all US workers received no wage increase whatsoever in 2018–suggesting once again the gains are being driven by the top 10% and assumptions of averages that distort the actual wage gains that are much more modest, if at all.

Ditto for GDP analysis and inflation underestimation using the special price index for GDP (the GDP deflator), and the various re-definitions of GDP categories made in recent years and questionable on-going GDP assumptions, such as including in GDP calculation the questionable inclusion of 50 million homeowners supposedly paying themselves a ‘rent equivalent’.

A more accurate ‘truth’ about jobs, wages, and GDP stats is found in the ‘fine print’ of definitions and understanding the weak statistical methodologies that change the raw economic data on wages, jobs, and economic output (GDP) into acceptable numbers for media promotion.

Whether jobs, wages or GDP stats, the message here is that official US economic stats, especially labor market stats, should be read critically and not taken for face value, especially when hyped by the media and press. The media pumps selective indicators that make the economy appear better than it actually is. Labor Dept. methods and data used today have not caught up with the various fundamental changes in the labor markets, and are therefore increasingly suspect. It is not a question of outright falsification of stats. It’s about failure to evolve data and methodologies to reflect the real changes in the economy.

Government stats are as much an ‘art’ (of obfuscation) as they are a science. They produce often contradictory indication of the true state of the economy, jobs and wages. Readers need to look at the ‘whole picture’, not just the convenient, selective media reported data like Establishment survey job creation and U-3 unemployment rates.

When so doing, the bigger picture is an US economy being held up by temporary factors (trade war) soon to dissipate; jobs creation driven by part time work as full time jobs continue structurally to disappear; and wages that are being driven by certain industries (tech, etc.), high end employment (managers, professionals), occasional low end minimum wage hikes in select geographies, and broad categories of ‘wages’ ignored.

Jack Rasmus is author of the forthcoming book, ‘The Scourge of Neoliberalism: US Policy From Reagan to Trump’, Clarity Press, September 2019, and previously published ‘Central Bankers at the End of Their Ropes: Monetary Policy and the Coming Depression’, Clarity Press, 2017 and ‘Alexander Hamilton and the Origin of the Fed’, Lexington Books, March 2019. He hosts the Alternative Visions Radio show on the Progressive Radio Network and blogs at His twitter handle is @drjackrasmus.


Article 3: What Government Job Stats Are Inaccurate: Reply to Doug Henwood’s Apology for Government Stats

May 7, 2019

In his reply to my just published article, “What’s Wrong with Government Job Statistics,” Doug Henwood, a ‘left’ New York intellectual who has for years accepted without question government reported stats as ‘gospel truth’, has taken the opportunity to challenge my analysis.

The nub of our differences is that Henwood accepts government Labor Dept. definitions, assumptions, and methodologies as near sacrosanct, whereas I do not. And when I challenge them, he engages in nasty personal attacks to carry his critique. I’ll not engage in that kind of exchange, but will address his various points here as follows.

For Henwood doesn’t like my most recent view that government job stats reported may not reflect a labor market as sanguine and booming, as official government and business commentary suggest. And he apparently doesn’t appreciate anyone challenging his friends over at the Labor Dept.

So let’s take a look at our latest disagreement.

In his blog today, May 6, he starts out with his first lightweight critique that in my article I refer to the two labor department jobs surveys, the CES and CPS, as two reports instead of two surveys; there being only one report, the Labor Dept.’s monthly ‘Employment Situation Report’.

Yes, there’s one umbrella ‘Situation’ report but the CES and CPS are really separate reports that are then combined but kept separate in the single ‘Situation’ report. They are indicated as ‘Tables A’ and ‘Tables B’ in the ‘Situation’ Report. This is just a semantic difference as to what’s a report and what’s a survey. But if Doug thinks that’s significant, OK. He can have that one.

What is significant is that Henwood thinks the CES (Current Employment Survey) is more important and accurate than the CPS (Current Population Survey). But the CES is not really a survey; it’s a partial census and thus a statistical population that gathers data from, as Henwood admits, 142,000 establishments. As a group the 142,000 send in their data to the government every month. But because, according to Henwood, the CES 142,000 compares to the CPS ‘only’ 60,000 monthly interviews of households (actually 110,000 individuals interviewed), he argues “the CES is much larger (than the CPS)…it’s far more accurate”.

But the CPS is not just a “household survey”; it is also a survey of employment conditions of millions of smaller businesses through the survey of worker households. In fact, it can be argued that, in surveying 110,000 individuals each month, and then rotating and adding more households throughout the year, (roughly doubling the number contacted) the CPS in fact reflects a much larger body of business hiring, layoffs, and thus total employment, than does the CES.

Henwood further argues that the CES 142,000 is more accurate because it is checked against the unemployment insurance system. But unemployment insurance has nothing to do with the numbers of employed or unemployed. And checking it is done to determine, among other things, if the 142,000 are not cheating the system by underpaying unemployment payroll taxes. Contrary to Henwood’s point referencing it, saying the CES is checked against unemployment insurance rolls adds nothing to the idea that the CES misses coverage—i.e. job creation or decline—for 9 million small and medium businesses.

Henwood is confused about the CES and CPS in another important way. There are more than 9 million businesses in the US economy. The 60,000/110,000 CPS survey is a statistically significant survey of employment in those 9 million. The comparison therefore should be 142,000 businesses vs. 9 million businesses. Henwood thus erroneously compares a population (CES 142,000) to a sample (60,000), when the comparison should be a business population (CES 142,000) to a business population (CPS 9 million businesses).

In short, it makes little sense to argue as Henwood does that 142,000 is more accurate than 9 million based on number of businesses compared. If it’s just a question of the size of total businesses addressed, the CPS makes more sense. But comparing size to size makes little sense as well. The two sources look at different things. My point is don’t defend one at the exclusion of the other. Look to both for a more comprehensive view of the condition of the labor market. And the CPS suggests perhaps the 263,000 jobs may not be all that accurate.

But Henwood would have readers believe the CES, with 142,000 businesses, and the 263,000 jobs created last month in that group, is all that matters. Forget the other roughly 9 million businesses where, as even most economists admit, most of the job creation in the US occurs (or does not). Like the business press and government politicians, to believe Henwood we should take the 263,000 as the final word of the state of the US job market and forget all the rest.

For years I’ve been arguing there is a problem with government job stats that rely on two different, often conflicting populations to determine employment/unemployment: the job gains (or losses) and unemployment rate should be calculated from the same survey, but aren’t. Instead we get jobs created by large businesses (CES) and unemployment from the 9 million population of all businesses. This problem leads to often conflicting data reported by the two sources, CES and CPS.

This problem gives us the 263,000 jobs created in the CES from a survey of larger businesses, while it gives us the 191,000 full time jobs decline in the CPS, and in the preceding month, an even larger 228,000 full time jobs decline, from the CPS survey of the 9 million businesses. Which is correct? How does Henwood choose to explain this? By simply claiming the reported 191,000 full time job loss in the CPS in April is just normal short term volatility—which, by the way, is the typical government excuse one hears whenever there’s a contradiction in the numbers.

Henwood further assumes the role of slavish apologist of government stats by defending the U-3 unemployment rate as the best and final word on the state of the US labor market. He does refer to the U-6 unemployment rate, but unquestionably accepts the government’s current (and chronic) low estimates for the U-6.

The U-6 picks up ‘involuntary part time’ employment. (U-4 and U-5 reflect what’s called ‘marginally attached’ and ‘discouraged’. These latter numbers too are grossly underestimated in the official stats). Henwood disputes my claim that the U-3 is essentially an estimate of ‘full time’ jobs and says “No, it refers to work of any kind, not just full-time”. But if that were true, why add on ‘part time’ as the U-6 category separately? If there were part time unemployed in the U-3 and part time in the U-6 there would be likely ‘double counting’ of part time unemployed. No, U-3 is mostly full time and excludes all involuntary part time. Either that or there is indeed double counting. Maybe he means the U-3 includes voluntary part time. Even if so, however, the overwhelming number of the 162.5 million in the labor force is still full time jobs.

But this does not in any way contradict the anomaly of the CES reporting April’s 263,000 (mostly full time) jobs gain, while the CPS reports 191,000 (and 228,000 in March) full time jobs declines. And if the CPS reports 155,000 part time job creation, should it not mean that only 108,000 full time jobs were created in the CES report? How do you square the 108,000 full time jobs created in the CES with the 191,000 full time jobs lost in the CPS, Doug? What’s your explanation?

And if you say this contradiction is just a short term statistical volatility problem, how then do we know if the 263,000 is also not just a short term inaccurate statistically volatile (and inaccurate) number?

Given the CPS number showing full time job decline (191,000), and the otherwise CPS rise in part time jobs last month (155,000), in my prior article I suspected that there are more workers taking on second and third jobs. Henwood pooh poohs this and trusts the government numbers on ‘multiple job holders’ showing little change. Once again, trust the government numbers!

Official government stats show multiple job holders as of December 2018 at 7.7 million. Comparing that to December 2006, the last full year before the great recession,the number was 7.9 million. Does anyone out there really believe this number? That folks working part time second and third jobs has actually declined, given all the low paid service jobs, part time work, temp work, Uber, Taskrabbit, gig economy jobs created since the great recession, now accelerating? Doug does. Government bureaucrats can do no wrong and always report the facts.

Henwood provides charts that show that Temp jobs (almost always part time) have not been changing for at least the past two decades. As he says, temp jobs have been steady as a percent of the total work force for the past two decades, peaking at 2% of total jobs. “It’s barely changed for five years.” Sure, Doug. No one’s been hiring attempts except through agencies. That’s all the government data you slavishly offer as a rebuttle show. If you were more ‘skilled and knowledgeable’ (an insult you direct to me) you would know the Labor Dept. data you cite refers only to Temp Agency hiring. I suggest you try talking to your local auto worker and ask him how many temps have been hired since 2009. It’s about at least a third of the auto work force today. It’s the same throughout manufacturing, and other sectors as well. But trust the government stats, Doug. They’re always right and never misleading or wrong.

The Labor Dept. has been covering up the growth of temp jobs since the 1990s. It produced three one-off reports, then George Bush stopped it. Too volatile. (There’s that word). Henwood says “It’s nowhere big a deal as Rasmus would have you believe”. The basis for his comment is, of course, you guessed it: the government’s data and reports.

How the government purposely underestimates labor stats that are embarrassing to it was clearly revealed, yet again, last year in its report on ‘precarious jobs’ (meaning temp, part time, gig, otherwise contingent, etc.). I and others have dissected that official report which claimed the gig economy was insignificant. But it turned out what the report defined as ‘gig’ was only full time uber/lyft drivers. Drivers as second and third jobbers were left out. There are many ways to lie. One is to simply redefine it away. Another to quietly omit data and facts. Another to insert false data and facts. Another to change the causal relation between facts and propositions. And more.

As far as my suggestion that the April jobs numbers may reflect hiring of census workers, it is true the government to date has not indicated how many hired. I simply suggested it may explain some of the 155,000 part time job gains in the CPS report. My suggestion was based on past practice by the government during census years. By April 2009 the government had hired 154,000 for census work. By April 1999, it had hired 181,000. If the hiring is really negligible to date in government reports, either Trump is not planning to do the census properly (another of his violations of the US Constitution), or the hiring is in fact underway but not yet reported, or, if not, excess hiring will soon have to occur. Trump likely wants to create chaos in the census, which suits his political purposes. Again, my point here was only a suggestion that census workers were part of the hiring, not a claim they were.

Henwood does give a backhanded concession to me that maybe my point of the 646,000 ‘Not in the Labor Force’ reported number indicates something is going on with the government data underestimating the total actually unemployed by having left the labor force in recent years. But he just can’t let himself admit it. It would not be in keeping with his personalized attack style or nasty comments that pepper his critique.

My point concerning the ‘Not in the Labor Force’ numbers (646,000 rise last month) is that it likely corroborates that more workers are long term dropping out of the labor force because they can’t find decent full time jobs and the part time jobs pay less and less in real terms (requiring taking on second and third jobs?). Once again, he gives a backhanded comment that a point is made but says ‘the bigger point eludes me’(Rasmus).

Really? I’ve only been writing about the collapsing labor force participation rate and how it’s not being properly picked up in jobs numbers since 2005 and especially since 2013. A drop in the labor force participation rate from 67.3% of the total labor force in December 2000 to the latest participation rate of 62.8% represents more than 7 million workers either leaving or not entering the labor force. And if they’re not counted in the labor force, that reduces unemployment rates.

They should be added to the ‘unemployment’ rolls. They’re not working. The labor force today should be 170 million not 162.5 million. Maybe they’re not working because they can’t afford to live on the part time, temp, contingent jobs that have been steadily replacing full time jobs that have been stagnant or declining, while part time/temp/gig has been accelerating? But given his commitment to government stats, Henwood could never agree to that interpretation, could he?

Here’s another difference on the veracity of government labor stats he and I have. In 2006 the labor force was approximately 152 million. It has grown by roughly 10 million–not including the dropping out of 7.3 million represented by the falling labor force participation rate. Henwood accepts as accurate the Labor Dept’s estimate of discouraged workers (U-5) as accurate. In November 2007 just prior to the great recession the discouraged workers category represented only .2 of 1% of the labor force. Given the 10 million increase in the labor force since then, it is today still .2 of 1%. Can it be true that the percentage of discouraged workers has not risen at all in the intervening years–given the impact of the great recession, lagging economic recovery for years, and the fact of 7 million have dropped out of the labor force? It makes no sense that there should not be a corresponding increase in the percent of discouraged workers given the changed conditions of the last decade. The government data must be underestimating the discouraged worker category of unemployed (defined as out of work but having given up looking for the past year).

Yet Henwood once again sees no problem here at all with this category of U-4, discouraged worker unemployment. All he can do is defend his buddies at the Labor Dept. and agree with their stats. Accept all their assumptions, definitions, and methodologies as absolutely correct. Reproduce all their graphs based on those definitions, assumptions and methodologies. And then use them as evidence to attack my alternative interpretations of the data.

Doug, you should spend less time performing his task of defender of government data and stats that Americans know increasingly contradict the reality they face.

You can show all the graphs you want. But they’re graphs based on data (and the definitions, assumptions and methods behind the data) that are sometimes erroneous. And while not all government data is incorrect or inaccurate, to slavishly defend it as you do is a gross disservice to the truth. You defend your positions by employing the very government data that I am arguing is not always truthful. It may be factual, but facts are selective and not necessarily truthful.

You can attack me personally all you like, Doug, but your attack shows one irrefutable conclusion: You believe unconditionally in the government’s data instead of challenging it when called for. In that regard you are an apologist and, when it comes to government data, you are clearly in the camp of the bureaucrats and other government conscious mis-representers of the truth. Misrepresentation by clever statistical manipulation, by omission of facts and alternative interpretations, and by obfuscation based on methodologies that are intended to conceal rather than reveal—-all of which you defend.

You help them maintain the fiction that the economy is doing great, that jobs are plentiful and well-paid, and we’re all better off than we think. That makes you an ideologist, not an economist. I think you’d be great writing editorials for the Wall St. Journal. Given your style and content, you really have more in common with those guys. I’ll write them on your behalf and see if they’re interested.

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