New post added at News Channel 365 - Expert: Obama economy based on doctored dataSource: wnd - Friday, December 26, 2014 NEW YORK – The White House appears determined to deliver in the president’s upcoming State of the Union speech a ringing message that economic growth under Obama is robust, with the DOW topping 18,000 for the first time and the Bureau of Economic Analysis reporting last week revised estimates placing third-quarter growth at an impressive 5 percent. But critics, like ShadowStats econometrician John Williams, call it a smoke-and-mirrors illusion of economic data dishonestly calculated and reported to look rosy. Put simply, Williams, in the most recent edition of his subscription newsletter, argues that the developing White House narrative of “the strongest economic growth in a decade” is nonsense. He argues that the full economic recovery indicated by the real GDP numbers reported last week by BEA is “a statistical illusion created by using too-low a rate of inflation in deflating (removing inflation effects) from the GDP series.” Williams further argues “no other major economic series has shown a parallel pattern of official full economic recovery and meaningful expansion beyond, consistent with GDP reporting.” Williams’ analysis of retail sales, again adjusted to remove an artificially low rate of inflation, shows “a pattern of plunge and stagnation and renewed downturn, consistent with patterns seen in series such as consumer indicators like real median household income, the consumer confidence measures and in the unemploymeAll Related
Posted on: Sat, 27 Dec 2014 22:45:24 +0000
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