What would happen if America started faking its economic data? Here's what happened when other countries did it
(CNN) Lying to your lenders is a bad enough idea when youre an individual. Its even worse when youre a country.
Thats the specter critics of President Donald Trump have raised after he fired the head of the US Bureau of Labor Statistics this month after disappointing jobs data. While theres no indication the data has been rigged (assertions from the White House aside) or will be rigged in the future the White Houses nomination of a partisan to lead the governments economic data agency was enough to worry global economic and financial circles.
Theres historical precedent for that fear. Countries like Greece and Argentina have been both been punished by investors for putting out manufactured numbers in the past.
President Trump has just taken one very negative stop along a slippery slope, Alan Blinder, a former vice chair of the Federal Reserve, told CNN. The next worry is going to be manipulation of data.
https://finance.yahoo.com/news/happen-america-started-faking-economic-080041502.html

gab13by13
(29,739 posts)the dollar will be at risk for not being the world's currency.
Our GDP used to cover our debt, not any more.
Timewas
(2,516 posts)If not already happening, I don't trust any numbers coming out of an government office anymore.
Wiz Imp
(7,025 posts)It will be blatantly obvious if/when it happens. It's far more likely they will just stop publishing data that doesn't look good.
You are welcome to your beliefs....How are you so sure??If you have some inside info I would love to see it..
Wiz Imp
(7,025 posts)I am a recently retired government statistician who worked closely with the Bureau of Labor Statistics for over 33 years. I can say with absolute certainty that the career government statisticians will never manipulate data, they would resign before throwing away their integrity with fake data.
Beyond that, there are 3 blatantly obvious signs that the data has not been manipulated to this point. First, if they were going to fake data, they'd make the data look good. All of the economic data released by the administration so far has been mediocre at best and downright terrible in some cases. Second, firing the BLS Commissioner was an obvious sign that the data from BLS has been honest. Third, and most importantly, the entire economic community in this country brutally criticized Trump for firing the BLS commissioner fearing it was a sign he will try to manipulate the numbers moving forward. I have been unable to find record of a single economist or statistician who has accused Trump of already faking the data. That's because it hasn't happened. Professional economists and statisticians aren't stupid - they will be able to tell when the data ceases being honest and at that point will make sure the entire world knows it.
Timewas
(2,516 posts)The three types of lies "Lies, Damn lies and statistics"
Too easy to manipulate numbers to be really believable...Regardless of what you are an expert at, I do not believe anything that comes out of this administration.
My opinion
Wiz Imp
(7,025 posts)

















Jim__
(14,911 posts)The undermining of the US economy being just one of his accomplishments.