[FoRK] Behind the jobs debacle...
jbone at place.org
jbone at place.org
Mon Mar 15 14:42:20 PST 2004
JR, in yet another example of
> It is patently obvious that most of the talking heads either 1.) spin
> the employment statistics to look a certain way for purely political
> reasons, or 2.) are too innumerate or illiterate to actually read the
> Department of Labor statistics. And everyone else parrots it like the
> gospel truth.
It's patently obvious that the debacle in question is the actual
numbers relative to the previously forecast numbers, which look a
certain way because, well, of the magnitude of the numbers.
As for talking heads, political agendas, innumeracy and illiteracy, I
"There has been a major shift since the February employment report was
released," said Lynn Reaser, chief economist for Banc of America
Capital Management. "Prior to that point there seemed to be a view that
the job market would improve very soon, and since that release there
has been a growing skepticism that job growth will pick up within the
next few months."
I think it's safe to say that Reaser probably is neither innumerate nor
illiterate. As for talking head, well, perhaps. As for agenda, I fail
to see how the interests of a major executive and economist at one of
the world's leading banks is served professionally or personally by
spinning propaganda yarns that don't coincide with reality. Too much
rep on the line in circles where cool appraisal of objective reality is
required. OTOH, say Krugman, okay, it's easy to see an agenda there.
But somebody like Reaser...
Actually, though, I do agree with you. This is indeed a story of
innumeracy, illiteracy, and political agenda. Unf., it's the story of
all of the above in service of the administration's propaganda war and
in its ineffective attempts to counter-spin the actual state of the
economy. They wanted to paint a rosy picture of strong job growth and
so they did so and hoped for the best, with as little substance and
science behind the forecast as the supposed abortion-breast cancer
linkage that this administration has also spun in another spin-arena.
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