How government lies about the economy
The jobless rate is down. The stock market is up. Inflation is low. The Fed is stimulating the economy through quantitative easing. The recovery is picking up steam.
Such daily feel-good headlines, created by the Obama administration and amplified by the press, glide pleasantly over our minds and reassure us all is well, or soon will be. But what do these headlines actually have to do with reality?
Often very little. The establishment media’s financial reporting is just like their reporting on politics and culture – which is to say, biased, inaccurate and misleading, sometimes intentionally so.
In fact, a great deal of what passes for “objective reporting” on the economy is little more than “laundered” press releases from the government (and other power players like the Federal Reserve) whose credibility depends on continually deceiving the public.
So, what are the government, the Fed and their media cheerleaders hiding?
Let’s begin with the unemployment rate.