Gov to edit estimates on economy going back to 2001

padre31 · Aug 1, 2009

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNivTjr852TI

It amazes me that anyone with more than a room temperature I.Q would read or bother to put any trust into economic numbers released by the .Gov.

Here, not only was the economy in much worse than we thought in 2008, in 2001, it really wasn't that bad.

For example:

Higher incomes and less spending translated into bigger savings. The savings rate for 2008 was revised up to 2.7 percent from 1.8 percent. The rate shot up to 5.2 percent in the second quarter, the highest level since 1998.

The government revised corporate profits down for 2006-2008 and up for 2004 and 2005.

Finally, Commerce shifted food services, which include meals purchased at restaurants or served in schools, out of the food category. As a result, the Fed’s preferred inflation gauge -- which tracks consumer spending and excludes food and fuel -- was pushed up by 0.2 percentage point for the three-year period from 2006 to 2008.

The costs of meals away from home are not as volatile as fresh food, the government said, and therefore services should be included in the measure commonly known as the core index.
Click to expand...

Nice, so what you purchase for dinner, if it goes up in price, does not count, as it is "fresh", what you buy at McD's for .99cents "counts" because they can lower their prices via market monopolization for bulk frozen food sales.

gafinfan · Aug 1, 2009

Hey, just pick a number and then make it say what ever you want it to say! Thats the US Government way!!:lol::shifty:

2socks · Aug 2, 2009

padre31 said:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aNivTjr852TI

It amazes me that anyone with more than a room temperature I.Q would read or bother to put any trust into economic numbers released by the .Gov.

Here, not only was the economy in much worse than we thought in 2008, in 2001, it really wasn't that bad.

For example:

Nice, so what you purchase for dinner, if it goes up in price, does not count, as it is "fresh", what you buy at McD's for .99cents "counts" because they can lower their prices via market monopolization for bulk frozen food sales.
Click to expand...

Inflation is coming and they know it........Obama's way of manipulating us again

Kind of like it was always a 2 year plan and 4 million jobs created or (saved)

I believe Lincoln said you can fool some of the people some of the time(52%)

but you can't fool all the people all of the time (48%)

Agua · Aug 6, 2009

Holy cow that's about as "in your face" as you can get. Haven't looked at financial press in a few days; what's the take on this BS? I know already, but wondering if any gut buster comments have been generated.

padre31 · Aug 8, 2011

Another timely bump, this stuff was all predictable.

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