Is Our Economic Data Fatally Flawed?

Courtesy Donklephant  Mon, 11/09/2009 - 2:52pm

The New York Times uncovers a rather disturbing oversight that economists are just now focusing on.

Actually, disturbing isn’t the right word. Terrifying is much more of an accurate descriptor.

In any event…

The fundamental shortcoming is in the way imports are accounted for.

A carburetor bought for $50 in China as a component of an American-made car, for example, more often than not shows up in the statistics as if it were the American-made...



 

More related items

They're back: Social issues overtake US politics (AP)
AP - All of a sudden, abortion, contraception and gay marriage are at the center of American political discourse, with the struggling — though improving — economy pushed to the...

Leaving 'No Child' law: Obama lets 10 states flee (AP)
AP - It could be the beginning of the end for No Child Left Behind.

Marines posed with Nazi SS symbol in Afghanistan (AP)
AP - The Marine Corps confirmed Thursday that one of its scout sniper teams in Afghanistan posed for a photograph in front of a flag with a logo resembling that of the notorious Nazi SS.

States, Feds to announce mortgage settlement (AP)
AP - Federal officials say a deal has been reached between states and the nation's biggest mortgage lenders over foreclosure abuses.

AP sources: New Pentagon rules on women in combat (AP)
AP - Pentagon rules are catching up a bit with reality after a decade when women in the U.S. military have served, fought and died on the battlefields of Iraq and Afghanistan.


 

Post new comment

The content of this field is kept private and will not be shown publicly.