The Real State of the Economy
Aug 02, 2008
Here is an excellent article that tells us the real state of the economy, as opposed to the sanitized version that the government puts out in election years.
"The economic reality is not reflected in official US Commerce Department or Labor Department statistics. There the data is constantly being "revised" to hide the grim reality in an election year.
"My good friend, economist John Williams of California, has meticulously tracked such "data revisions" for more than 25 years and found the manipulation of reality so alarming that he founded an independent subscriber service titled 'Shadow Government Statistics' (http://www.shadowstats.com/), where he makes best estimate calculations of the reality not the official mythology.
"By Williams’ calculations the US economy first entered recession, defined as two consecutive quarters of negative GDP growth, at the end of 2006."
I found this particularly interesting, in view of the fact that the seventh bowl of wine was poured out in Babylon, NY on Oct. 7, 2006. William calculates that the actual recession began at the same time.