Govt always underestimates bad news
Aug 26, 2009
Government loves to fudge its figures, playing little games with the American species (americanus boobus). Unemployment figures are manipulated by including only those who collect unemployment checks, rather than including all who are truly unemployed. Those not included are the worst off, because they have no job and no unemployment benefits either.
Then, to make it worse, government figures always underestimate the unemployment rates each month in their first announcement. They know that they can "revise" the figures later in a secondary "old news" statement that provokes only yawns. They do this consistently each month. If they were really honest, you would think that once in a while they would overestimate the unemployment figures and later have to revise them downward. (Now THAT would be news!)
Yesterday the deficit figures were released, and (you guessed it!) they had to revise their projections for the deficit upward $2 TRILLION dollars. The Wall Street Journal reports:
You can bet their booty that these figures will be revised regularly in the years to come, and that the figures will continue to get worse. Have the deficit figures EVER been revised downward? They know that the public would be angry and shocked to know the truth, so they must be conditioned more slowly to such high deficits. And so they revise them periodically in order to boil the frog slowly, allowing the people to get used to such vast amounts of money that each person owes.
At some point, of course, everyone will have to recognize that the debt is unpayable. It appears that foreigners have already recognized this, even if our own government has not. Foreigners have stopped buying our debts, and the Fed has had to set up straw companies overseas in order to hide the fact that they are buying up their own debt!
Everything is done in secrecy, supposedly for the good of the people. What we don't know won't hurt us, they say. I tend to think that what we don't know will eventually take us by surprise, and if we are not prepared for it, we will be hurt far worse in the long run.
Each president has done his best to pass off the problem to his successor. This has worked up to now, but it is my belief that President Obama has been set up to take the fall. It is good to see that Mr. Bernanke will continue on at the Fed, having been re-appointed yesterday. Yesterday I listened to a collection of exerpts of his speeches from 2005-2008, where he consistently insisted that there was nothing wrong with the economy, and assured us that all was well with the economy, including the mortgage crisis.
He was wrong right up to the time of the crash. I think he needs to stay there and continue being wrong until his lies are exposed. Meanwhile, as a nation, we deserve everything we get. But unfortunately, there are many individuals who have to suffer for the sins of the people. This was true also in biblical days, though God did spare those who listened to His voice.