Many in Washington bristled at the public’s failure to register how strong the economy was during the Biden Administration but were they relying on flawed statistics? Unemployment was higher, wages lower, growth less robust than was claimed.
The department’s statistical bureau is a key source of data that shapes how policymakers and Wall Street investors view the economy.
While government statistics offer some useful insight into jobs, employment and poverty, they also miss a lot, and can underestimate poverty and unemployment levels.
Nearly two years into the recovery, Native American workers are contending with a labor market that would be considered catastrophic if it was reflective of the full economy.
Thoughts that huge tax cuts to high-income households will offset a downturn in automobile sales, cuts in public spending, rising college tuition or a dismantling of the health sector are irrational. If theFed raises interests rates, it will threaten a more fragile economy than appears at the moment. The drive to be “normal” in a world that is clearly not normal, may put us in danger of a downturn that will be difficult to recover from.
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