Wednesday, February 03, 2010
Who you calling "we" Kimosabe?
Anyone who did not know the labor market was in worse shape than the government was saying*** was either not paying attention, is too dumb to have a job, or is a business journalist. For the latter to report numbers as reality when there is every indication they are false is malpractice and a disservice to everything a free press is supposed to represent. But who wants to bet journalists will be just as surprised at next January's "surprise" revisions too?
(hat tip: Mish)
* pretty much by definition, I guess.
** which is how the Stimulus managed to create or save exactly as many jobs as advertised even as the labor market went to hell in a handbasket.
*** And will continue to say; this is an adjustment to the past, not the present. The labor market will be worse than the government is saying going forward as well, and for the same reasons.