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Dear Reader, |
The furies are loose… the angels tremble… the heavens have fallen. |
At midnight last evening, the United States government partially "shut down." |
How the nation can possibly endure the dark days to come… I do not know. |
I — for one — must postpone my planned pilgrimage to the National Park of American Samoa. |
Others, I am certain, confront similar hells. |
And on this black day, please spare a tender thought for all victims of this evil event. |
The Good News |
Yet take comfort. As I have stated prior to previous closures: |
Federal workers deemed essential to the safety of the Republic will remain in post — the customs official at Ketchikan, Alaska, for example. |
The Transportation Security Agency will continue guarding the aerial ways against infants, nuns, wheelchair-riders and related devils. |
In event of armed invasion, the Marines will leap from their barracks. |
Social Security checks will still go issuing through the mails. |
Even Better News |
I bear additional positive news. It concerns one subset of furloughed federal employees. |
I refer here to the government statisticians who collect, sort, analyze, worry, torture and weaponize economic data. |
That is, the government statisticians who cannot strike bullseye at the price of their souls… |
Who overcounted, for example, some 911,000 United States payrolls last year. |
These Wrong Way Charlies are deemed nonessential government employees. |
And so as of midnight last evening, they are on furlough. |
Thus we are free from their deceptions — for the present at least. |
I hope merely that it is an extended freedom. |
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A "Data Vacuum" |
Yet Wells Fargo sobs that their temporary dislocation would: |
Create a data vacuum at a time when the path ahead for the economy remains uncertain. A shutdown could delay influential economic data reports published by government agencies, as employees involved in collecting and processing the information are deemed non-essential. |
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Yet of what value is false economic data that vastly misrepresents the true economy? |
It puts out false signals that give false impressions. |
It is a twisted sign on a roadway that points motorists in the wrong direction. |
Why should we lament the loss of misinformation, however temporary? |
I mentioned the severely botched unemployment data. |
It is but one example of statistical distortion. There are others. |
Consider government calculation of the gross domestic product. |
Economic Idiocy |
I have previously cited this theoretical example: |
Assume the government pays a fellow to shovel a hole. Assume further that the government pays him to shovel it back in. |
In the official telling, you have just witnessed an addition to the gross domestic product. |
Have you? Or have you merely witnessed an idiocy? |
You have witnessed an idiocy. You have witnessed a juiceless pursuit that did not improve the world one jot. |
You have witnessed a squandering of time, of effort, of resources. |
Debt-Financed Idiocy |
Imagine further that the charade was financed through debt. |
That debt must eventually be serviced — with interest into the bargain. |
Recall, government lacks all resources. |
Before government can ladle out one meager dollar for guns, for butter, for bread, for circuses… it must first pluck it from private pockets — directly or indirectly. |
That is, through taxes or credit. That is, through taxes or taxes. |
The dollar borrowed may appear a lesser plucking than the dollar taxed. |
Yet it is an equal plucking. It is merely a plucking at one remove. |
Thus any borrowed dollar that "expands" the gross domestic product is likewise a burden. |
It is at once liability and asset. |
The government statistician observes only the asset. |
They Ignore the Debt |
Mr. Peter Reagan of Birch Gold: |
Here's the most worrisome thing about GDP calculations… there's no offset for debt! None! |
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Debt-financed purchases like a new home or a new federal construction program add to GDP. Paying off the debt incurred does not subtract from GDP. No matter when you pay it off. |
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In other words, GDP only tells you how much you spent on the shopping spree — and ignores the credit card bill that follows. ' |
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I concede the possibility — the possibility — that the borrowed dollar may funnel into economically productive endeavors. |
Yet much of government borrowing finances consumption. Thus it is not productive. |
The Lies of Inflation |
And how do elevated consumer prices indicate an expanding economy? |
Mr. Reagan: |
According to the Bureau of Labor Statistics (BLS), the price of ground beef increased by nearly 65% over the last five years. |
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Other necessities, like electricity, only went up 36% since 2020. |
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Here's the astonishing thing: As your cost of living increases, GDP increases too! That's right — higher bills means "increased economic activity" which is often interpreted as a booming economy. |
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Do you feel wealthier at the grocery store, when your trip costs you 25% more than it would've in 2020?... |
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Here's the reality: Higher GDP has nearly no correlation to prosperity. When you look at real-world changes in cost of living, we simply aren't more prosperous than we were five years ago. Period (no matter how much GDP increased over those years). |
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Now do you understand how GDP is as much a measure of higher costs of living as it is a measure of real economic activity? |
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I do, sir. I do. |
Thus I am heart and soul for the government statistician's permanent furlough. |
He is a source not of revealing light… but of concealing fog. |
And his personal loss would be the nation's unequivocal gain. |
Alas, like the bad penny of proverb… he will return. |
We cannot free ourselves of him. |
Regards, |
Brian Maher |
for Freedom Financial News |
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I would never — ever — say that. But… |
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How? |
Go here now for details — and judge for yourself. |
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