Economic Ups and Downs are embedded with threats. Threats to ideas, policies and ultimately power. Up or down reports say theories be damned this is how it is. These are the facts.
Because up and down is important—essential—we try to measure it. Measurements are sometimes irritants. We search for the words to explain them, no explain them away unless they are our allies. Politicians in particular want their own facts.
Populist programs don’t go broke, for example. If it is popular it is right. Populist dynamics lead the most effective populists to specialize in performance. Theatrics as attraction or distraction—emotion as a weapon.
And what about Progressives? If you are a Progressive you simply find the money you need to fund your utopian theories and when the theories are disproven you make up new ones. Capitalism fails is foundational. And, you certainly don’t spend much time worrying about more government debt, capitalists will fund it.
In fact, and it is proven in today’s politics, neither Populists or Progressives spend any unforced time talking about debt.
Populists and Progressives also don’t spend any unforced time on numbers, period. Statistics are often irritants. So when President Donald Trump woke up to bad labor numbers, ones that disputed his many claims, he fired the messenger. The firing got everybody’s attention, which is to say those who pay much attention to public affairs.
This act made the Jeffrey Epstein affair go away for several news cycles. Of course, prurient stuff never really goes away. Goodness knows how many books are being written right now about the Epstein affair.
Trump must secretly revel in the tools of the Presidency. When his casino and hotel businesses in Atlantic City did not generate enough cash flow to service the debt, he used bankruptcy laws as leverage. He exclaimed to Newsweek in 2011, “I do play with the bankruptcy laws—they’re very good for me.”
In Washington Trump has supported raising the debt ceiling so that Treasury Notes can fund massive shortfalls between what is collected and spent. Isn’t this marvelous? “I have a printing machine.” No, those are not his words, but mine.
Maybe we won’t have to worry in the short term about inconvenient facts. Maybe the White House press operation will take on a new job—filtering government agency statistics and findings. Wonder about health statistics or crime data or gross national product or whatever, well White House minions will tell you what you need to know. Are there any real statisticians that will put up with that?
Yep, I know, I am being polemical. I must admit to being allergic to true believers. My faith in humankind does not stretch that far. I want the facts and I say that, knowing that it is damnably hard to get them straight. The statisticians and processes have to be scrubbed and re-scrubbed by scrupulous people. It is time for Congress to act to design just such a process and protections. There are a few patriots left; they should get together.
Al Sikes is the former Chair of the Federal Communications Commission under George H.W. Bush. Al writes on themes from his book, Culture Leads Leaders Follow published by Koehler Books.
0 Responses
I do hope and believe that most of us are concerned about the increasing debt, and we must demand reliable government statistics. The current path of so-called negotiations for tariffs will impact all of us. Firing the messenger of bad economic news indicates that the president and his tariff-loving advisors are worried that their mercantilist policies won’t bring the results they hope for.
Just wait until the inflation numbers start coming in hot. There will be another messenger fired because it will reveal that instead of needing the Federal Reserve to cut interest rates, we really need them to hold or even increase them slightly.
“Inconvenient Facts” you say. We’ve been categorized into “Populists and Progressives and also don’t spend any unforced time on numbers,period.”Really! Then the attack on President Trump. How convenient to imply statistics are often irritants and tie this to Trump. The statistics have been off for years and Trump said enough. Business would have fired the head of the Bureau of Labor Statistics years ago. Another example of a government agency doing substandard work and finally someone willing to say enough is enough. Statistics are not irritants. The Bureau of Labor Statistics impacts each and every one of us. The data influences how much taxpayers pay, what is received in retirement pay (social security), pay out on treasury bonds, Medicare calculation and SNAP benefits. How inconvenient to leave this out of the Trump attack.
And then continue the attack against Trump for his using bankruptcy laws. Trump didn’t legislate the nations bankruptcy laws, Congress did. They are there for anyone and everyone to use. How convenient to point blame for using legal laws as leverage. Nancy Pelosi wasn’t mentioned for breaking the law with reported insider trading for years but that didn’t fit the narrative.
Yes, “maybe we won’t have to worry in the short term about inconvenient facts.” What a hit job and the populists are getting sick of this smack down. Maybe the author should write just one article praising the performance of the Biden administration and all the positive results achieved both domestically and internationally during the four years. Maybe the author should write just one article praising the media for its objective and balanced reporting over the last 8 years or so. Maybe the author should write just one article reporting on the benefits to the nation from the deep state. How convenient to embrace the ills of the nation with silence. Yes, the patriots are finally getting together and shaking all the trees, and the bugs are being exposed to the light of day.
So Bob, looking forward to a Trump pick to grease the numbers for him? How about a Trump sycophant to take Powel’s job.
Firing Powell would be an unprecedented move in the central bank’s 111-year history, potentially sparking a landmark legal battle, turmoil in financial markets and economic uncertainty. The move also won’t assure Trump gets lower interest rates, since Powell is only one out of 12 people at the Fed who vote on policy moves.
But it is not about our nation, right? It is about Trump’s tiny ego and his disastrous tariffs. The economy is sinking. We can only imagine what the markets and international investors will do when no one can trust any numbers.
This is the continuation of a Soviet/Chinese economy. You know, central control. No democracy.
And the Bureau of Labor Statistics should and always has been apolitical for the same reason.
This is why we fight.