Much to my chagrin on Twitter, former General Electric Chairman and Chief Executive Officer, Mr Jack Welch, expressed bewilderment and suspicion at the improbability of the unusually high September jobs numbers which led to a 0.3 per cent reduction in unemployment. An explanation, however, is present given the part-time and apparently temporary nature of the jobs which are being created since September.
‘Should unemployment be seasonally adjusted for the political season which is using campaign financing dollars for perennial campaigns instead of governing in the age of grassroots campaign organizations such as Obama for America?’ is an open question for economists and policy makers alike.
Though, in our judgment, data disparities at Bureau of Labor Statistics (BLS) are not the cause of the unusually fluctuating unemployment numbers, manipulating leading and lagging economic indicators by manipulating the data cycle between preliminary and final numbers, or data between revisions, for political gain by the Democrat Party is indicative of incompetence and corruption in US government.
Cognitive dissonance is preventing the populace from seeing the systemic effects of the 2007-2008 crisis. Inability of the populace to see the systemic effects of the crisis is opportunity for corruption.