Credibility of labor statistics is American success story
A relatively small number of conspiracy theorists claiming the Obama administration somehow "cooked the books" on jobs data were getting a fair amount of attention Friday, but the fact that people indulge some loopy notions at the height of campaign season isn't a big deal.The real story about the Bureau of Labor Statistics data is how enormously credible it is. Financial markets, the press, opposition politicians and everyone else almost uniformly takes it seriously. ...This is a remarkable fact, and it's a big part of what makes America great. Trustworthy economic data is a very valuable public good that serves as a useful production input for tons of private businesses. It also helps smaller-scale government agencies and nonprofits make smarter decisions.And last but by no means least, precisely because the BLS is credible, presidents know that they'd take an enormous political hit if they were seen as manipulating it.The result is a stable equilibrium that's friendly to democracy and capitalist prosperity alike. ...-- Matthew Yglesias, SlateDemocracy hasn't confronted capitalism's malfunctionsI spent the summer and fall of 2011 driving across the country and interviewing jobless Americans. Those out of work do not need belated coaching on where to direct their anger. They began pointing fingers long ago -- the moment their jobs were taken away against their wishes, through no fault of their own. ..."It was like this thing out there in the universe had done this to me," said Sue Whetten, a 55-year-old horticulturist from Fort Collins, Colo. She had worked at the botanic gardens in Cheyenne, Wyo., until she lost her job to budget cuts in 2010.In the global economy, we accept a brand of capitalism that disconnects corporate leaders from the employees affected by their decisions. This geographic, civic and economic separation is what many unemployed people blame for their joblessness. ...Jobless Americans are Democrats and Republicans. Whatever their affiliation, many blame our democracy for not confronting the malfunctions of capitalism. Waiting for corporate leadership to reconnect with the demoralized American workforce is not an option. ...-- DW Gibson, Washington PostHave more to add? News tip? Tell us
