Trump-fired Bureau of Labor Statistics Commissioner Erika McEntarfer, in a lecture at the Levy Economics Institute at Bard College in New York City, yesterday:
“Firing your chief statistician is a dangerous step. That’s an attack on the independence of an institution arguably as important as the Federal Reserve for economic stability. It has serious economic consequences, but that they would do this with no warning — it made no sense.”
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“Messing with economic data is like messing with the traffic lights and turning the sensors off. Cars don’t know where to go, traffic backs up at intersections.”
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Referring to Argentina, Greece, and Turkey: “The resulting loss of trust in economic statistics led these countries to worsening economic crises, higher inflation and higher borrowing costs.”
Taking McEntarfer's economic data analogy a step further, it's like putting a toddler (the economically illiterate Malignant Fascist) behind the wheel of a car that's heading toward traffic lights that are turned off. Exciting times!
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