Fake News Warning
Unintended
Fake News is not intended communication.
It's
When Professionals Provide Inadequate, Bias Information.

Political Economy
This Fake News is Concerned With Personality, Not Policy
Bias Quantitative Information Allowed By
Many Media, Economist, Politicians

Return to Unintended Fake News Internet Library  12/1/18   Please Share
 

 

Preface: Are the Economics and National Media Professions
 Responsible to Educate on Important Economic Questions?

Example: Wages Stagnate

Inflation Measurement and Variable Reported Can Create Bias

Politicians,  Media... use quickly available data when it suits their purpose,
otherwise, they often chose inappropriate data.

See Problems With Economic Measurements Over Time. 5 min video

 

Kevin Hassett, chair of the Council of Economic Advisers
believes if you deflated average hourly earnings by the PCE rather than the CPI,
 earnings look a lot better over the last year.
Source

1. Deflating average hourly earnings (AHE) by the
personal consumption expenditures (PCE)
rather than the consumer price index (CPI)
provides a more appropriate view.

2. Employment Cost Index (ECRI) Shows
Benefits Feeling the Pinch
 

 

3. Quintiles 2 and 3 React Poorly to Lowest Quintile 1 Big Gains
Top Quintile Did OK Except for the Very Top.
Need More Data to Judge Effect of 1%.

 

Many economists are interested in selling their opinion to Think Tanks,
politicians recently blamed economic journals
for the inability for economists to community truth.
Publishing and Promotion in Economics: The Tyranny of the Top Five

Good News on Two Fronts

1. A few weeks back, economist Robert Samulson wrote about a new study
from the Congressional Budget Office (CBO)  that convinced him, though rising slowly,
over long periods, the increases are significant. Average inflation-adjusted household incomes
for the middle fifth rose from $56,400 in 2000 to $64,700 in 2015, a 15% gain.
An Urban Institute complementary report by economist Stephen J. Rose 
reaches a similar conclusion. Source

2. Some Economist are Acting Responsibly. Are you listening:

Few in Media Understand the Basic Economics of Political Issues
See Distributing Income and Economic Wellbeing

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