Quote:
Originally Posted by retmil46
An old teacher of mine once said "There are lies, damn lies, and statistics". Amazing sometimes how people can take the same set of data, and after a little manipulation, can come up with totally different results to support their particular world view.
From what I've seen personally, in this economic cycle, it really depends what sector and part of the country you're in as to whether it's boom or bust. In this area, if you're getting paid by the hour, wages AND compensation are headed downward.
In Mecklenburg county/Charlotte, which has become of the headquarters of several major banks, you've got a high concentration of millionaires. Go over to the next county, and you've got unemployment rates up between 5 to 10 percent, from plants and other businesses that have closed their doors and moved offshore.
So I can well see how some believe the economy is doing great, while others think it sucks.
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Yes, I understand the manipulability of statistics, however, it's the same statistics that the country have been using for decades (as pointed out by Mr. Will), they're calculated by anyone who cares to wade through the data. It's not as if this is some kind of "hockey stick" data and analysis that's clearly been rigged and the data is not shared.
On a national level the economy is doing great and has been for years. Especially if one compares to previous decades and normalizes the currency. Why the continued pessimism? BTW, same can be said regarding environmental concerns. So why the pessimism?