7.13.2022 – pick and choose numbers

pick and choose numbers
that tell you what you want and
glue them together

Adapted from the last paragraph of the article, The Humbug Economy, by Paul Krugman in the New York Times.

Writing about the current economic climate, Mr. Krugamn stated:

Overall, the picture appears consistent with a “soft landing” — a slowdown that falls short of a full-on recession, or involves a mild recession at worst, together with stabilizing inflation.

But, of course, we don’t know that. In fact, given the wide discrepancies in economic data, economic pundits (including me) have unusual freedom to believe whatever they want to believe. Just pick and choose the numbers that tell you what you want to hear and glue them together.

He also stated:

Are you confused? You should be. I’ve been in this business a long time, and I can’t remember any period when economic numbers were telling such different stories. On the other hand, we’ve never before faced the kind of shocks we’ve gone through in the past few years: Both the pandemic-induced recession and the recovery from that recession were, to use the technical term, weird, and maybe we shouldn’t be surprised the measures we normally use to track the economy aren’t working too well.

Hmmmmmmmmmmmmmmmm.

Both the pandemic-induced recession and the recovery from that recession were, to use the technical term, weird, and maybe we shouldn’t be surprised the measures we normally use to track the economy aren’t working too well.

Got to love the use of the technical term, weird!

And the warning that we shouldn’t be surprised the measures we normally use to track the economy aren’t working too well?

NO KIDDING!

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