Government Statistics Do No Reflect Economic Reality: EJ Antoni

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This is a condensed version of the interview with EJ Antoni. The full version was released on Epoch TV on September 12, 2024.

EJ Antoni is an economist and fellow at the Heritage Foundation, whose research focuses on fiscal and monetary policy. In this episode, he breaks down the discrepancies between government data, media reporting, and today’s economic realities.

“Essentially, a third of all the jobs we thought we had added over that year are gone. They never existed. It’s like taking four whole months of job creation and ripping them off the calendar,” says Antoni.

Antoni analyzes various indicators and inputs to determine what the real data reveals about the state of our economy.

“We don’t see the numbers quite matching up to a lot of the government statistics,” says Antoni. “And we get into some very perverse situations where the [Bureau of Labor Statistics] actually counts something as an increase in quality when, in fact, it’s a decrease, and the consumer is paying more for it.”

“When we look at business sales, business inventories, and it doesn’t matter if it’s we’re doing retail sales, wholesale sales, manufacturing sales, you name it, all of these different pieces of information, a lot of which we get from the Census Bureau. People look at these numbers and say, My goodness, they’re going to the moon. The economy is doing great. But none of them are adjusted for inflation.”

“Where I think this becomes scandalous is the fact that these statistical problems first became evident in the spring of 2022, so more than two years ago, and nothing has been done to correct them.”
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