Friday, October 5, 2012

Good News is Bad News

Jack Welch, nursing a grudge,
Said: "The joblessness numbers are fudged;
Self-seekingly cooked,
Like the numbers I booked
At GE, so I'm able to judge."

When the Bureau of Labor Statistics announced this morning that the unemployment rate had fallen below 8% for the first time since January 2009, it disappointed many Republicans who were hoping for a weak number to strengthen the hand of their Presidential candidate. One of those Romney supporters, former GE CEO Jack Welch, took his disappointment a little too far: Economists such as Justin Wolfers leapt to the defense of the BLS, which, although part of the President's cabinet, has a proudly independent and non-partisan structure and tradition. Other commentators regarded Mr. Welch with irony and contempt, considering the earnings manipulation that occurred during his management, resulting in a settlement of SEC charges.

Shout-out to all the fans of Dr. Goose at the BLS!

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