Response to Rasmus

Here’s my response to Jack Rasmus’ complaint about my fact-checking him (“GDP revisions: not a conspiracy, Jack”). His words are in purple italics; mine, in normal type. GDP for 2012, as I pointed out in my prior article, ‘Economic Recovery by Statistical Manipulation’, was raised by almost 33% as a result of the BEA revisions–from the 2.1% annual growth to 2.8%. GDP wasn’t revised up by almost 33%—it was more like a tenth that. Rasmus means that the growth rate was revised up by 33% (no almost about it). It’s a minor error, but… Read More

Rasmus responds

Jack Rasmus has filed this remarkable response to my post yesterday criticizing his criticism of the GDP revisions. I’m posting this unedited (including leaving his Twitter handle, which he’s coded as a hashtag). I’ll respond shortly in the next post. TO Doug Henwood: Here’s my reply to your personalized polemic to my recent article on GDP revisions, which is published on my blog and elsewhere. Jack Rasmus “On Wednesday, July 31, the Bureau of Economic Analysis, undertook a major revision of GDP statistics. The result was a major upward revision of GDP… Read More