This is why we can’t have nice things…

From Laurence Kotlikoff, Professor of Economics at Boston University (emphasis added):

“There is nothing in the math of economic theory that pins down the government’s word choice and each labeling convention will produce a different reported time path of debt, deficits, taxes, and spending. At their heart, these measures are linguistic and convey nothing about a country’s underlying fiscal policy – only about what the government decides to put on and keep off the books.”

Remember this the next time the government tells you that the recovery is continuing, that unemployment is falling, and that things are getting better…


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