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Preface: Are the Economics and
National Media Professionals
Responsible to Educate on Important Economic Questions?
1. Is Wages Stagnation Fake News?
Misused Economic Variables
Create Bias
Paul Krugman recently blamed economic journals
for the inability
for economists to community truth.
See
5 min video
Problems With Long-Term Economic Measurements
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1. Kevin Hassett, chair of the Council of Economic
Advisers
believes if you deflated average hourly earnings by the
PCE rather than the CPI,
earnings look a lot better over the last year.
Source
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A. Deflating average hourly earnings
(AHE) by the
personal consumption expenditures (PCE)
rather than the consumer price index (CPI)
provides a more appropriate view.
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B. Employment Cost Index (ECRI) Shows
Benefits Feeling the Pinch
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Problems With Economic Measurements Over Time. 5
min video
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2. Unintended
Consequences
Quintiles 2 and 3 React Poorly to
Lowest Quintile 1 Having Big Gains
Top Quintile Did OK Except for the
Very Top.
Need More Data to Judge Effect on Top 1%.
Many economists are interested in selling their opinion to Think
Tanks,
politicians recently blamed economic journals for the inability for
economists to community truth.
Publishing and Promotion in Economics: The Tyranny of the Top Five
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Good News on Two Fronts
1.
A few weeks back, economist Robert Samulson
wrote about a new study
from the Congressional Budget Office (CBO) that
convinced him, though rising slowly,
over long periods, that income increases are
significant. Average inflation-adjusted household
incomes
for the middle fifth rose from $56,400 in 2000 to
$64,700 in 2015, a 15% gain.
An Urban Institute
complementary
report by economist Stephen
J. Rose
reaches a similar conclusion.
Source
2. Some Economist are Acting Responsibly. Are you
listening:
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Presidents
Are Not Ammine
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Few in Media
Understand the Basic Economics of Political Issues
See
Distributing Income and
Economic Wellbeing
Please Share
Comments to
antonw@ix.netsom,com
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