The report states that several regions of data gathered for the Department of Labor were...FAKED. And not just "Oh - we couldn't get enough people, so we continued the trend" but "We got this number because it was a good number!"
This has created two major problems:
- The fake data boosted unemployment from 8.1% to 7.8% in one month - the same month that there was widespread conjecture about an incumbent President never being re-elected with unemployment rates above 8%, and
- Vital government statistics that the world, Federal Government, State governments, businesses, banks, The Fed, the IMF are... FAKE.
If you want to ruin a country's reputation, you do this kind of political manipulation (for favor of the ruling party). Think China or Venezuela.
Now, government statistics are suspect, and no one - with any certainty - can truly tell which way the economy is going.
This is truly banana republic stuff here...