Trump Removal of BLS Commissioner Prompts Questions About Accuracy of Economic Stats
Main Idea
Donald Trump's dismissal of the Bureau of Labor Statistics (BLS) Commissioner has sparked discussions about the accuracy of BLS data, with Ray Dalio supporting the decision and criticizing the agency's estimation process.
Key Points
1. Donald Trump recently dismissed the Bureau of Labor Statistics (BLS) Commissioner, raising questions about the accuracy of BLS data.
2. Ray Dalio, founder of Bridgewater, stated he would have also fired the BLS head, criticizing its estimation process as flawed.
3. Dalio claimed private estimates are more accurate than those produced by the BLS.
4. Trump's nominated replacement for the BLS, EJ Antoni, has previously criticized the agency's data as 'BS' and suggested suspending its reports.
5. The BLS is responsible for key economic data, including employment figures and the Consumer Price Index (CPI), which measures inflation.
Description
Donald Trump's dismissal two weeks ago Bureau of Labor Statistics Commissioner Erika McEntarfer and nomination of EJ Antoni as her replacement is generating plenty of "inside baseball" chatter among the political class. But did the president — as uncouth and ham-handed as his methods are — stumble upon a truth that was hiding in plain sight: that the government economic data relied upon by markets and business leaders for the allocation of hundreds of billions in capital just isn't very accurate...
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