Paul Craig Roberts: The “New Economy” Is The No Jobs Economy

03 Economy, 11 Society, Corruption, Government
Paul Craig Roberts
Paul Craig Roberts

The “New Economy” Is The No Jobs Economy

EXTRACT:

One of my most popular columns was about escaping from the Matrix existence in which Americans live. It is a world of disinformation and misinformation in which facts are fiction, and abstract theories are substituted for empirical reality.

Official government statistics are make-believe. The government makes inflation and unemployment disappear by how it defines inflation and unemployment, and it makes the economy grow by how it defines Gross Domestic Product. The definitional basis determines the statistical result.

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The lack of reality in America is extreme. I do not believe anything like it has ever existed in the modern world. Essentially, no one in government or out understands anything.

The combination of the power of vested interests with ideological thinking remote from empirical reality is destroying the US economy and the economic prospects of the American people.

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