Jack Knows

Posted on October 10, 2012 by


Nothing says “unbiased media” like a coordinated, frontal assault to defame, demean, and dismiss someone whodares to criticize big government.

Enter, Jack Welch, who dared to claim there might be some manipulation of the data behind the 7.8% unemployment numbers. Jack Welch then what Jack Welch always does when there’s a problem. He confronts it. Take a listen: I Spy Minute for Wed Oct. 10, 2012.

Or read the transcript below…

(If you’d like to read Welch’s excellent analysis, including the fact we’d have to break three multi-decade records in order to achieve 7.8%, here’s a link to his article.

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Last week, the unemployment number dropped unexpectedly.

At the time, Jack Welch, former CEO of GE tweeted, “Unbelievable jobs numbers. These Chicago guys will do anything.  Can’t debate so change numbers.”

Naturally, the unbiased media jumped on him like a pack of rabid, starving dogs.

The media tried to claim there’s no way the numbers can be manipulated.

Here’s a dirty secret of statistical analysis: {whispered} “Every survey is open to bias.”

For example, if you have good reason to believe someone is lying to you, you can throw out that data point. The question then becomes, how many data points did you throw out?

Or, as Jack Welch points out in the Wall Street Journal, the range itself is suspicious: what qualifies as a “part-time” job is anywhere from 1 to 34 hours.

You mow your elderly neighbor’s lawn and she insists you take $5 for it—you’re now employed part time.

Even if the survey wasn’t gamed, the reality is, we have 143 million people working today, compared with 146 million in 2007. Don’t tell me things are better.

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