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February 18, 2004

The Prez is biting my lines

Max Sawicky noticed that poor Mankiw is being left out there all alone.

This leaves Bush's chief economist, N. Gregory Mankiw, in an uncomfortable position. His boss has renounced The Economic Report of the President (sic), which predicted 2.6 million new jobs (year over year average) this year. Mankiw had already been rubbished by the Secretaries of Commerce and the Treasury. The latter, John Snow, had previously issued his own unbelievable job predictions; their current status is unclear.

Previously Professor Mankiw took some whacks for his lapse into truth -- by his lights -- on the question of outsourcing.

May his wife and children rejoice. Daddy will be home soon!

Here's the Economic Policy Institute spanking the presidential projections in a three page PDF.

And here's the renouncing:

Unemployment and the slow pace of job creation are political liabilities for Bush as he heads into a battle for re-election. Despite strong economic growth, the nation has lost about 2.2 million jobs since he became president.

The jobs forecast was the second economic flap in recent days for the White House. Last week, Bush was forced to distance himself from White House economist N. Gregory Mankiw's assertion that the loss of U.S. jobs overseas has long-term benefits for the U.S. economy.

Asked about the 2.6 million jobs forecast, McClellan said, "The president is interested in actual jobs being created rather than economic modeling."

He quoted Bush as saying, "I'm not a statistician. I'm not a predictor."

"We are interested in reality," McClellan said

McClellan is wrong. I care about reality. The Bushistas keep insisting on trying to jam a nice, round reality into their very square understanding of things. The Bushistas have been dealing in statistics of some sort or another since 2001…Bush says he ignores polls then Rove takes a poll to see how people reacted to his statement.

The problem with being guided by statistics is you're always looking backward. Looking backward is part of what kept those buggy whip manufactures going for so long.

Posted by P6 at February 18, 2004 09:14 PM
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