Hard numbers: The economy is worse than you know (Harper's Magazine – April 27, 2008)
One of the greatest risks we face is the fact that we’ve been lying to ourselves about the true state of our condition. In this article veteran author Kevin Phillips takes us through some of the most common statistical lies such as inflation, unemployment, and GDP. The effect of lying to ourselves is that we’ve created a false sense of economic progress that has fostered unnaturally low interest rates, excessive government borrowing, and an unsustainable (and dangerous) reliance on debt.
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