Jack Welch elaborated Wednesday on his widely-debunked criticism of the latest government jobs report, claiming in an op-ed that the reported 7.8% unemployment rate is "downright implausible."
Writing in the Wall Street Journal, Welch said that it is an overstatement to suggest that data collected by the Bureau of Labor Statistics is "precise" or "bias-free." And he raised questions over three key statistics -- the labor-force participation rate, the growth in government workers and overall job growth -- saying big one-month gains "have to raise some eyebrows."
On Friday, Welch suggested on Twitter that the Obama administration, calling them "these Chicago guys," had manipulated the monthly jobs report for September in order to make the economy look better than it actually is just weeks before the election. A firestorm quickly erupted on Twitter, and Welch's comments became a major political talking point.
The unemployment rate fell to 7.8% in September, down from 8.1% a month earlier. The drop was due to a BLS survey of households that showed 873,000 more people had jobs than in the previous month. That was the biggest one-month gain in more than nine years.
Welch, the former CEO of General Electric, had previously contributed content to Fortune, but following critical coverage of his comments on the jobs report and tenure at GE, Welch said in an e-mail Tuesday that he was terminating his contract with Fortune.
In his WSJ op-ed, Welch suggests that the reaction to his criticism of "the ruling authorities" was something he would expect in Soviet Russia or Communist China. "Nope," he wrote, "that would be the United States right now, when a person (like me, for instance) suggests that a certain government datum (like the September unemployment rate of 7.8%) doesn't
http://finance.yahoo.com/news/jack-welch-jobs-report-032200419.html?l=1
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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