While some analysts have expressed enthusiasm over the economy's 3.5 percent annualized growth in the third quarter, things aren't as good as they look, says New York Post columnist John Crudele
"Our nation’s economic statistics are nipped and tucked, massaged, managed, fabricated and dolled up," he writes. "In short, our statistics are wrong, and Main Street folks know it."
Crudele doesn't quibble with the fact that the economy is growing moderately. "That’s pretty much certain, but it’s not growing as fast as the government would have you believe."
Data came out this week showing exports fell and construction spending was weak in the third quarter, he says.
U.S. exports slid 1.5 percent in September, while construction spending slipped 0.4 percent.
"So that 3.5 percent guess will probably be revised down to 2.9 percent on those numbers alone," Crudele writes.
Moreover, the government's inflation estimate is artificially low, he says. "If inflation were measured correctly, GDP growth for all years might be 30 percent lower than reported."
Meanwhile, the Federal Reserve has hurt the economy by keeping interest rates low, which has lessened the income, and thus the spending power, of savers, Crudele says.
Former General Electric CEO Jack Welch thinks the Republican Party's election gains could boost the economy.
"If we can get the right election this time and get some regulation fear off the table, . . . there's a real chance to get to that 4 percent economy we need to get escape velocity," he told CNBC last week.
A Republican-controlled Congress could come up with tax and energy reform that President Obama would support, Welch said.
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