Great article....... $640 MM will feed a lot of poor people...
http://www.realclearmarkets.com/art...e_bls_and_its_unemployment_report_102715.html
Indeed, as Trennert notes, private companies ADP and Intuit presently produce monthly stats on U.S. unemployment, and they do so without cost to the U.S. taxpayer. Perhaps more appealing to those convinced that the U.S. would revert to the dark ages absent a federal employment calculation, Trennert points out that ADP’s employment measure has correlated with the BLS’s “91% since it was introduced in 2001.” ADP is once again producing a stat that mimics (or arguably improves on) that of the BLS, only it doesn’t cost taxpayers $640 million annually.
All of this is a reminder that whatever the federal government can do with the money of others, private businesses can do it better; all without burdening taxpayers who would go on living perfectly productive and happy lives sans the federal government’s economic data. Better yet, unemployment is but one number that private sources could produce. Capitalism is all about fulfilling unmet needs, so if there’s a market need for GDP, trade, investment and other calculations, capable market actors will fill the void. It’s not there’s no need for economic statistics much as there’s no need for government to calculate them.
http://www.realclearmarkets.com/art...e_bls_and_its_unemployment_report_102715.html
Indeed, as Trennert notes, private companies ADP and Intuit presently produce monthly stats on U.S. unemployment, and they do so without cost to the U.S. taxpayer. Perhaps more appealing to those convinced that the U.S. would revert to the dark ages absent a federal employment calculation, Trennert points out that ADP’s employment measure has correlated with the BLS’s “91% since it was introduced in 2001.” ADP is once again producing a stat that mimics (or arguably improves on) that of the BLS, only it doesn’t cost taxpayers $640 million annually.
All of this is a reminder that whatever the federal government can do with the money of others, private businesses can do it better; all without burdening taxpayers who would go on living perfectly productive and happy lives sans the federal government’s economic data. Better yet, unemployment is but one number that private sources could produce. Capitalism is all about fulfilling unmet needs, so if there’s a market need for GDP, trade, investment and other calculations, capable market actors will fill the void. It’s not there’s no need for economic statistics much as there’s no need for government to calculate them.
