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Experts warn about the 'crumbling infrastructure' of federal government data

(www.npr.org)
99 points xnx | 1 comments | 15 Mar 25 03:41 UTC | HN request time: 0s | source
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KennyBlanken ◴[15 Mar 25 04:46 UTC] No.43370057[source]▶
Destroying agencies that collect statistics is a "feature", not a bug.

Why deal with unemployment, declining GDP, etc when you can just shut down the agency figuring out how many people are unemployed and where the GDP is going?

Better yet, outsource it to the guy who gave you $10M in campaign donations or bought your crypto coins and then wink-nodded at you, and give him a $50M contract to do something the feds were doing for $20M - and he lies to make you look better. Win-win-win...

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IceHegel ◴[15 Mar 25 05:20 UTC] No.43370177[source]▶
In the middle of Covid, the Federal Reserve changed the definition of M2 money supply at the exact moment of the largest increase in the money supply to date for unknown reasons. It made all comparisons between pre- and post-change numbers difficult, probably a coincidence.

USG is an independent organism that is under attack and it is fighting back however it can. Remember, it's always looking out for itself, not for you.

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1. eigen ◴[15 Mar 25 06:12 UTC] No.43370380[source]▶
the re-definition seems fairly early in COVID (May 2020) rather than "In the middle of Covid" and appears to only drop savings deposits. [1]

> Before May 2020, M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000) less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market funds (MMFs) less IRA and Keogh balances at MMFs.

> Beginning May 2020, M2 consists of M1 plus (1) small-denomination time deposits (time deposits in amounts of less than $100,000) less IRA and Keogh balances at depository institutions; and (2) balances in retail MMFs less IRA and Keogh balances at MMFs. Seasonally adjusted M2 is constructed by summing savings deposits (before May 2020), small-denomination time deposits, and retail MMFs, each seasonally adjusted separately, and adding this result to seasonally adjusted M1.

isn't it more accurate to point to M1 which increased substantially?

Name Jan 2021 Dec 2020 Jan 2020 Units

M1 18,063.1 17,803.0 3,977.6 Billions of Dollars

M2 19,335.0 19,110.3 15,401.3 Billions of Dollars

M1 was also re-defined to move savings deposits (including money market deposit accounts) from M2 to M1.

> Before May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other checkable deposits (OCDs), consisting of negotiable order of withdrawal, or NOW, and automatic transfer service, or ATS, accounts at depository institutions, share draft accounts at credit unions, and demand deposits at thrift institutions.

> Beginning May 2020, M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (3) other liquid deposits, consisting of OCDs and savings deposits (including money market deposit accounts). Seasonally adjusted M1 is constructed by summing currency, demand deposits, and OCDs (before May 2020) or other liquid deposits (beginning May 2020), each seasonally adjusted separately.

[1] https://fred.stlouisfed.org/series/M2SL

[2] https://fred.stlouisfed.org/series/M1SL