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Saturday, October 06, 2012

Unemployment Data - Welch Morphs to Economist

Republicans accept Romney's lies about how to manage health care after he repeals Obamacare, cut taxes, yet, somehow fill a $5 Trillion deficit and what he intends to do to create a Voucher system for Medicare. But one "tweet" from business executive Jack Welch, and all of sudden, like black magic, Republicans are quickly discrediting one of the nation's most consistently valid economic reports about the drop in unemployment. 

One "tweet" on the social networking site "twitter", from chemist and successful businessman Welch, and the entire monthly jobs report data, showing a decline in the nation's unemployment to 7.8% , is now discredited as being a conspiracy to re-elect President Obama.  This knee jerk response from Welch tells me this newly released labor data is a "zinger", something the GOP didn't expect to deal with so soon after leaping with over zealous glee following candidate Romney's theatrical performance, in the first national 2012 presidential debate.

How does Welch command so much influence? His biography describes Welch as a chemist, who became a successful businessman.  Absolutely nothing indicates Welch has any training as an economist:

"John Francis "Jack" Welch, Jr. (born November 19, 1935) is an American chemical engineer, business executive, and writer. He was Chairman and CEO of General Electric between 1981 and 2001."

"Welch attended Salem High School (Massachusetts) and then University of Massachusetts Amherst, graduating in 1957 with a Bachelor of Science degree in chemical engineering. His M.S. and Ph.D. was received in 1960, from University of Illinois at Urbana-Champaign."

Welch can certainly use his right to free speech to ask all the questions he wants about how the nation's stubborn unemployment rate dropped to 7.8 percent, but he has no authority to create a conspiracy theory about how the data is reported.

Republicans continue to baffle me when they create lies just to win arguments.  Romney's lies are so rampant, it's impossible to keep up with them.  Right Wing Republicans won't accept information they happen to disagree with, but they're blind to lies boldly told with theatrical impact, even when evidence shows them the truth.

This recent Jack Welch conspiracy theory is unpatriotic.  He questions the integrity of a report that's been widely accepted by thousands of economists. Yet, he admits to MSNBC Chris Matthews, he created his conspiracy theory without any evidence, whatsoever, that this consistently reported data could, somehow, mysteriously, become corrupted.

When Jack Welch questions the labor statistics report, he should spend time with the people who collect, and report this data, and less time creating an unsubstantiated conspiracy theory. Jack Welch has not suddenly morphed into being an economist.  He needs to stick with his day job - as a chemist.

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