The Corner

Making Things Up

The Economist reports on Argentina’s continuing, uh, war against inflation (statistics):

Since 2007, when Guillermo Moreno, the secretary of internal trade, was sent into the statistics institute, INDEC, to tell its staff that their figures had better not show inflation shooting up, prices and the official record have parted ways. Private-sector economists and statistical offices of provincial governments show inflation two to three times higher than INDEC’s number (which only covers greater Buenos Aires). Unions, including those from the public sector, use these independent estimates when negotiating pay rises. Surveys by Torcuato di Tella University show inflation expectations running at 25-30%…

INDEC seems to arrive at its figures by a pick-and-mix process of tweaking, sophistry and sheer invention. Graciela Bevacqua, the professional statistician responsible for the consumer-price index (CPI) until Mr Moreno forced her out, says that he tried to get her to omit decimal points, not round them. That sounds minor—until you calculate that a 1% monthly inflation rate works out at an annual 12.7%, whereas 1.9% monthly compounds to 25.3%…

Some Argentine government bodies seem well aware of the true inflation rate. Foreign investors report presentations by the Central Bank mentioning a real (ie, inflation-adjusted) exchange rate that implies annual inflation of around 20%. Economists who have picked through the somewhat suspect figures for economic growth say they can discern a similar rate in the “deflator” used to correct some prices. Perhaps most intriguingly, INDEC’s and PriceStats’ inflation rates accelerate and decelerate in tandem.

 The government has gone to extraordinary lengths, involving fines and threats of prosecution, to try to stop independent economists from publishing accurate inflation numbers. The American Statistical Association has protested at the political persecution faced by its Argentine colleagues, and is urging the United Nations to act, on the ground that the harassment is a violation of the right to freedom of expression…

The Economist doesn’t think this will end well. It’s hard to disagree.

Most Popular

Elections

Biden, Never

Editor’s Note: If you would like to read more pros and cons on voting for President Trump, further essays on the subject, each from a different perspective, can be found  here, here, here, here, here and here. These articles, and the one below, reflect the views of the individual authors, not of the ... Read More
Elections

Biden, Never

Editor’s Note: If you would like to read more pros and cons on voting for President Trump, further essays on the subject, each from a different perspective, can be found  here, here, here, here, here and here. These articles, and the one below, reflect the views of the individual authors, not of the ... Read More
Elections

Late Campaign Stops Don’t Seem to Do Much

Growing up in New Jersey, we called nights like tonight – where there were expectations for hooliganism -- vandalism, breaking windows, and perhaps even arson, “Mischief Night.” In Detroit, they called it “Devil’s Night.” In 2020, Americans just call it “Friday.” On the menu today: wondering ... Read More
Elections

Late Campaign Stops Don’t Seem to Do Much

Growing up in New Jersey, we called nights like tonight – where there were expectations for hooliganism -- vandalism, breaking windows, and perhaps even arson, “Mischief Night.” In Detroit, they called it “Devil’s Night.” In 2020, Americans just call it “Friday.” On the menu today: wondering ... Read More
Elections

A Collusion Tale: China and the Bidens

Understand what’s going on here: The media-Democrat complex is warning you, on the basis of no evidence, that if you don’t close your eyes to the explosive revelations from Hunter Biden’s computers, you will be abetting a Russian intelligence operation; yet it has become increasingly obvious that this is ... Read More
Elections

A Collusion Tale: China and the Bidens

Understand what’s going on here: The media-Democrat complex is warning you, on the basis of no evidence, that if you don’t close your eyes to the explosive revelations from Hunter Biden’s computers, you will be abetting a Russian intelligence operation; yet it has become increasingly obvious that this is ... Read More
White House

Hell, Yes

Editor’s Note: If you would like to read more pros and cons on voting for President Trump, further essays on the subject, each from a different perspective, can be found here, here, here, here, and here. These articles, and the one below, reflect the views of the individual authors, not of the National ... Read More
White House

Hell, Yes

Editor’s Note: If you would like to read more pros and cons on voting for President Trump, further essays on the subject, each from a different perspective, can be found here, here, here, here, and here. These articles, and the one below, reflect the views of the individual authors, not of the National ... Read More

Searching for a Sign

I’ve been waiting for almost six months to see a Biden-Harris yard sign in my neighborhood. Finally one -- just one -- appeared about two weeks ago. It is large and proud. The homeowners even equipped it with a spotlight, so that it is visible at night. I’m surprised, because liberal political yard signs ... Read More

Searching for a Sign

I’ve been waiting for almost six months to see a Biden-Harris yard sign in my neighborhood. Finally one -- just one -- appeared about two weeks ago. It is large and proud. The homeowners even equipped it with a spotlight, so that it is visible at night. I’m surprised, because liberal political yard signs ... Read More