Paul Krugman is a master of two disciplines: international economics — which he no longer practices — and lying with statistics. His latest work is classic. He offers the following graph as evidence that Obama’s economic policies are working:
So employment is back where it was before the recession. Great! (It’s surprising that no one knew this, but okay.)
Except it’s not. Not remotely. If you look carefully at the y-axis, you see “Chg. from Yr. Ago”. The graph doesn’t show employment, it shows the derivative of employment!
We haven’t gotten the jobs back. On the contrary, we’ve only gotten job growth back to where it was as the economy turned into recession. There’s no hint here that we will ever get back the jobs we lost.
Here’s the thing about Krugman: He has a Nobel prize; he knows the difference between x and dx/dt. But he thinks his readers won’t notice.
(Via Power Line.)