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What happens when governments cook the books

Planet Money

2025/08/09
Planet Money

Planet Money

2025/08/09

Shownote

After President Trump fired the head of the Bureau of Labor Statistics, economists and statisticians across the board were horrified. Because the firing raises the spectre of potential manipulation – and it raises the worry that, in the future, the numbers...

Highlights

When the head of the U.S. Bureau of Labor Statistics was abruptly removed from office, concerns arose about the potential politicization of economic data. Independent statistics are crucial for informed policymaking and public trust. To better understand the consequences of manipulating such data, this episode explores two real-world examples where governments attempted to alter economic figures—with disastrous results.
00:00
President Trump fired BLS director Erica McEntarfer after a politically inconvenient jobs report
06:49
Statisticians refused to reveal store data despite political pressure
12:56
Alberto exposed Argentina's inflation manipulation by comparing online price data
25:19
The deficit-to-GDP ratio was double the reported figure
34:19
Greece's cooking of the books led to a decade-long recession and loss of trust.

Chapters

When Politics Meets Data: A Threat to Economic Truth
00:00
Argentina’s Inflation Cover-Up: How Numbers Were Cooked
06:49
The Secret Formula: How Inflation Was Manipulated and Exposed
12:56
Greece’s Hidden Deficit: A Debt Too Big to Hide
22:27
The Fallout: Can Trust in Numbers Ever Be Restored?
34:19

Transcript

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