Do We Still Really Need the Bureau of Labor Statistics?
It is time for the monthly story of the labor market to be told more clearly, and more reliably, through data from other sources.
The editor of RealClearMarkets, John Tamny, has a point. An important question to debate today should be: is the Bureau of Labor Statistics still relevant today?
While the August firing of BLS Commissioner Erika McEntarfer, and the subsequent appointment of E.J. Antoni by President Trump have created quite a political stir, the discussion should focus on the use and importance of the BLS’ major product: the monthly jobs report which is eagerly awaited by the business community, the White House and the media.
As a key indicator, the BLS’ Current Employment Statistics (CES) survey has been known to move the stock market. However, since the CES is a survey, it is subject to sampling error. Often the initial headline number is released despite 30 to 40% of the businesses in the sample not having responded in a timely manner. This forces the BLS to “run” with what it has for the monthly release. Hence the variability of the original number.
Economic Dynamism
.jpg)
Do Dynamic Societies Leave Workers Behind Culturally?
Technological change is undoubtedly raising profound metaphysical questions, and thinking clearly about them may be more consequential than ever.
The War on Disruption
The only way we can challenge stagnation is by attacking the underlying narratives. What today’s societies need is a celebration of messiness.
Unlocking Public Value: A Proposal for AI Opportunity Zones
Governments often regulate AI’s risks without measuring its rewards—AI Opportunity Zones would flip the script by granting public institutions open access to advanced systems in exchange for transparent, real-world testing that proves their value on society’s toughest challenges.
Downtowns are dying, but we know how to save them
Even those who yearn to visit or live in a walkable, dense neighborhood are not going to flock to a place surrounded by a grim urban dystopia.
The Housing Crisis
Soaring housing costs are driving young people towards socialism—only dispersed development and expanded property ownership can preserve liberal democracy.
.jpeg)
.jpg)
The Start-Up Paradox: The Coming Red Shift in Innovation
Despite London's success, the future of innovation is securely in American hands for the foreseeable future.
Oren Cass's Bad Timing
Cass’s critique misses the most telling point about today’s economy: U.S. companies are on top because they consistently outcompete their global rivals.
