Using Numbers Carefully

Felix Salmon notes the major points of Joe Stiglitz’s article in Vanity Fair. Stiglitz states, which Felix notes, that a young male in his 30s today, adjusted for Inflation, makes 12% lower than his Father did 30 years ago. Both fail to mention the same condition basically existed for the Period 1981-1993 ( contestable as I don’t keep Records, and my memory is a Seeve). The poverty of Americans today is not the fault of President or Congress, but generated by Inflation, and unresolved by a Welfare program lacking focus and specific design. The Agricultural subsides are asinine, but not because of their existence; simply because they have been allowed to engage in Corporate welfare. The soaring bankruptcy rate is only a testament to the falling Dollar and Inflation. John Whitehead comments that it is mostly true, though Bush cannot be blamed for the Oil prices. I ask myself why Bush can’t be blamed for the Oil prices; his administration functionally tripling the Defense Dept. consumption of Oil, what with constant Fighter Overflights, the massive movement of military supplies to Iraq and Afghanistan, and putting American Fleets to Sea about twice as often. The sensible Median measure would have been to minimize Passenger flights, raising Passenger fares to honestly sell available Seats, avoided a massive movement of military Supplies and military Patrolling, and stationed the Fleets in the most accessible positions.

I might as well make Everyone mad at me, and criticize Greg Mankiw’s repetition of Joe Doyle’s statement that ‘the typical value of a life-year saved of $100,000.’ It admittedly is quite generally utilized, and as such, probably as misconstrued as any Statement. It is generically false for probably 80% of Individuals under 45 years of age, viable for about 60% of Individuals between 45 and 62 years of age, and representative of only about 20% of those Individuals over 62. Those for whom is not proved true have too low an Income, face complicating medical problems, face Accidental Death, cannot reach such a magnitude before Retirement, or lack the resovle to return to Work. Recovery times for such Individuals, and even Those returning to the Workplace, are not factored into the Estimate; or is the total Cost of Recovery utilized to subtract from the Income-earning ability.

My Readership will think I am getting picky in citing these individual authors for poor numbers, when I am so very subject to such hazards myself. Somewhat calling the Kettle black, as it were. Why I am so critical comes from my belief that the favoritism shown Business in this Country, both in the Reagan era and the Bushs’ eras, did not actively promote the Economy, or did it better the Standard of Living in this Country; though it did incite a great increase in Income Inequality. The criticism of the typical value of Life-saving obscures the attempts to make Health Care cost-effective, so that it can be allocated in a manner to the benefit of Society. We need to spend 40% more on Those under 45 years of age, an equal amount on Those between 45 and 62, and half as much on Those over 62; don’t think I am especially mean, as I will be 62 in five years, and will likely not live to see that Birthday. lgl