Noemie Emery, expands on the War on the Middle Class. She talks about how President Obama became the Progressive dream candidate and how his administration run by the new Aristocracy of Intelligence have failed at their social experiment. Definitely a must read.
Also an update on the Piketty’s book.
The Financial Times of London, the Center-Left British publication, they endorsed Obama in 2008 and 2012 has done a study of the figures and conclusions and concluded that he got his figures wrong. It gets worse, it seems that much like the Global Warmists, he cherry picked data and ignored that which went contrary to his main thesis.
The central theme of Prof Piketty’s work is that wealth inequalities are heading back up to levels last seen before the first world war. The investigation undercuts this claim, indicating there is little evidence in Prof Piketty’s original sources to bear out the thesis that an increasing share of total wealth is held by the richest few.
Except as the FT’s study showed, once the formulas and the data was analysed it did not, as was Piketty’s contention, showed any tendency towards income inequality since 1970. Completely, undercutting his thesis. It gets better, as the FT analysis shows;
“His spreadsheets (Piketty’s) , there are transcription errors from the original sources and incorrect formulas. It also appears that some data is cherry-picked or constructed without an original source.”
“I’ve just completed Mike’s Nature trick of adding in the real temps to each series for the last 20 years (ie from 1981 onwards) and from 1961 for Keith’s to hide the decline! “Phil Jones, Director CRU- climategate scandal e-mail
Piketty’s seems to have adopted the same playbook. When asked by FT about the issues, he responded that he needed to make a number of adjustments to the raw data because of the types “heterogeneous and diverse data sources”. If the numbers don’t fit we will adjust them until they do.