Nobel-winning economist Joseph Stiglitz: Trump firing BLS head ‘like driving a car with no odometer'

Economic Statistics & Independence - The importance of believing in reliable statistics about unemployment, inflation, and GDP for managing business and the economy is highlighted [1] - Independent statistical agencies are crucial for collecting data, and maintaining confidence in their independence is paramount, with bipartisan agreement on this principle [1] - Undermining the credibility of the Federal Reserve (Fed) can lead to concerns about inflation and erode confidence in the US dollar and the US economy [1] Political Influence & Economic Policy - Concerns are raised about the potential politicization of interest rates, fearing that rates might be lowered before elections to inflate the economy, leading to adverse consequences after the election [1] - Pressure on the Fed, as exerted by Donald Trump, is considered unconscionable because it undermines the Fed's credibility [1] - Historically, presidents have desired certain economic outcomes, such as lower interest rates, and have exerted pressure on Fed chairs [1]