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 Post subject: SSA Admits To Massive Screw Up On Wage Data
PostPosted: Tue Nov 02, 2010 3:53 pm 
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Quote:
Social Security Administration Admits To Massive Screw Up On Wage Data: Two People Cause Entire US Income Distribution To Shift Materially in 2009


Whoopsies....

Quote:
In what can easily be characterized as the most blatant error in its history (and soon, potentially, fraud), the Social Security Administration announced that as a result of several erroneous W2 filings by two people, amounting to a $32.3 billion "mistake" the entire statistical wage table released previously has been scrapped and a new one has been released, indicating that wages in the US, and especially for the top earners, dropped, instead of declining modestly, and in some cases increasing. Of course, the timing for the revelation on the day of the elections is a total coincidence. As per the revised tables, average incomes of top earners did not quintuple as had been released on October 15 to $519 million, but instead declined by 7.7% to $84 million. Additionally, as Bloomberg which caught the error initially and demanded a correction, notes, a comparison of the Oct. 15 data and the corrected figures show the change affected wage statistics more broadly. The Oct. 15 index indicated that the average wage nationwide fell $384 to $39,269 in 2009. The corrected index shows averages wages fell $598 to $39,055. And here is the original mea culpa from the SSA: "Yesterday, the Social Security office announced it found “invalid” wages from two of the 74 top wage earners detailed in its data." Had it not been for Bloomberg who noticed the ridiculous surge in the top earners, this would have remained unchallenged, and the administration would have certainly used it as bragging rights on how it makes the uberwealth even uberwealthier. Hilariously, spokesman Mark Lassiter provided the best summary to this mega screw up: "We call it erroneous, you call it fictitious. It’s the same thing.” So... to the government fraud and error are the same? And apparently both pass thorough "quality control".... Uh, what's that GDP number again...


http://www.zerohedge.com/article/social ... ire-us-inc


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