Marketplace What if government data becomes untrustworthy?
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Jun 3, 2025 
Laura Veldkamp, a Professor of Economics and Finance at Columbia Business School, discusses the potential consequences of budget cuts to federal statistical agencies on government data reliability. She warns that unreliable data could slow economic growth. The podcast also explores the entrepreneurial ecosystem in Utah, where youthful innovation thrives alongside cultural influences. Additionally, experts debate the pros and cons of hard versus soft data for economic forecasting amid tariff-induced uncertainties.
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Hard vs Soft Economic Data
- Hard economic data reflects past conditions and offers a rearview view.
- Anecdotal data provides earlier, forward-looking signals useful at economic turning points.
Risks of Cutting Federal Data
- Government data is critical for reliable economic decisions and growth.
- Cutting federal statistical agencies risks data manipulation and economic inefficiency.
Importance of Reliable Data
- Businesses rely on timely government data for hiring and investment decisions.
- Weak or manipulated data increases uncertainty, mistakes, waste, and costs in the economy.