Any economists out there? How bad will it be...?

I don't know enough about economics to recognize these folks, but the implications aren't very encouraging:

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Megabubble waiting for new president in 2009
'Numbers racket' exposes potential disaster for economy, markets
by Paul Farrel of MarketWatch

[...snip...]

How bad is it? "The real numbers ... would be a face full of cold water," says Phillips. "Based on the criteria in place a quarter century ago, today's U.S. unemployment rate is somewhere between 9% and 12%; the inflation rate is as high as 7% or even 10%; economics growth since the recession of 2001 has been mediocre, despite the surge in wealth and incomes of the superrich, and we are falling back into recession."

[...snip...]

Compare that to the phony stats Washington feeds the press and public: Unemployment 5%, inflation 2% and long-term growth at 3%-4% (actually more like 1%). For example, just last week the L.A. Times reported that while "gasoline prices are up more than 20% from a year ago and food prices have risen 5%," Washington says "inflation was fairly mild last month." A Wells Fargo economist shook his head in disbelief: That report isn't "worth the paper it was printed on." Most economists are quiet, working for the conspiracy.

[...more at link in title...]
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My primary urge is to take the way it's written, combined with the generous use of the word "conspiracy" from within, and presume that it's all hogwash.

Unfortunately, I'm also certain several of the numbers are pretty close to correct, and I've already reported -- using mainstream sources -- that the numbers used by the WH reports for many economic, social and employment indicators are known to be questionable at best.

So, is this another piece of Conspiracy theory contraband, or is there something of value within it? Anybody know either writer -- the writer of the article, or the writer he interviews? -- and whether they have any oars still in the water?

Please keep in mind that this is particularly worrisome when there are some heavy murmurs from George Soros about the looming string of recessions coming our way (in terms of global economy) after we've finished passing through the "acute" phase.