The economic statistics are fake. There is no real economic recovery.

That refrain was heard in 2012, when Jack Welch, the former chief executive of General Electric, claimed that a reported decline in unemployment was “unbelievable.” He added, “These Chicago guys will do anything,” referring to the Obama administration.

That came just before the election, in which voters returned President Obama to the White House.

On the day of the midterm elections came the news that Paul Singer, a hedge fund billionaire and top Republican donor, thinks there is a lot of faking going on now. He sees economic disaster ahead.

“Nobody can predict how long governments can get away with fake growth, fake money, fake jobs, fake financial stability, fake inflation numbers and fake income growth,” Mr. Singer wrote to his investors, according to a report by Bloomberg News.

A spokesman for Mr. Singer declined to confirm the report and said Mr. Singer would not agree to be interviewed.