Posted on 06/20/2024 3:59:14 PM PDT by CFW
One of the Bidenary impacts to economic analysis and/or economic outcome review has been the inability of any government statistical data to make any sense.
Quite frankly, almost every financial pundit in mainstream media pretends the data from the Bureau of Economic Analysis (BEA), the Bureau of Labor Statistics (BLS) or the Dept of Commerce is accurate. It’s not, and we all know it.
Just like every other institution in Washington DC, the systems of economic tracking have lost all their credibility.
That said, even with all the pretending intended to prop-up the Biden administration, eventually the results on Main Street are so obvious the data manipulators have to quietly attempt to smooth the disconnect. This story below is about one small part of that operation.
WASHINGTON DC – […] Job growth was overestimated by more than 770,000 last year. Put differently, about 1 in 4 jobs that were supposedly added last year never existed. That’s like eliminating all of the jobs gained in three whole months of 2023.
Overly optimistic employment estimates help explain why polling of people’s perceptions of the economy has been so terrible yet the official data from the Biden administration has looked so robust, at least in terms of the number of jobs. Much of the other data has been downright rotten.
With prices rising faster than earnings, the average worker’s weekly paycheck buys 4.4% less today than when President Biden took office. Homeownership affordability has plummeted because the monthly mortgage payment on a median-price home has more than doubled. Three-quarters of Americans now view fast food as a luxury they can’t afford. Gasoline prices are up 46%......
continued at link
(Excerpt) Read more at theconservativetreehouse.com ...
The left's cheerleaders will post the job numbers everywhere with "read em and week comments" and refuse to believe it when you tell them revisions show that the jobs outlook is not that rosy.
This entire administration can be summed up in a “three’ letter word: lies.
Wow, three quarter of a million jobs created were purely fictitious.
Why, you’d almost think there’s an election coming up.
“Comrade Biden, we will have the new five year plan production numbers ready soon. They are FANTASTIC. We beat every goal!!
I think Sundance may have gotten the article from here:
“Biden’s job-growth disappearing act”
https://www.washingtontimes.com/news/2024/jun/19/joe-bidens-job-growth-disappearing-act/
Wherever he got it, this “post-and-revise” shell game has been going on for decades.
“Wherever he got it, this “post-and-revise” shell game has been going on for decades”
It has being going on for decades, but they have double-downed on it for the Biden administration.
We have discussed the revisions here before, especially those of 2022. where the revisions equaled (IIRC) a 1.1 million difference.
Zerohedge does a deep dive into the job numbers for each reporting but unfortunately we can’t post Zerohedge articles here.
To paraphrase Biden when running for BP, the issue “… is a three letter word, JOBS.” Remember, his baseline was “stupid” before he got dementia
Karl Denninger often does, and we CAN post him.
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