Economic numbers have always been a hot topic, especially when they come out before an election. Recent job reports have sent ripples through the markets, stirring up concerns about the overall health of the U.S. economy. Biden and Harris have tried to gaslight Americans over their “success” in the economy. But we’ve all felt the pain from their inflation. And any economic fluctuation can trigger strong reactions from both Wall Street and Main Street.
The latest revisions to the job numbers have only added fuel to the fire, raising eyebrows and questions about what’s really happening behind the scenes.
Amid this economic turmoil, a familiar voice has entered the conversation, bringing his signature bold claims to the forefront. These developments have led to renewed scrutiny of how job data is reported and whether it truly reflects the state of the labor market. The new report has revealed how weak Biden’s economy is, and Trump is crying foul.
From Politico:
The Labor Department said on Wednesday that the number of jobs the economy added in the year ending March 31 was likely 818,000 less than what was reflected in the monthly reports during that period…Trump charged that the previous monthly figures were “fraudulent.” “There has been a report that the job numbers over the last period of time were fraudulent,” Trump said in a speech in Michigan on Tuesday.
Donald Trump isn’t one to mince words, and his recent speech in Michigan was no exception. The former president took aim at the latest job numbers, calling them “fraudulent” and claiming they insult the American economy. According to Trump, the numbers we’ve been seeing were “OK, but not great,” and now, after some adjustments, they’re downright disastrous. While his words are sure to resonate with those who believe the economy is weaker than it appears, Harris has a bigger problem on her hands.
A Regular Occurrence or Something More?
Every year, the Bureau of Labor Statistics (BLS) reviews its numbers with a fine-tooth comb, and sometimes, they find that the initial job counts were a bit too optimistic. This isn’t unique to Biden’s administration, but given Biden’s wild claims about his economy, this report stands out. Biden is trying to rewrite his own history, hoping to pad Harris’ doomed campaign.
But here’s where things get interesting. The July jobs report was already a bit of a wet blanket, and the markets didn’t take kindly to it. The report was weaker than expected, and that sent some administration allies into a bit of a panic, worried that Federal Reserve Chairman Jerome Powell might have missed his chance to lower interest rates without causing too much harm to the labor market. And now, with this latest revision, the perception that the economy is on shaky ground isn’t likely to fade away anytime soon.
What’s Really Going On?
But here’s a twist: the Labor Department’s data relies on unemployment insurance records, which don’t account for undocumented immigrants in the workforce. According to Goldman Sachs economists, this could lead to as many as 500,000 unauthorized immigrants being “erroneously” revised out of the payroll estimates. This means Biden and Harris have been importing cheap labor, robbing Americans of jobs.
