Peter Earle, American Institute for Economic Research Senior Research Fellow, has the tale.
In 28 years, I’ve never seen 11 of 12 months where job numbers came out looking very strong, and then they were revised downwards.
Which raises the question in my pea brain: are Progressive-Democrat President Joe Biden and his economic staff and his bureaucrats at the Labor Department really that incompetent, or are they manipulating the initial numbers for their political benefit?
These aren’t rounding errors that happen to be overstatements rather than understatements or balancing out over the months, either. According to the Daily Caller:
The federal government in 2023 overestimated the number of jobs in the US economy by an average of 105,000 per month in initial reports, equating to a cumulative monthly difference of 1.3 million, according to data from the Bureau of Labor Statistics (BLS).
Impacting that behavior is this, as Earle continued:
Of course, the kicker there is that when you revise those things downwards, they don’t get the sort of media attention that the top line initial number gets.
Biden and his minions know that much full well. But, according to Biden, everything’s jake with our economy so, what—us worry?