Biden/Harris Jobs Success Was Fake – 818,000 Downward Revision Announced
Maria Bartiromo: “Joe Biden coming out doing press conferences, telling us how great his economy is and how he created all these jobs only to see a massive revision several months later.”
On Wednesday morning, the Bureau of Labor Statistics announced a preliminary benchmark revision to the number of nonfarm payrolls from April 2023 through March 2024. According to the report, the number of new jobs added to the economy during this period was revised downward by 818,000. In other words, far fewer jobs were actually created than the Biden-Harris BLS had previously reported.
BREAKING: The federal government announces that there were 818,000 fewer jobs created through March 2024 than previously reported
It’s the largest downward revision in 15 years.
This is the “record job growth” Kamala always talks about
pic.twitter.com/vR1afMbEfr— Greg Price (@greg_price11) August 21, 2024
Not all is lost: government jobs were revised HIGHER by +1,000 https://t.co/WtjpNSaytR
— zerohedge (@zerohedge) August 21, 2024
This is huge because President Joe Biden and Vice President Kamala Harris have been touting job growth as a major accomplishment of their administration. And coming as it did during the “joyous” Democratic National Convention, made it all the sweeter.
Although the BLS frequently makes small adjustments to previous monthly jobs data, today’s revision should set off alarm bells among voters.
The Federal Reserve tightened monetary policy rapidly between 2021 and 2023. Their intervention took the federal funds rate (the interest rate at which depository institutions trade federal funds – balances held at Federal Reserve Banks – with each other) from 0.25% to 5.50%. The rate hikes were intended to tame the record-high inflation triggered by the Biden-Harris administration’s reckless spending.
Yet, despite the Federal Reserve’s aggressive action, the number of new jobs continued to tick up, month after month, confounding many economists. Biden and Harris attributed the strong employment data to their superb stewardship of the economy. This report solved the mystery. It will also make it difficult for economists to trust employment reports – or any government data – in the future.
Although it’s impossible to know whether the BLS’s misstatement of employment data was intentional or simply an error, given the drastic lengths to which Democrats have already gone to keep Trump out of the White House — the 2016 Russian collusion hoax, two Trump impeachments, the October 2020 letter signed by 51 former intelligence community officials declaring the Hunter Biden laptop story had all the hallmarks of a Russian disinformation campaign, the government’s insistence that the COVID-19 lab leak theory was a conspiracy, four bogus Trump indictments, two spurious civil lawsuits in New York, concerted efforts to remove Trump’s name from the ballot in several blue states, and the Democrats’ extraordinary efforts to hide Biden’s deteriorating cognitive health — it’s become more and more difficult to trust this administration.
On Tuesday evening, Fox News host Maria Bartiromo joined Laura Ingraham, host of “The Ingraham Angle,” to weigh in on the expected revision which Bloomberg had reported on earlier in the day. At the time, estimates were for nonfarm payrolls to be adjusted downward by 600,000 to 1 million jobs.
I am including a large portion of their discussion because it does a thorough job of explaining the meaning of a downward revision to such a widely watched economic indicator and demonstrates how momentous this occasion actually is.
Ingraham noted that if this estimate was correct, it would be the biggest downward revision in 15 years.
Bartiromo found it “incredible,” telling Ingraham:
You’re talking about up to a million jobs that were basically fake. That we thought they were there, but they weren’t. And tomorrow, we’re going to hear from the Bureau of Labor Statisics on exactly how many jobs were actually nonexistent.
What happens is the BLS reports jobs … on the first Friday of every month. They do that based on a survey of businesses from employers. But then they get the state tax records, that encompasses all jobs. So they have to revise it.
But people are questioning why it is that we are over here [at the Democratic National Convention] celebrating all this job creation every month, Joe Biden coming out doing press conferences, telling us how great his economy is and how he created all these jobs only to see a massive revision several months later.
From April 2023 to March 2024, there were 2.9 million jobs created – we thought – but they’re going to revise that up to a million jobs lower.
Referring to the revision as “a real scandal,” Ingraham called for an investigation. “To regular people, this just looks like putting a finger on the scale, to make Joe Biden and Kamala Harris look better going into an election cycle. … Maybe that’s not what happened, but to regular people, that’s what it looks like.”
“Of course,” Bartiromo replied, “because you’re saying, ‘Oh, we thought that it was 242,000 jobs every month for the last year, and, in fact, the Philadelphia Federal Reserve is saying that it’s more like 130,000.’” She questioned such a “large disparity in exactly how many jobs there were and how many jobs you [BLS] said there were.”
“I think this is going to raise the expectation that we’re going to go into a recession,” Bartiromo said. She cited a report from Evercore which said “the likelihood of a recession in the next six months is actually heightened now.”
“Every American watching tonight has to realize that this was the shining glory of their economic bragging,” Ingraham said. “Jobs created. The media … all the press poodles, Biden, Harris, Walz … Nancy Pelosi, over and over again. And we find out in the middle of the Democratic convention that it was a fraud. That number was fraudulent.”
“And so, what are they going to do?,” Ingraham asked, “tell the Fed to lower interest rates – to help them again in an election cycle?”
“If, in fact, we learn that the economy is so much weaker than everybody thought, then you’re going to have more bets that the Federal Reserve is going to lower interest rates in September,” Bartiromo said. “But don’t forget that the Fed is facing this tsunami of spending. It’s so disingenuous to come out and say that the reason we have inflation where it is – up 20% – is because of price gouging … and not mention $7 trillion in spending.”
Below, Trump responded to the imminent report.
PRESIDENT TRUMP: There has been a report that the jobs numbers are fraudulent. They keep getting revision down. "That's a terrible insult to our economy." pic.twitter.com/mmeCLEjZcS
— Trump War Room (@TrumpWarRoom) August 20, 2024
And finally, the Center for Immigration Studies claims that virtually all of the jobs created since 2019 have gone to the foreign-born.
All employment growth has gone to the foreign-born. 183,000 fewer U.S.-born Americans are working than in 2019, before Covid. Yet, the number of immigrants (legal and illegal) working is up 2.9 million over 2019. pic.twitter.com/qVTbLptXw6
— Center for Immigration Studies (@CIS_org) February 13, 2024
Elizabeth writes commentary for The Washington Examiner. She is an academy fellow at The Heritage Foundation and a member of the Editorial Board at The Sixteenth Council, a London think tank. Please follow Elizabeth on X or LinkedIn.
DONATE
Donations tax deductible
to the full extent allowed by law.
Comments
so what!!!
walz was a hero in ww2 by strangling hitler himself to death
No, no, no! That was Biden’s responsibility.
Biden’s uncle did that, only it was Tojo and he was eaten by cannibals shortly afterward.
I thought that was Beau Biden who did that.
The indictments and convictions are real. He’s going to be sentenced. Period.
Trump supporters (and I reluctantly am one sometimes) need to admit that.
Be like supporters of Grover Cleveland in 1888. He was accused of fathering an out of wedlock child with a woman named Maria. When he won, jubilant supporters chanted, “Hurray for Maria / Hurray for the kid / We voted for Grover / And we’re damned glad we did”
Cleveland was literally the last good democrat.
More good stuff about the economic wizardry of the Harris team.
https://www.frontpagemag.com/video-trump-campaign-drops-savage-ad-using-kamalas-own-words-against-her/
“According to the report, the number of new jobs added to the economy during this period was revised downward by 818,000. In other words, far fewer jobs were actually created than the Biden-Harris BLS had previously reported.”
The BLS has been doing this since the beginning of the Biden administration, and an incurious media has been helping them gaslight us all along.
Any sentient being in the real world who is even barely awake knows the economy is in the crapper, most jobs are going to illegals, a dollar only goes 80% as far as it did four years ago, and the Democrats have been lying about job creation.
If you have some of those 80¢ dollars, I’d love to swap you for some 60¢ dollars, which is all I seem to have at the moment.
Agreed. They may not be factoring in groceries and gas on that one.
This is all a con. The real leaders of the Dems. (Pelosi, Schumer, et al). Know they need the far left gone. They are playing to keep as much of the House and Senate and sacrifice Harris and as much of the fringe as possible.
Pelosi and Schumer will be just fine under four more years of Trump.
100% they knew this revision was coming, along with other unpleasant economic data the next two months.
Agree. especially about the media being culpable…..I hate that the media is making billions off of campaigne ads. Normally I’m a free market guy but I think it’s time we create a Constitutional Amendment to overturn Citizens United and place limits on campaign funding because the media has become dependent on that revenue while playing king maket with their biased reporting. The “free: press has become a very expensive biased one.
They did it all throughout the obama residency as well. Every month, downward revision.
Note that the Dems constantly refer to the job growth since Biden-Harris came into office, which includes all the paople going back to work after Covid. As noted at the end od the article, the growth in jobs from pre-Covid is a pitiful 2+ million, in over 4 years, none of which has gone to US-born Americans. Less US-born Americans working now than pre-Covid should be a Trump campaign theme, as one consequence of Biden-Harris and open borders.
end welfare
hungry bellies make for people who need to work
enforce laws against criminals
maga!
Actually, Empty bellies foment revolutions….. Bread and Circuses keep the restive mob placated.
Electioneering at BLS. They hide the decline right up until the time they need the real data to force the Fed to cut rates….just in time for the election.
There are a lot of takeaways from this. But, the most important one is: The Democrats play to win, at any and all cost.
It took them until 2015 to admit that the mysterious fall 2012 job growth was fake, This was much faster. The Kamalove falls short of Obamania.
creating jobs is one thing, retaining labor is totally different.
post job loss stats for a clear picture.
FYI, Prof. Peter St. Onge points out on X that ALL of the restated losses were private sector jobs. Government jobs actually increased. That’s how patronage works in the Communist system; those loyal to the party are rewarded.
Democrats and their Big Media lackeys will simply ignore the downward revision and continue to proclaim that employment is ‘skyrocketing’.
And we should be surprised, why?
Corrupt is as corrupt does. Drain the swamp.
Nuke the Swamp!
The lie is the point.
LEFTY IMPLIES HARRIS CAME UP WITH THE
NO TAXING TIPS
AND THAT TRUMP IS TRYING TO CLAIM HE DID SO FORST
from yahoo:
Harris has also proposed exempting tip income from federal income taxes and raising the federal minimum wage.
Trump has also proposed a no-taxes-on-tips plan and often notes that he proposed it first, calling the vice president “Copycat Kamala” in response.
correction:
first
Don’t buy Otis Spunkmeyer muffins unless you like a product prepared by DEI loafers that don’t care if roaches fall into the batter or know how to perform titrations to check if the egg tanks are sanitized. Skin color is more important than GMP.
Better to buy from local and small business where and when you can.
Yes, it will be more expensive but bear in mind, besides the issue of DEI, large food producers ALWAYS always always use the cheapest ingredients their buying demographic will tolerate.
The BLS has pushed back realistic # showing stagflation about as long as they could. Keep in mind that much of the remaining job ‘creation’ is illusion from extrapolated ‘birth/death’ data. The BLS does not just count heads of all full-time workers to get the #. Another often overlooked issue is they consider a part time job as a ‘job’ and they don’t distinguish between types of jobs/compensation in the headline #. A well paid blue collar worker in a manufacturing job making $80/90 K + benefits gets their plant shut down then immediately gets a job driving pizza deliveries is net neutral on the report despite the vast change in circumstances/compensation for that worker and his community.
Eventually they can no longer hide the crap economy. Better t push i out now when there’s a couple of months until election day I guess.
Per the report, the normal variance between the monthly report and the yearly report is +/- 0.1% , this years report -0.5%.,
I do have a question that I have not seen answered, the money report has revisions for the last month and the prior two months, is this number on top of the monthly revisions or are those taken into account, most months the initial numbers are reduced, often times over 50k.
The explanation I read was that this is an annual correction that is in addition to what the typical monthly correction would be. So, some people on TV have said that even with this correction, the annualized monthly job creation number during the Biden presidency is 300K-jobs a month. But, that’s not correct because it’s ignoring the accumulative monthly corrections (which ‘coincidentally’ have ALWAYS been to the negative during Biden’s tenure). The actual annualized monthly job creation number for Biden is only 150K/month.
This typically isn’t enough to keep pace with annual population increase. But, our population increase has been anything but ‘normal’ the last 3.5-years. We’ve illegally imported WAY more people than the number of jobs we’ve crated.
Correction: That’s 173K jobs a month over the last 12-months, not 150K. So, not as bad…but, still bad. 173K is still not keeping up typical population increase.
dems playing both sides of course
looking for fed to cut rates so the msm can blare
under biden/harris rhetoric
the bottom line?
free markets are not the friend of communists
so the only “news” they care about is how much are they in control of businesses
which btw ,, the scotus just dealt ANOTHER BLOW AGAINST THE UN-ELECTED MAKING THE LAWS CONGRESS IS SUPPOSE TO BE IN CHARGE OF
Bu – bu – but will I read about this in Thomas Friedman’s column the NY Times.
BLS: “What is the job creation estimate for the month?”
Administration Apparatchik: “Is 500 trillion too much?”
BLS: “Naaaaaaaaaaa.. It’s only an estimate.”
The Federal Reserve has got to be furious at the BLS. Significant fiscal policy decisions were made based on misleading data. While the past jobs overstatement may have been politically intentional, my bet is that it is due to simple incompetence – one of the hallmarks of this administration. In contrast, a conspiracy takes some coordination and intelligence – not one of the hallmarks of this administration.
I think it can be figured out that for the last few years anyone who believes any statements from the Ministry of Agitation and Propaganda is a fool.
Subotai Bahadur
The -818,000 is going to be revised to -915,000. They continue to keep the scam going with the headline with an 8 number. The 9 number revision will get no air time.
Seems like SOP for this administration.
Largest revision in 15 years. Who was President 15 years ago?
Leave a Comment