America’s employment agency has been churning out data for decades … but what do we do when we discover these numbers are driven more by goal-seeking than economic reality? When they cease to exist as reliable indicators and become little more than meaningless fodder for politicians and the press?
The Bureau of Labor Statistics (BLS) is supposed to track the ebbs and flows of America’s workforce. Increasingly, though, it has turned into a propaganda wing of the government – part of a broader “fake it till you make it” effort that appears be central to the success of “Bidenomics,” the economic agenda of U.S. president Joe Biden.
According to the latest release from this ministry of disinformation, America’s economy created 187,000 jobs during the month of August. That’s a middling number – but it’s also likely to be a temporary number. An apparition. A fleeting figment of economic reality.
That’s because according to our friends at Zero Hedge, the BLS has downwardly revised the total number of new jobs created in every single month this year. That’s right. Seven months. Seven downward revisions.
“Every single monthly payrolls print in 2023 has been revised lower,” the website noted, an outcome which is “virtually impossible unless there was political pressure to massage the data higher initially and then revise it lower when nobody is looking.”
For example, July’s job growth – which also originally clocked in at 187,000 – has now been reduced by 30,000 positions to 157,000. Meanwhile, June’s number – which originally clocked in at 209,000 prior to being dropped to 185,000 a month ago – dipped another 80,000 this month and now stands at an anemic 105,000.
That’s right … June’s job growth was precisely half what the government originally claimed it was.
“In other words, we now wait for the August payrolls number to be revised sharply lower as well because that’s how Biden’s handlers roll,” the website’s authors observed.
There was apparent good news on the labor participation front – as this indicator moved for the first time in months thanks to the addition of nearly 600,000 new entrants into the labor force. The problem? The economy was only able to find jobs for 77,000 of these new workforce entrants – causing a spike in the unemployment rate.
Also, the reason behind this influx of new workers was discouraging …
“The savings are tapped out and credit cards are maxed out,” Zero Hedge’s authors observed.
The truth about America’s employment economy? It isn’t pretty. With stimulus payouts done, savings exhausted and no available credit, more people are being forced into a labor market that is shedding full-time jobs at an alarming clip. That’s driving down wage growth – which had already been eaten alive by inflation.
But hey … Bidenomics is booming according to the BLS …
EMPLOYMENT SITUATION …
ABOUT THE AUTHOR …
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and seven children.
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