|
Getting your Trinity Audio player ready...
|
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 …
(Via: BLS)
***
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.
***
WANNA SOUND OFF?
Got something you’d like to say in response to one of our articles? Or an issue you’d like to proactively address? We have an open microphone policy here at FITSNews! Submit your letter to the editor (or guest column) via email HERE. Got a tip for a story? CLICK HERE. Got a technical question or a glitch to report? CLICK HERE.
8 comments
The perpetual boom-bust cycles of capitalism are intentional and will always drain wealth from the working class, until every last drop is stolen and the insatiable greed of the rich can no longer find a host to parasitize.
And now you know why conservative rhetoric focuses on the quantity of jobs and not the quality of them. No minimum wage, no retirement until at least 75, no Social Security or Medicare for future generations assuming they can even make it to 75, debt up to your eyeballs just to try for a better paying career, etc. You will surrender the value of your labor one way or another.
Nothing to lose but your chains.
NEWSFLASH:
BLS does this every month no matter who the president is.
Try harder, Folks.
Bla, Bla, Bla. Unemployment is at 3.8%. GDP is up. An economy so hot the Fed is pouring water on it to cool it off. Inflation is the lowest in the first world and falling. Biden has created infinitely more jobs since his election than Trump created because Trump actually lost jobs during his administration. Manufacturing is returning to the US at a record pace and leaving China at a record pace. Goldman Sachs has just lowered the chance of a recession in the US this year to 15%, despite aggressive FED moves to cool down the economy.
If the Republicans had not blocked Obama’s efforts to ink Southeast Asia trade deals to counter China, we would be in the Catbird seat right now, as China’s economy slips into recession, and international companies move away from China as a manufacturing source.
While right-wing sites like this try to gin up a lot of crap, the bottom line is, that by every measure that Trump used to judge his Presidency, Biden has outperformed him. Every one. We are even producing more oil than under Trump.
I don’t know who actually is running our country, but it isn’t a man with advanced dementia. Reading some of these comments makes me realize how much people will go to the mat for their delusions of Biden doing anything other than destroying our country. But Orange Man Bad… Wake up, people.
Trump is the only President in history to try to destroy our country. You wake up and get your head out of Faux New’s ass. You are totally blind to objective facts. There is no measure by which Biden has not out performed Trump. And yes Biden is running the Presidency and doing a great job. But hey if you want to bury you head in the sand and keep telling yourself that Trump won the election, that he is not a sexist jerk who has cheated on all three of his wives, that he is not lying to you about stealing classified documents and trying to steal the election, and that it’s all a conspiracy to get Trump, Keep telling yourself that NATO is not more united than ever, that Russia is not getting its ass kicked, that we are not producing more oil, that unemployment is not at 50 year lows, that GDP is not up, and that the dollar is not soaring. After all when you are in a cult you have to believe the lies or all you will have left is the fact your cult leader played you for a fool.
Don’t watch Fox, not a Trump fan, and you assume much. But like all true liberals, you are unable to draw simple conclusions of cause and effect so I can’t help you there. And in true leftist form, you just call names and spout untruths… :D Biden is a WORLD joke; wake up.
Your our friends at Zero Hedge is the same news outlet Alex Jones Infowars was quoting on Sandy Hook?
For those who can’t take good news as an answer, because it’s not what they want.
Per Bloomberg, following a string of stronger-than-expected reports on everything from consumer spending to residential investment, economists have been boosting their forecasts for gross domestic product. One widely-followed, unofficial estimate produced by the Atlanta Fed even has it expanding 5.6% on an annualized basis in the third quarter.”