I have seen NBC repeatedly blame Trump’s cutting back the number of employees at the Bureau of Labor for big revisions.
So where were the complaints when many more employees overestimated jobs by over 800,000 for one year during Biden’s term? Why didn’t all those extra employees get the numbers right? The higher number of employees has constantly yielded major revisions. Shouldn’t the head of the Bureau of Labor be fired when the numbers they put out are so inaccurate?
U.S. job gains over the 12 months ending in March were revised downward Wednesday by 818,000 — a significant revision that adds to recent concerns that the economy has been slowing.
The change means that roughly 2.1 million jobs were created in the U.S. in the past year, compared with about 2.9 million prior to the revision.
The CBO has plenty of employees, yet it rarely gets close on its predictions on tax revenue or spending proposals.
The Federal Reserve has an estimated 400 Ph.D.s in economics, yet for the last few years, they haven’t been able to achieve a profit. Somehow all those highly educated employees also can’t figure out how to keep a set of books that complies with generally accepted accounting principles. Instead of booking the losses, which they cover by printing more money, they book a fictional asset. If any private company did that, it would be delisted and charged with fraud.
During the campaign last year, we saw all sorts of claims that Trump’s tariffs would cost an average family over $4,000. It is clear that that number was pulled out of thin air.
Now I saw Chuck Schumer on the Senate floor making up another number. He is very worried that the tariffs will cost an average family over $2,000. Not once did I hear Schumer mention that Biden’s over 20% inflation would cost a family spending $60,000 per year an extra $12,000 each and every year going forward.
And that high inflation caused the Federal Reserve to massively up interest rates. So a $300,000 mortgage at 6% costs double the amount of interest of a 3% mortgage. Where were Schumer and the other Democrats, including the media, complaining? They were out saying how great the economy was and that the complaints were a fiction of people’s imagination.
Schumer also supports destroying reasonably priced energy, higher taxes, and more regulations, all of which clearly harms the average family.
Here are a few facts about employment statistics the last several years from an article in Zero Hedge:
Recall, that starting back in 2023 we warned that virtually all the job creation since 2018 had gone to foreign-born workers, which as Wall Street subsequently reported, was mostly illegal aliens.
In July, the number of foreign born workers tumbled by 467K.
What about native workers? Well, as the chart above shows, in July native-born workers increased by 383K, which was impressive but was less than half the remarkable 830K increase in June; both however were below the massive $1.04 million increase in April.
And while regular readers are well aware, it may come as a surprise to many that in the five years after 2019, the US had not added a single native-born worker, and instead all the growth in the US labor force was foreign-born. But that finally changed in the past 6 months, since Trump’s inauguration.
The moral of the story: Don’t trust government statistics or the media, which pretend the predictions and numbers are gospel. And don’t believe that the media and other Democrats who claim that more employees means more accuracy. History shows that that is wrong. The only relationship I believe is that bigger government causes more spending and higher debt and deficits.
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