EJ Antoni, Ph.D.
"For example, economic rhetoric couldn’t paper over the reality that credit-card debt exploded to well over $1.2 trillion from Americans being unable to make ends meet in the Biden economy. Trump was elected to fix our finances, which were much worse than Biden’s cronies would ever admit."
"The Biden administration claimed to have added almost 400,000 jobs from July through September of last year, but new data released this week suggest none of those jobs ever existed. Despite constantly gaslighting by the mainstream media, Americans knew the economy was in poor shape and these latest numbers prove it.
"Month after month, the government bean-counters under former-president Biden published overly optimistic estimates for everything from job growth to the size of the economy, only to have those numbers routinely—and quietly—revised down later.
"Every month, the Bureau of Labor Statistics (BLS) produces estimates for the number of nonfarm payrolls in the country, as well as revisions for the last two months’ estimates. Under Biden, these revisions were abnormal in magnitude and direction, being revised down with unusual frequency.
"While these monthly job reports are compiled from a survey of over 600,000 businesses, of which fewer than 200,000 are surveyed each month. But the BLS also publishes much more comprehensive quarterly data called Business Employment Dynamics (BED) that come from a census of over 12 million businesses—that’s over 17 times the sample size of the monthly job reports’ survey.
"This more accurate dataset was just released by the BLS for the third quarter of last year, which ran from the start of July through the end of September. In stark contrast to the monthly job reports showing an increase of 399,000 jobs during the third quarter, these new numbers show a decline of 1,000 private-sector jobs." . . .
. . ."And the downward revisions to Biden-era jobs data are set to continue. From March through June of last year, the economy supposedly added 398,000 nonfarm payrolls, according to the monthly job reports, yet the BED data show a net loss of 163,000 private-sector jobs for that period.
"Instead of adding almost 800,000 jobs during the middle of last year, the economy likely shed more than 160,000 of them. The next annual benchmark will probably be a (retroactive) reduction of jobs under Biden that exceeds this year’s large downward revision." . . .