President Joe Biden again proves the validity of Mark Twain’s observation about the three types of lies: lies, damn lies, and statistics.
On Friday, the economics analysis website Zero Hedge noted that Biden’s Labor Department seems to be rigging the monthly employment numbers in an effort to show that Biden’s policies — built on increasing the national debt, more deficit spending and wallet-busting inflation — are actually working.
Sadly, Biden is not even trying to hide it.
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Zero Hedge noted that Biden’s economic team has reduced the number of jobs created in previous months in order to make the current month look better and allow Biden to take a victory lap.
For example, the U.S. Bureau of Labor Statistics announced Friday that the economy created 253,000 jobs in April.
That was far above the estimate of economists of 185,000 new jobs, which would have revealed an uptick in unemployment. But if the consensus estimate had proven correct, the jobs number would have shrunk.
That didn’t happen.
Zero Hedge reported that “the March [jobs] number was unexpectedly revised sharply lower.” Where the U.S. economy produced 236,000 new jobs when the report was first released, the official report now shows only 165,000.
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This means April was 88,000 jobs better than March.
But Zero Hedge also noted that the February jobs number was scaled back as well. Instead of 326,000 jobs, it now shows only 248,000, which also would have missed the estimate.
CNSNews.com picked up the trend, noting that in April, the BLS also revised the January jobs number downward by 32,000, from 504,000 to 472,000. That was after an earlier drop from 517,000 to 504,000.
For instance, the media gushed over the employment data in January. The Hill, for example, called it “stunning” and “shockingly strong.”
Zero Hedge pointed out that upon each new release, Biden and his administration are able to claim they beat the expectations of analysts.
That has now happened for 13 consecutive months.
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Except it’s all a mirage. The post-revision “reality,” at least during 2023, shows that we actually created 194,000 fewer jobs than were first reported.
In its report, the BLS said, “Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.”
But Zero Hedge is unconvinced.
“Ahead of today’s jobs report,” the website said on Friday, “many joked that at this point the job report is so rigged and ‘adjusted’ that Biden’s Dept of Labor may as well just keep going with fabricated numbers until the 2024 election.”
“The number of consecutive beats [of expectations] heading into today’s print confirms what a farce the ‘data’ has become: everything in the name of a beat and a favorable press conference soundbite.”
Once Friday’s numbers were published, Zero Hedge said it only offered “confirmation that every BLS number is only gamed to beat the current month consensus estimate so that Biden’s admin can take props for handling the labor market ‘better than expected.’”
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