Florida Republican Sen. Rick Scott hammered President Biden after the Q2 job growth report was adjusted by the Federal Reserve Bank in Philadelphia.
According to the Post Millennial on Saturday, the Federal Reserve Bank in Philadelphia has corrected the volume of second-quarter job creation that Biden has been bragging about.
Biden claimed that from March through June, his economic politics helped generate 1.1 million new jobs.
The Post Millennial reported that this “vastly exaggerated” the real number.
According to the Philadelphia Fed, the actual number was more like 10,500.
In other words, Biden overstated the situation by a factor of 100.
In its report, released on Tuesday, the Philadelphia Fed said its numbers “incorporate more comprehensive, accurate job estimates” than the U.S. Bureau of Labor Statistics initially announced. Those were based on payroll data collected by the states.
“In the aggregate, 10,500 net new jobs were added during the period rather than the 1,121,500 jobs estimated by the sum of the states,” the report noted.
“Payroll jobs in the nation remained essentially flat from March through June 2022.”
The Washington Times noted how Biden had bragged about how strongly the economy performed during that period.
“In the second quarter of this year, we created more jobs than in any quarter under any of my predecessors in the nearly 40 years before the pandemic,” Biden had said on July 8.
Two weeks later, the White House issued another statement pushing the 1.1 million jobs figure: “In recessions, the economy tends to lose jobs. The strength of the labor market, along with other economic indicators, is not what we generally see in a recession or even a pre-recession. The drop in unemployment all around the country is a sign of enormous progress, and puts the U.S. in a better position to fight the global challenges of inflation.”
In one instance that should hit home with Biden, the Times noted that the Philadelphia Fed reported on how these overestimated job growth in Biden’s home state of Delaware.
The BLS reported Delaware, during the second quarter, experienced 4.5% job growth; in reality, the number of payroll jobs fell by 4.1%.
Florida Republican Sen. Rick Scott, a tireless critic of Biden’s economic policies, hammered the administration for the Fed report.
“WRONG BY A MILLION JOBS. THIS IS OUTRAGEOUS,” Scott tweeted on Friday.
“@JoeBiden’s admin has been lying to the American people about our economy to prop up his failed agenda & I won’t stand for it. I’m requesting an immediate meeting with the head of @BLS_gov. WE NEED ANSWERS NOW!”