Shocking Report Reveals Horrific Truth Behind Key Biden Campaign Issue
President Joe Biden has seen significant job growth numbers during his tenure, especially as the election nears. However, there's a concern.
The Bureau of Labor Statistics (BLS) has frequently had to “adjust” these numbers due to overestimations, according to Issues and Insights.
“Last month, for example, BLS announced that the economy added 272,000 jobs, which the media called ‘whopping,’ ‘robust,’ ‘vigorous,’ and a ‘blowout.’ Economists had anticipated 190,000 new jobs in May,” the report highlighted.
“But on Friday, the Bureau of Labor Statistics admitted that it had overestimated job gains in May by 20%, with the new figure just barely above economists’ expectations. The change barely got a mention in the press,” it continued.
In April, the bureau initially estimated job growth at 175,000 but had to revise it down by nearly 38 percent to 108,000.
In January, the agency reported 353,000 new jobs were created, but later revised that number down by close to 100,000. February's number was also cut by nearly 40,000.
This year, nearly a quarter of a million “new jobs” have disappeared, and this isn't a new trend under Biden’s presidency.
“Why? One big reason is the statistical models the BLS uses to fill in gaps in its survey of businesses have been misfiring. Here’s how Bloomberg explains it,” Issues and Insights noted:
A chunk of the potential overestimation of payrolls stems from adjustments the agency makes to the monthly employment report to account for the net amount of businesses opening and going under, Wong and Knapp say. Because the BLS only surveys existing establishments, it uses a so-called birth-death model to estimate those flows.
‘The labor market saw a turning point sometime in the second half of 2023,’ Wong said. ‘Business closures surged, while new business formations slowed sharply.’
“As a result, the BLS overestimated job growth by about 60,000 each month last year,” the report added.
However, even the “jobs created” don't present as positive a picture as the White House might prefer.
Many of the new jobs are part-time or are second and third jobs people have taken to make ends meet due to “Bidenomics.”
“BLS data show that there are 319,000 more adults working multiple jobs today than there were a year ago. Multiple job-holders now account for 5.2% of those employed, up from 4.4% when Biden took office,” the report noted.
“All of which helps to explain why, when 1.3 million jobs were supposedly created this year, the number of unemployed climbed by almost 700,000 and the unemployment rate went from 3.7% to 4.1%,” it said.
“And this is to say nothing of the fact that most of the jobs created went to foreign-born individuals, not native Americans, and real wages are lower today than they were when Biden took office,” it said.
CNN reported in March that despite these positive economic indicators, “a frustrating reality persists: Life is far too expensive for far too many.”
The nation is facing a long-standing cost of living crisis, with historically unaffordable housing markets, high daycare costs, and elevated car prices, much of which is driven by high interest and mortgage rates.
In summary, “Bidenomics” — the term the White House uses for Biden’s economic policies — isn’t benefiting most Americans.
“Parents of young children are making difficult choices to afford child care — or they’re opting to evade it by dropping out of the workforce altogether,” CNN reported. “Parents are also struggling to buy bigger cars to accommodate their growing families while also trying to save some money for college plans.
“For too many, the American Dream feels like an illusion,” the outlet concluded.