Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Just what kind of economy are they handing to President-elect Donald Trump? Now that the election’s over, President Joe Biden’s minions are letting the terrifying economic data out of Biden’s statistical gimp box.
Last week, the Philadelphia Fed flagged yet another massive jobs revision, estimating in a new study that jobs actually fell in the second quarter of this year, April to June. That compares with official numbers claiming 653,000 jobs were created in those three months.
In other words, we’re looking at another massive revision—possibly 700,000 in more fake jobs brought to you by the finest statisticians money can buy.
Note, this is on top of the Bureau of Labor Statistics’ revision in August that erased 818,000 imaginary jobs between March of 2023 and this year. That revision wiped out 115,000 manufacturing jobs, 129,000 in retail, 150,000 in restaurants and hotels, and 358,000 professional jobs.
Put it together, and we could be looking at 1.5 million imaginary jobs “magicked” away.