Staff Reports
The latest labor statistics have struck a chord that resonates from sea to shining sea, revealing the hidden truth behind the downward revision of jobs in America. The Bureau of Labor Statistics recently announced that it had overstated job growth by approximately 818,000 for the previous year. This revelation comes as a surprise to many ordinary citizens and has left the political elite scrambling to find a narrative that fits. The revision reduces the job addition number from a cheerleading 242,000 per month to a more pedestrian 174,000—a statistical gut punch that few were prepared for.
The significance of this correction has fueled speculation among Republicans, some of whom wonder if it is evidence of a conspiracy to mask the disappointing job numbers. After all, with the timing of the announcement coinciding so neatly with mounting political pressures, it’s natural for skeptics to suspect manipulation. A year-and-a-half’s worth of data gets called into question, and the administration’s claim of a booming economy now seems more like a fantasy land populated by unicorns and rainbows. The situation is so bizarre that instead of a clean slip-up, it could almost be comforting to think the numbers were intentionally ‘cooked.’ At least if it were a cover-up, someone would be competent enough to manage an elaborate ruse.
I'm going to push back on the repost below …
The assumption is that a downward revision in jobs means fewer jobs were created. But now, it might mean firing a "W2 employee" for an "under the table" employee. So, the job still exists; it is just held by someone "off the books."… https://t.co/JM5MCdlWRL
— Jim Bianco (@biancoresearch) August 21, 2024
One particularly ironic turn of events came when Gina Raimondo, Secretary of Commerce, dismissed the colossal job revision as mere misinformation from Donald Trump. It speaks volumes about either desperation or denial when government officials are grasping for straws instead of acknowledging a rather obvious trend. While one can appreciate the level of cognitive dissonance, it’s hard not to snicker at the absurdity of blaming the previous administration for a mess that’s clearly unraveling under their watch.
When scrutinized further, it becomes evident that the true impact of the job revision may not be as dismal as it initially appears. An influx of illegal immigrants into the labor market, facilitated by the current administration’s border policies, has skewed the job figures significantly. According to experts, the data on which the revision was based excluded many unauthorized workers who don’t show up in traditional payroll metrics. In simpler terms, those jobs that appear to be a mirage could, in fact, be thriving beneath the surface—held not by workers authorized to be in the U.S., but by those operating in the shadows.
The sectors most affected by the revision are telling. The leisure and hospitality sector, often a refuge for unauthorized workers, saw 150,000 jobs erased, while retail and manufacturing took significant hits as well. Goldman Sachs analysts suspect the job revision could underestimate the true state of employment by up to 600,000. To put it plainly, while the Biden administration may tout a vibrant job market, it could very well be thriving on a backdoor of illegal labor. Does anyone really believe that the average American will rally behind a jobs report that only sounds good if one considers the multitude of undocumented workers? This dance around the numbers should send a message loud and clear to Republicans—job gains may well be illusionary if they are cloaked in the shadows of immigration policy.
