Economy Experts/Biden admin overestimated job numbers for Q2 by only about 10,600%

[cottagecheesefan]

So apparently, going into the elections, the Biden admin and democrats bragging about his economy and creating over a million jobs this spring.

Turns out it was only about 10,500. I really don't understand how economic expers coud be off by so much

Biden declared this during one of his "speeches"

“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,” Mr. Biden said on July 8.

https://www.washingtontimes.com/news/2022/dec/16/biden-administrations-claim-1-million-jobs-added-s/

Surprise! The initial report was based on 677k businesses (perhaps hand pick), but this new report is based off 11 million businesses, including many more small businesses






And here is the entire report, only 3 pages. second page shows where they were off. FOr instance, in KY, it was initially shown to have 1.9% increase in jobs, but was actually -9.8. MD initially +2%, but actually -6.8%. DE initially +4.5 actually -4.1. Everything below the diagonal line is a lower than expected/initially reported.

https://www.philadelphiafed.org/-/m...-revisions/early-benchmark-2022-q2-report.pdf

 

[AristotleAmadopolis]

Not surprising from one of the most corrupt and incompetent administrations in history

 

[Fake Doctor]

Saw this yesterday. If there isn't something significant that we aren't being told this is a very, very convenient "mistake" to be made under an administration led by a guy who has proven many times to be a shameless serial liar for political gain over decades.

 

[cottagecheesefan]

Not surprising from one of the most corrupt and incompetent administrations in history

What is even more disconcerning is the initial 677K businesses they initially surveyed at the bigger businesses that are likely picking up displaced workers who got laid off from smaller businesses where they were likely getting paid better and/or more hours. But those smaller businesses cant keep up with inflation and energy costs and had to cut them.

Also surprising to me was how many jobs were lost in a state like MD, which is the heart of the federal government and one of the richest, per capita, states in the country. Not a good sign at all

 

[Poon Goon]

What is even more disconcerning

Did you mean: disconcerting?

Funny though because if disconcerning was an actual word I would think it would mean non-concerning which is the opposite of what you intended.

 

[S Class]

They "fortified" the job numbers

 

[cottagecheesefan]

Did you mean: disconcerting?

Funny though because if disconcerning was an actual word I would think it would mean non-concerning which is the opposite of what you intended.

you really got me there. I guess this whole report means nothing cause I put the wrong word somewhere lol.

 

[Poon Goon]

you really got me there. I guess this whole report means nothing cause I put the wrong word somewhere lol.

Didn't really read much of the thread, just skimmed over and saw your mistake. It's funny when someone tries to use big words to sound smart and they fuck it up.

As for my opinion on the subject, I would say they shouldn't let Biden do this kind of calculating. He is in no condition to be putting these numbers together.

 

[cottagecheesefan]

Saw this yesterday. If there isn't something significant that we aren't being told this is a very, very convenient "mistake" to be made under an administration led by a guy who has proven many times to be a shameless serial liar for political gain over decades.

It is also convenient the fed dropped this on a Friday where it goes relatively unnoticed in the news cycle lol

 

[KOByFootStomp]

Biden is a serial liar but unfortunately he knows he can get away with it because his supporters are so dumb and gullible.

 

[djacobox372]

Biden gets his number from the Bureau of Labor and Statistics--the same place trump and every other president got their numbers from.

The fact that the the Philadelphia Federal Reserve Bank," the smallest of 12 reserve banks in the system, disagrees with these numbers is interesting, but shouldn't be taken as gospel. Instead it should be audited, and it will be, and we'll know the real facts later.

This article is more probably going to end up being titled: "Philadelphia Federal Reserve Bank underestimates job growth by 1 million"

 

[emefer]

Did you mean: disconcerting?

Funny though because if disconcerning was an actual word I would think it would mean non-concerning which is the opposite of what you intended.

Yo mon, dis concerning me

 

[White Whale]

Anything to protect the establishment. Trying to change the meaning of recession and lying about job numbers.

 

[Crawler89]

They forgot to carry the one

 

[Scheme]

Something seemed very odd to me about that given the economy's situation at the time. Makes sense now it was just to influence the mid-terms.

 

[Bald1]

Perhaps that ministry of truth isn't such a bad idea after all. Or perhaps a ministry of maths and statistics would be better. What a perfect opportunity to spread bullshit that would be.

 

[SakurabasEar]

I saw this earlier, I've been waiting for a good rebuttal, but there's not much besides "oops"

This will be memory holed in a week

 

[cottagecheesefan]

I saw this earlier, I've been waiting for a good rebuttal, but there's not much besides "oops"

This will be memory holed in a week

Wont be memory holed, don’t have to because no Mainstream media will even mention it, let alone try to refute it. They know that they simply can ignore it and the majority of people will never know

It would just show them as an echo chamber that never does their homework. Remember during the summer, “of course we are not in a recession, look at these amazing job numbers! Biden is the best president ever, anyone who disagrees and worried about economy is a far right extremist who deals in disinformation

How many similar narratives have the same fate, lol. Even now, they won’t cover the laptop which was once considered far right disinformation. Just was FBI censoring info on twatter.

Even Chris Wray said under oath the FBI doesn’t censor anything democratically on facebook, surprise! 80 fbi agents actively engaged in just that!

 

[Deleted member 585708]

This sounds like the kind of accurate information the British people were given ahead of the Brexit vote.

Only in the instance of Brexit and the amount of money it would generate per week, it wasn't just a much lower number... it was a massively negative figure.

That bullshit has to be an 'all time' contender for biggest lie ever.

 

[My Spot]

"But what about..."