The Department of Labor's jobs reports were wildly exaggerated last year, with over 400,000 jobs "created" in the government's data sheets that didn't actually exist.
An analysis by Joe Lavorgna, a former economist in the Trump White House, found that the monthly job reports have been revised downward 10 out of the past 11 months.
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Biden massively overstated job growth
Lavorgna estimates that 2023 job gains may have been overestimated by some 443,000 jobs - the largest figure outside a recession since 2002.
Revisions tell us about the underlying health of the economy. Employment has been revised down in 10 out of the last 11 month. The cumulative 2023 revision is -443k, the largest figure outside a recession since 2002.
— Joseph Lavorgna (@Lavorgnanomics) January 8, 2024
The majority of the jobs added in 2023 were in just a few sectors - government, hospitality, and healthcare.
Collectively, those industries accounted for over 75% of the new jobs in December, which saw an estimated gain of 216,000, beating expectations by 43,000.
Biden added just 6,000 manufacturing jobs in December, despite his attempts to pose as a champion of "made in America."
The December jobs report is getting lots of positive news coverage, but it appears likely that report will be revised, too. By then, no one will be paying attention to the new numbers, of course.
"Soft landing"
Biden has regularly touted low unemployment has one of the few bright spots in his economy, but most of the millions of jobs Biden claims to have created are simply being brought back after the COVID recession.
While inflation has slowed down, prices remain well above their pre-Biden levels, and many Americans are struggling to get by.
Still, Biden is aggressively promoting "Bidenomics" to an electorate that remains pessimistic about the future.
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Many economists are predicting a "soft landing" in 2024, as the Federal Reserve attempts the balancing act of cooling inflation without triggering a full-on recession. Biden's Treasury Secretary, Janet Yellen, didn't hesitate to tout the latest jobs report as proof that a soft landing is underway.
Biden's rival, Donald Trump, predicts the economy will crash in 2024.
“We have an economy that’s so fragile, and the only reason it’s running now is it’s running off the fumes of what we did,” Trump said. “It’s just running off the fumes.”
Trump is right. If Biden has to rely on fudged jobs numbers to make his case, then "Bidenomics" is a house of cards.
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