We’ve all been force-fed the “utopian” narrative of the Biden economy by his devotees in the media. Made to swallow their claims of the job market’s supposed ironclad strength. But guess what? A new Bloomberg Economics report just steamrolled that narrative into shreds.
Robert Burgess, executive editor of Bloomberg Opinion, threw a colossal curveball at the hyped-up jobs market fake-newsers have been chanting about. He detailed a revelation from a report that suggests a whopping over calculation of job growth last year by about 730,000. This bloated figure didn’t consider the sharp rise in business failures and decline in new business formation in the latter part of the year.
That’s just the tip of the iceberg. According to Bloomberg’s projections, the printed nonfarm-payrolls figure for 2024 is likely to overstate employment by at least one million, attributing more than half this disparity to inadequacy in the Bureau of Labor Statistics’ estimation methods for business foundations and closures.
EJ Antoni from The Heritage Foundation suggested that Bloomberg Economics was sluggishly catching up to the actual jobs narrative. According to Antoni, the jobs situation had always been grimmer than what the leftist media could ever fathom admitting. The labor market was nowhere near the robust state they propagated, a fact indicated by other downward revisions of the initial job growth estimates—indicating that the situation was worse than initially calculated. He hinted at consumer spending’s dip, a significant percentage of the GDP, as evidence of an already brewing recession, masked until the upcoming presidential election.
Meanwhile, American audiences are fed a continuous diet of distorted headlines by media outlets attempting to resuscitate Biden’s wilting economic image pre-2024 election. An avalanche of fabricated positivity from CNN claiming a booming economy to ABC News dismissing Americans’ discontent with Bidenomics. Even The Associated Press added its biased reporting into the mix, emphasizing the robust job growth and abiding economic strength.
However, Sven Henrich, Northman Trader founder, validated the recent clashes with the hyped economy reports when referring to Bloomberg Economics’ drastic downward shift in job growth. He emphasized these lackluster realities were familiar to the middle class, a far cry from the enthusiastic speeches about the economy. He suggested that the Federal Reserve would do more justice communicating with ordinary folks instead of crunching numbers with outdated models.
So, it seems that the liberal media and their rose-tinted view of Biden’s economy could do with a reality check. We, as citizens, deserve nothing but the truth about the job market. Given this data, it’s clear – there’s still a lot to fix and no time for figurative back-patting. The numbers never lie, unlike some media outlets. Let’s focus on nurturing resilient economic growth rather than celebrating insubstantial victories.
