The Biden-Harris administration was forced to admit discrepancies in jobs creation reporting in its biggest downward revision in 15 years.
The administration, which previously boasted of creating over 15 million jobs, was forced to revise its own figures by a staggering 818,000 jobs for the previous year alone. President Biden, whose achievements are being carefully handpicked for the Vice President’s election campaign, has repeatedly praised the “record” job creation figures since January 2021.
A downward revision had been expected for some time. In March, economists from Goldman Sachs Group Inc. and Wells Fargo & Co. estimated job creation figures to be around 600,000 less than government figures indicated at the time, while JPMorgan Chase & Co. forecasters predicted a decline of 360,000.
However, Wednesday’s revision stretches beyond even the most conservative estimates, and marks the largest downward alteration in payroll growth since the 2008 financial crisis.
Such a large-scale revision has raised more questions than answers. It comes during an election year where a resurgent Donald Trump threatens to deal a humiliating defeat for a Democratic Party in sheer disdain for the former president, with some questioning whether the true figures are even worse than admitted.
It also raises questions regarding trust in the federal government.
