The recent revelation from the Bureau of Labor Statistics (BLS) that it had to revise U.S. employment figures downward by a staggering 818,000 jobs has left many Americans questioning the competence and honesty of their government. How could this happen? Is this government incompetence or intentional deception? Let’s examine this.
This revision, which covers the 12 months ending in March 2024, is one of the largest since the 2008 financial crisis. With the 2024 election season in full swing, this news is likely to have far-reaching political and economic implications, particularly for Vice President Kamala Harris’ campaign and the Federal Reserve’s upcoming policy decisions.
This massive revision calls into question the federal government’s ability to manage basic functions, such as accurately tracking employment data. The public’s trust in the federal government is already low so this doesn’t help inspire any confidence.
Employment statistics are not just numbers — they inform key economic policies and decisions that affect millions of Americans. The fact that the government could be so far off the mark — by more than 800,000 jobs — is a stark reminder of the potential incompetence lurking within our federal agencies.
If the government can’t handle something as fundamental as employment figures, it is fair to ask whether it is capable of managing more complex systems like healthcare, education, and the economy.
This incident casts serious doubt on the left’s push for greater government control over more aspects of American life. If they can’t even keep track of how many people are working, how can they be trusted to manage the more intricate details of governance?
The repercussions of this incompetence are not limited to just numbers on a page. Erroneous job data can lead to misguided economic policies, which in turn can harm American workers and businesses.
Moreover, such a massive error erodes public trust in government institutions, which are already viewed skeptically by many. If the government can’t be trusted with something as straightforward as employment data, why should Americans believe in its ability to manage anything else?
Going back decades, I always assumed that the bureaucrats and actuaries in the Bureau of Labor Statistics would strive to keep track of and report the numbers honestly and accurately. But with the Biden-Harris administration weaponizing the DOJ and the IRS, why would they stop there? Heck, most people don’t even know what the BLS does. With that said, some would argue that this revision is not a case of bureaucratic bungling, but a deliberate effort to deceive the public.
Initially reporting inflated job numbers could have been a strategy by the Biden-Harris administration to present a stronger economic recovery than what actually occurred. If this is the case, it wouldn’t be the first time a presidential administration has manipulated data to serve its political ends.
This scenario fits into a broader narrative that many on the right have long suspected: that the government is willing to bend the truth to push its agenda. Whether it’s downplaying inflation, overstating economic growth, or inflating job numbers, this administration seems more interested in creating a favorable public image than in telling the truth. Manipulating such critical data is not just unethical — it’s dangerous. It misleads policymakers, misinforms the public, and leads to decisions that ultimately harm the very people the government is supposed to serve.
The timing of this revision is particularly damaging for Vice President Kamala Harris. With the economy being a top concern for voters, this revelation could seriously undermine her credibility and the broader claims of economic recovery under the Biden administration.
Voters may see this as a failure of the administration to manage the economy effectively, a narrative that the Republican Party is sure to exploit. The revision provides a strong argument for conservatives who have long claimed that the administration has been overstating the economic recovery to hide its failures. This could energize conservative voters and sway undecided ones, reinforcing the idea that a change in leadership is necessary to get the economy back on track.
Let’s also not forget that this revision could have major implications for Federal Reserve policies and its monetary policy. A labor market that is weaker than previously thought could push the Fed towards lowering interest rates to stimulate the economy. Federal Reserve Chairman Jerome Powell hinted at this possibility during his recent remarks at the annual Fed conference in Jackson Hole, Wyoming. Powell acknowledged the labor market’s softening and suggested that the Fed might need to adjust its policies to reflect this new reality.
A potential interest-rate cut would mark a significant shift from the Fed’s recent focus on controlling inflation. This move could also be seen as a tacit admission that the economy is not as strong as the administration has claimed, further eroding public confidence in the government’s economic management.
In closing, I personally think the BLS revision should serve as a major wake-up call for Americans who believe in the efficiency and honesty of a larger government. This incident highlights the dangers of granting the government too much control over our lives, whether due to incompetence or intentional deception. The more power we give to the government, the more room there is for errors, mismanagement and outright lies.
As we approach the 2024 elections, voters should remember that the left’s push for greater government control is based on the belief that the government knows best. But as this revision shows, the government often doesn’t know what it’s doing — and sometimes, it might not even be telling the truth.
Bob Rubin is the Founder and President of Rubin Wealth Management. Learn more at www.rubinwa.com.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.
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