Commentary
Many of us have been noticing discrepancies in the monthly reports and job numbers for over a year now. The household survey and the payroll survey were showing conflicting results, with discrepancies in total employment numbers and other indicators like labor participation and unemployment rates.
Economists had been predicting downward revisions based on these anomalies, and hints had been dropped by individuals like Fed chairman Jerome Powell. The Bureau of Labor Statistics finally released revised numbers on Aug. 21, revealing that 818,000 jobs had been cut from official estimates. This revision, combined with previous adjustments, totaled 1.2 million lost jobs, significantly altering the economic history of the past few years.
The revisions also exposed fraudulent activities, such as phantom companies created to receive stimulus payments in 2021. This widespread distortion in data can be attributed to the trillions in stimulus payments that led to large data inaccuracies across all sectors.
These data discrepancies extend beyond job numbers to output data and GDP calculations, which have been skewed by government spending. Adjusting GDP data with real inflation numbers and accounting for ghost jobs and companies paints a bleak picture of the economy, resembling a deep recession.
The loss of trust in official institutions is exacerbated by officials claiming ignorance of these data revisions. This lack of transparency raises questions about the reliability of both past and present data. As a result, many individuals are skeptical of the current economic landscape and question the validity of reported numbers.
In light of these revelations, it is advisable to rely on personal observations and anecdotal evidence rather than solely trusting government statistics. The discrepancies in economic data highlight the importance of critically evaluating official reports and considering alternative sources of information.
Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times.
Please rewrite this sentence so that it is more clear and concise.
Source link
