As the DNC takes place for the third night on Wednesday, Gov. Tim Walz (D-MN) will give his speech as the Democratic vice presidential nominee amidst some very bad news for the Biden-Harris administration. New data from earlier in the day released by the U.S. Bureau of Labor Statistics shows a downward revision of 818,000 jobs in the year through March 2024 for nonfarm employment.
A report from Bloomberg noted that this "risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates" and that "a downward revision to employment of more than 501,000 would be the largest in 15 years and suggest the labor market has been cooling for longer — and perhaps more so — than originally thought."
"THIS IS A HUGE REVISION DOWN": 818K jobs Kamala claimed to have created over the past year aren't actually there — that's 68K FEWER jobs per month.
— RNC Research (@RNCResearch) August 21, 2024
115K fewer manufacturing jobs. 45K fewer construction jobs.
COOKING THE BOOKS! pic.twitter.com/Ww9gkwxJhZ
Republicans are certainly taking notice, with former and potentially future President Donald Trump speaking out in a Truth Social post in which he referred to such revisions as a "MASSIVE SCANDAL!"
Trump issued plenty of warnings with such a post, such as how Vice President Kamala Harris and President Joe Biden are looking to "hide the true extent of the Economic Ruin they have inflicted upon America."
He also brought up the name he's been using for Harris to further warn that "if Comrade Kamala gets another four years, millions more Jobs will VANISH overnight, and Inflation will completely destroy our Country. YOUR LIFE SAVINGS WILL BE WIPED OUT."
MASSIVE SCANDAL! The Harris-Biden Administration has been caught fraudulently manipulating Job Statistics to hide the true extent of the Economic Ruin they have inflicted upon America. New Data from the Bureau of Labor Statistics shows that the Administration PADDED THE NUMBERS…
— Donald J. Trump Posts From His Truth Social (@TrumpDailyPosts) August 21, 2024
"It's not a 'revision' — it's another Harris-Biden LIE being exposed," said RNC Rapid Response Director Jake Schneider.
"It's more confirmation of the Harris-Biden economy's weakness — and further heightens concerns of an economy in freefall as unemployment rises and economists warn the U.S. may be careening towards a recession," he warned about such a dramatic change in numbers.
Sure enough, the jobs report for July was much weaker than expected, and the unemployment rate rose to 4.3 percent.
Schneider also rebutted a narrative we've so often heard from Democrats, including and especially at the DNC this week [Emphasis original]:
Of course, the Harris-Biden spin on jobs was always a complete fabrication. Two-thirds of the jobs Harris-Biden claim to have "created" are actually jobs recovered from the pandemic. In fact, labor force participation was far stronger under President Trump.
Americans, grappling with the Harris-Biden economic destruction every single day, see right through Democrats' lies.
Not only has the current administration touted jobs numbers in a way that has been fact-checked repeatedly, including by Mia over the years, top Democrats have brought up such misleading claims at the DNC this week.
As Mia pointed out in Tuesday's fact-check of Monday night when fact-checking Senate Majority Whip Dick Durbin's (D-IL) claims about job losses under the Trump administration:
Prior to the pandemic, Trump saw 6.7 million jobs gained in the first three years of his term between January 2017 and February 2020, before the state-mandated coronavirus shutdowns left him with a labor force ordered to stay home or out of a job altogether.
...
Though 15.8 million jobs technically spawned after Biden entered office in January 2021, according to a U.S. Bureau of Labor Statistics timeline, there should be an asterisk attached to this statistic; many of those were jobs actually added back to America's beleaguered economy, which had suddenly lost more than 10 million jobs between March and April 2020, as the U.S. Department of Labor reported.
This jobs creation claim, which Biden himself regularly repeats, doesn't calculate net gain and conflates the generation of new jobs with the natural return of the workforce.
In fact, the jobs recovery process started during Trump's time, but because his tenure ended only eight months into the economic-revival cycle, much of the job "gains" accrued under the Biden administration when workers were naturally returning to work.
Economic experts say that Biden, despite doing nothing as jobs were beginning to bounce back, greatly benefited from the waning of the pandemic's effects on the now-reopened economy and the rehiring of American workers.
...
Left-leaning Urban Institute's economics analyst John Buhl told Check Your Fact that a hefty portion of Biden's job performance is attributable to the pandemic ending, specifically "a very, very, very, large chunk. Probably at least 90% maybe more than that."
So, Biden didn't exactly inherit a broken economy from his predecessor. The economy was in the midst of healing, steadily recouping what was lost at a relatively rapid rate, and well underway when Biden was inaugurated.
The Trump administration handed Biden and Harris a gift, and they blew it.
The revisions are newsworthy beyond the numbers, though. In addition to covering the numbers, Amy Curtis at our sister site of Twitchy also pointed out that there had been "technical difficulties" delaying such a release.
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