Bloomberg ran a headline this week admitting that as many as one million of the new jobs that were supposedly created last year do not exist and were merely talking points to prop up America's "strong" economy.
The Bureau of Labor Statistics (BLS) was forced to "revise" its numbers after the private Federal Reserve confronted the federal agency for lying about job growth in the United States.
"U.S. job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates," wrote Augusta Saraiva for Bloomberg about the matter.
"Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government's preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated – about 50,000 a month."
The article goes on to reveal that forecasters at JPMorgan Chase & Co. are seeing a decline of about 360,000, while Goldman Sachs estimates the figure to be as large as one million.
(Related: Back in early June, we reported that Wall Street admitted to the world that all new jobs created over the past year went to illegal aliens, not Americans.)
Cooking the books to preserve the bubble economy
Month after month all through 2023, BLS was fudging the job numbers in an apparent effort to keep Wall Street satisfied and the bubble economy inflated. Were the truth to have come out back then, things might have looked a lot differently across the markets.
Take a look at the below chart showing the variances between 2023's initial monthly readings by the BLS and the first and second revisions posted by the federal agency:
Yup they were cooking pic.twitter.com/qlc2WwVwBt
— Ygg Odinson ???????MAGA/MMA??????? (@FlGrownPatriot) August 20, 2024
"I have never seen revisions this bad as we have had for the last three years," someone who follows BLS data wrote on X, formerly Twitter. "Ever since they told us a recession is not two consecutive negative quarters in a row, it has been getting worse."
Another added that the feds are doing the exact same thing with crime reporting as they pull the wool over the eyes of the American public about the rapid decline of Western society under late-stage capitalism and globalism.
"How many of those jobs were actually government jobs?" asked another, suspicious about the nature and quality of the so-called jobs that we are told have been created by the government and its policies.
"There are more federal government workers in the U.S. now than there are manufacturing workers."
Even the revised numbers are likely still too high, suggested another. Whatever the government says now about jobs is probably still wildly overinflated to make the economy look stronger than it actually is.
"The crazy part is unemployment was already signaling a recession, so how bad is it really?"
All Americans really have to do to get to the truth, generally speaking, is to trust their own senses about the current state of the nation. Are things getting better or worse overall? And if they are getting obviously worse as many people now agree, then do the government's claims about a strong economy seem like truth or lies?
"It always goes this way: they put out a glowing report for the sake of the narrative," wrote another on X about how he thinks the process works. "Then a couple of weeks later, out pops an adjusted report. We need the facts to fix the problem."
Eventually, there will be no more cans to kick and the U.S. economy as we currently know it will be done. Learn more at Collapse.news.
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