General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe August Jobs Report will be 5 million new jobs created
GDP growth at 20% and inflation at -5%
Also 2+2=5
Long Live Big Brother
Walleye
(43,893 posts)The ignorance and gullibility of his people are getting really tiresome
Johnny2X2X
(23,710 posts)And the media will make an issue of the fake numbers for a short time, but by November theyll just report them like nothing is unusual and that will be that.
The BLS numbers are crucial. People dont understand how much is based on them. They help shape monetary policy and when to trigger safeguards for the economy and for workers. They help businesses and investors make decisions.
If these numbers are no longer reliable, there will be chaos and economic collapse.
flamingdem
(40,800 posts)A university?
gab13by13
(31,356 posts)saying that people in the private sector do tracking.
gab13by13
(31,356 posts)lapfog_1
(31,704 posts)so we have rising unemployment... the Fed needs to cut rates to stimulate the economy!
But then we have a regressive tariff tax COUPLED with ICE raids on farm workers and construction sites and 10 million hard working people in the economy... both will cause massive inflation... the Fed needs to raise rates to stop inflation!
What will Powell do? Lower, Raise, or leave the same? There is NO good choice here.
LetMyPeopleVote
(175,431 posts)
republianmushroom
(22,125 posts)samsingh
(18,253 posts)Takket
(23,500 posts)it's kind of hard to keep convincing people everything is great with fake job numbers when they, or the person who sits next to them, are cleaning out their cubicle.
bif
(26,707 posts)dalton99a
(92,336 posts)tinrobot
(11,964 posts)That's certainly Nobel Prize in Economics territory
Wiz Imp
(9,088 posts)the same time.
I have been saying since day one that the Bureau Of Labor Statistics employees would not put up with being made to manipulate the data and many here insisted I was wrong and the data has been manipulated all along. Well, I hope yesterday finally made those people realize they were wrong and I was right.
So going forward, it remains to be seen what exactly happens but I can guarantee that the Trump administration will not be able to get away with publishing obviously fake data. From one article I saw yesterday:
https://www.nbcnews.com/business/economy/trump-orders-firing-bls-commissioner-weak-jobs-report-rcna222531
Julie Hatch Maxfield, the official who oversees the office that produces the employment report, joined the agency during Trump's first term.
I know Bill Wiatrowski and Julie Hatch Maxfield and they are good people. The line about Julie Hatch Maxfield joining the agency during Trump's first term is blatantly false. She has actually worked at BLS since 1999. She became Associate Commissioner for the Office of Employment and Unemployment Statistics in 2019. Those Associate Commissioner jobs have always been non-political and do not require Senate Confirmation. The Commissioner job does require Senate Confirmation.
Bill and Julie may be the next to get fired, but as long as they are running things, I have confidence BLS will continue to produce honest jobs numbers.
If Trump installs a new Commissioner that insists on manipulating the data to make Trump look good, I expect you will see a mass resignation of the majority of BLS employees. Seriously, these are good people with integrity. These people will NOT put their job above their integrity and honesty so I believe most will resign.
Also realize that it takes a large number of staff to produce the jobs estimates. Even a small exodus of staff would make it nearly impossible to produce data with any connection to actual statistical survey procedures in a timely manner.
Also note these comments from a former Deputy Labor Secretary:
https://www.huffpost.com/entry/trump-firing-bls-commissioner-stupid_n_688d2290e4b022644fdf3079?origin=top-ad-recirc
There is absolutely no chance that the BLS commissioner or anyone else at BLS manipulated the jobs and unemployment data to hurt Donald Trump politically, said Harris, now a law professor at Northeastern University. Donald Trump produced these bad job and unemployment numbers with his policies, he said. Its not the people counting the jobs its the guy whos overseeing the economy.
Harris said firing her would mark a grave escalation in Trumps habit of sowing doubt about the governments economic research. He said capitalism depends on certainty and transparency, which isnt what the country would get if the commissioner were beholden to the president. The danger is that the public, economic actors, decision-makers in government and the business community and everyone else whos trying to figure out whats going on in our economy will doubt the validity of the numbers, he said. If you do not have an accurate picture of what is happening in the economy, you cannot make sound decisions.
He added that if anyone had manipulated data, a number of whistleblowers would have stepped forward.
If the data is manipulated, we will know it right way because BLS staff will definitely blow the whistle on bad actors. Just this one action by Trump has already sowed massive distrust moving forward. All those people for whom this BLS data is absolutely essential to their work and research will NOT use faked data. They will look for more reliable sources of data.
This will have a domino effect on the entire economy. I don't think I'm exaggerating when I say if this administration actually follows through with faking the data, it could very well trigger an economic depression. It will do more harm the the US than I think anyone can even imagine.
flamingdem
(40,800 posts)Maybe Trump actually wants to tank the economy.
What should we expect? Will the first sign be who he choses as a replacement?
A toady? Keep us updated please!!