Shrinking Bidenomics: Alarm grows as jobs, GDP data revised downward
Under the Trump administration, job growth was higher than expected every year.
By Madeleine Hubbard
Updated: September 4, 2023 - 5:57am
President Job Biden’s story about the success of Bidenomics just keeps shrinking.
The Labor Department has consistently overestimated payroll growth predictions under the 46th president and has been forced to revise the data downward to reflect slower economic growth throughout 2023.
In addition, the Commerce Department significantly revised economic growth downward, dropping last quarter’s Gross Domestic Product by three-tenths of a point from 2.4% to 2.1%.
Experts say the administration’s overly positive economic predictions — especially on jobs — are masking the growing discomfort that every day Americans feel from inflation and rising interest rates.
“The labor force participation rate is the story there. I think it's really because people really are running out of money basically to afford living,” said Alfredo Ortiz, the head of the Job Creators Network, small business lobby.
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https://justthenews.com/government/federal-agencies/bidenomics-payroll-growth-estimates-consistently-below-labor
