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The New Coffee Room

  1. TNCR
  2. General Discussion
  3. Bidenomics At Work

Bidenomics At Work

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  • George KG George K

    @jon-nyc said in Bidenomics At Work:

    The BLS have their methods, administrations come and go.

    Which raises the question: Has BLS revised numbers in the past, and if so, how often?

    AxtremusA Offline
    AxtremusA Offline
    Axtremus
    wrote on last edited by Axtremus
    #78

    @George-K said in Bidenomics At Work:

    @jon-nyc said in Bidenomics At Work:

    The BLS have their methods, administrations come and go.

    Which raises the question: Has BLS revised numbers in the past, and if so, how often?

    Yes, the BLS has been making revisions for a very long time (my memory of that goes as far back to when Clinton was President, won't surprise me if that practice stretches back even further). It's a publicly documented practice, see https://www.bls.gov/bls/empsitquickguide.htm , look for the section under "Monthly Revisions."

    Srsly, one may quibble over specific methods, but having a revision practice in place is the right thing to do to balance "timelines" and "accuracy." The BLS has that and discloses it; has been that way for a very long time.

    1 Reply Last reply
    • George KG George K

      @jon-nyc said in Bidenomics At Work:

      The BLS have their methods, administrations come and go.

      Which raises the question: Has BLS revised numbers in the past, and if so, how often?

      jon-nycJ Online
      jon-nycJ Online
      jon-nyc
      wrote on last edited by
      #79

      @George-K said in Bidenomics At Work:

      @jon-nyc said in Bidenomics At Work:

      The BLS have their methods, administrations come and go.

      Which raises the question: Has BLS revised numbers in the past, and if so, how often?

      I think they literally always revise them There are things that are estimated in the first pass that can be measured in the second.

      You were warned.

      1 Reply Last reply
      • JollyJ Offline
        JollyJ Offline
        Jolly
        wrote on last edited by
        #80

        Then the press does the public a mighty disservice by acting as the propaganda arm for the administration.

        “Cry havoc and let slip the DOGE of war!”

        Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

        1 Reply Last reply
        • jon-nycJ Online
          jon-nycJ Online
          jon-nyc
          wrote on last edited by
          #81

          There have been 7 downward revisions and 1 upward revisions through August.

          In 2022 there were 7 upward revisions and 5 down.

          In 2021 there were 11 upward revisions and 1 downwards.

          So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

          You were warned.

          JollyJ AxtremusA 2 Replies Last reply
          • jon-nycJ jon-nyc

            There have been 7 downward revisions and 1 upward revisions through August.

            In 2022 there were 7 upward revisions and 5 down.

            In 2021 there were 11 upward revisions and 1 downwards.

            So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

            JollyJ Offline
            JollyJ Offline
            Jolly
            wrote on last edited by
            #82

            @jon-nyc said in Bidenomics At Work:

            There have been 7 downward revisions and 1 upward revisions through August.

            In 2022 there were 7 upward revisions and 5 down.

            In 2021 there were 11 upward revisions and 1 downwards.

            So the majority of months since his inauguration the BLS underestimated the sheer awesomeness of Bidenomics.

            Therefore, lies are ok?

            “Cry havoc and let slip the DOGE of war!”

            Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

            1 Reply Last reply
            • jon-nycJ Online
              jon-nycJ Online
              jon-nyc
              wrote on last edited by
              #83

              First draft estimates using long standing published methodology is hardly a ‘lie’.

              You were warned.

              1 Reply Last reply
              • JollyJ Offline
                JollyJ Offline
                Jolly
                wrote on last edited by
                #84

                They are not presented as first drafts. They are presented in MSM as hard numbers and rarely are the revisions reported as news, except as a blurb on page 15.

                Intentional obfuscation is a lie.

                “Cry havoc and let slip the DOGE of war!”

                Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                1 Reply Last reply
                • jon-nycJ Online
                  jon-nycJ Online
                  jon-nyc
                  wrote on last edited by jon-nyc
                  #85

                  Fun to see an Always Trumper needing a fainting couch to deal with the big lie of BLS statistics.

                  You were warned.

                  1 Reply Last reply
                  • JollyJ Offline
                    JollyJ Offline
                    Jolly
                    wrote on last edited by Jolly
                    #86

                    I didn't mention Trump. Other than a link, I haven't mentioned Biden in the link about job numbers.

                    The Bible sez the wicked flee, when no man pursueth...

                    Correction: I did mention The Resident on 8/28/2023 in this thread.

                    “Cry havoc and let slip the DOGE of war!”

                    Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                    1 Reply Last reply
                    • jon-nycJ Online
                      jon-nycJ Online
                      jon-nyc
                      wrote on last edited by
                      #87

                      You were warned.

                      1 Reply Last reply
                      • AxtremusA Offline
                        AxtremusA Offline
                        Axtremus
                        wrote on last edited by
                        #88

                        Goldman Sachs seems to be more optimistic than the concensus most of the time.
                        What is GS seeing that the rest are not?
                        Or is GS trying to mislead everyone else?

                        JollyJ 1 Reply Last reply
                        • AxtremusA Axtremus

                          Goldman Sachs seems to be more optimistic than the concensus most of the time.
                          What is GS seeing that the rest are not?
                          Or is GS trying to mislead everyone else?

                          JollyJ Offline
                          JollyJ Offline
                          Jolly
                          wrote on last edited by
                          #89

                          @Axtremus said in Bidenomics At Work:

                          Goldman Sachs seems to be more optimistic than the concensus most of the time.
                          What is GS seeing that the rest are not?
                          Or is GS trying to mislead everyone else?

                          You don't make much money preaching doom and gloom in the financial sector. At least for most investments.

                          “Cry havoc and let slip the DOGE of war!”

                          Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                          AxtremusA 1 Reply Last reply
                          • JollyJ Jolly

                            @Axtremus said in Bidenomics At Work:

                            Goldman Sachs seems to be more optimistic than the concensus most of the time.
                            What is GS seeing that the rest are not?
                            Or is GS trying to mislead everyone else?

                            You don't make much money preaching doom and gloom in the financial sector. At least for most investments.

                            AxtremusA Offline
                            AxtremusA Offline
                            Axtremus
                            wrote on last edited by
                            #90

                            @Jolly , that may be true, but the virtually all the individual inputs that are aggregated into the consensus come from the financial sector. So that doesn’t explain why Goldman Sachs appear to be more optimistic that the rest of the financial sector.

                            1 Reply Last reply
                            • George KG Offline
                              George KG Offline
                              George K
                              wrote on last edited by
                              #91

                              Yeah, the economy sucks because MAGA extremists.

                              "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                              The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                              LuFins DadL 1 Reply Last reply
                              • George KG George K

                                Yeah, the economy sucks because MAGA extremists.

                                LuFins DadL Offline
                                LuFins DadL Offline
                                LuFins Dad
                                wrote on last edited by
                                #92

                                @George-K said in Bidenomics At Work:

                                Yeah, the economy sucks because MAGA extremists.

                                Yeah, they’ll finish the job…

                                The Brad

                                1 Reply Last reply
                                • George KG Offline
                                  George KG Offline
                                  George K
                                  wrote on last edited by
                                  #93

                                  Why Americans Dislike the Economy

                                  “Why are the vibes so bad?” ask legions of commentators, noting the disconnect between polling on the economy and top-level economic indicators. The unemployment rate is within spitting distance of 60-year lows, and measured inflation has dropped from a punishingly high 9 percent rate to a lower, though still too high, 3.2 percent.

                                  And yet, citizens are unhappy with the economy. According to a New York Times–Siena poll, 81 percent of registered voters described the condition of the economy as fair or poor, and only 19 percent called it good or excellent. Another poll, conducted by the Financial Times and the University of Michigan, found that a majority of voters said that they are worse off under President Biden then they were before, and only 14 percent said that they are better off. By a 59 percent to 37 percent margin, the Times–Siena poll found voters trusting Donald Trump more than President Biden on the economy.

                                  To reconcile voters’ discontent with the economic data, we shouldn’t consider the top-level employment and inflation indicators separately. Instead, we should combine them—and when we do, we observe workers’ real (that is, after inflation) wages have declined significantly in recent years.

                                  Some commentators argue that real wages are rising, but these claims are based on the popular average hourly earnings measure from the Bureau of Labor Statistics’ Current Employment Statistics. Average hourly earnings is a less useful indicator now because of large workforce-composition changes. During the pandemic, the economy shed large numbers of low-paying service jobs (for instance, in leisure and hospitality), which pushed the average wage in the economy higher. The average moved up because low-paying jobs dropped from BLS’s sample, not because individuals experienced strong wage growth. The effect reversed as the economy began adding those low-paying service jobs back, which pushed average hourly earnings down. Those composition effects linger today, as the economy is still short 560,000 leisure and hospitality jobs (adjusting for labor-force growth), relative to pre-pandemic levels, due largely to firms’ difficulty finding workers.

                                  "Now look here, you Baltic gas passer... " - Mik, 6/14/08

                                  The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.

                                  LuFins DadL 1 Reply Last reply
                                  • taiwan_girlT Offline
                                    taiwan_girlT Offline
                                    taiwan_girl
                                    wrote on last edited by
                                    #94

                                    I think it is because the price changes were somewhat "drastic" compared to previously, when the inflation rate was low for an extended period of time. The "old" prices are still fresh in peoples minds.

                                    1 Reply Last reply
                                    • JollyJ Offline
                                      JollyJ Offline
                                      Jolly
                                      wrote on last edited by
                                      #95

                                      People remember 2018 and 2019. They understand how things changed with COVID and the inflation Biden has not been able to tamp down.

                                      And they understand that the rosy scenario the Biden Administration is painting is not entirely true. Hospitality jobs have not recovered. Many people can no longer afford a car. Many people cannot afford food. As temporary Medicaid rolls are scaled back, many can no longer afford health insurance.

                                      The people know.

                                      “Cry havoc and let slip the DOGE of war!”

                                      Those who cheered as J-6 American prisoners were locked in solitary for 18 months without trial, now suddenly fight tooth and nail for foreign terrorists’ "due process". — Buck Sexton

                                      Doctor PhibesD 1 Reply Last reply
                                      • MikM Away
                                        MikM Away
                                        Mik
                                        wrote on last edited by
                                        #96

                                        Not to mention the drastic increase in rents most places. If a kid starting out would spend the long-standard 25% on housing they'd be living in a tent. It's much closer to, and sometimes above, 50%. Buying property is nearly impossible.

                                        “I am fond of pigs. Dogs look up to us. Cats look down on us. Pigs treat us as equals.” ~Winston S. Churchill

                                        1 Reply Last reply
                                        • JollyJ Jolly

                                          People remember 2018 and 2019. They understand how things changed with COVID and the inflation Biden has not been able to tamp down.

                                          And they understand that the rosy scenario the Biden Administration is painting is not entirely true. Hospitality jobs have not recovered. Many people can no longer afford a car. Many people cannot afford food. As temporary Medicaid rolls are scaled back, many can no longer afford health insurance.

                                          The people know.

                                          Doctor PhibesD Online
                                          Doctor PhibesD Online
                                          Doctor Phibes
                                          wrote on last edited by
                                          #97

                                          @Jolly said in Bidenomics At Work:

                                          the inflation Biden has not been able to tamp down.

                                          That's simply not true. Inflation is way lower than it was. I don't think it's got much to do with Biden, but it is significantly lower.

                                          I was only joking

                                          JollyJ 1 Reply Last reply
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