Bidenomics At Work
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@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.
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@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.
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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.
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@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?
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@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.
Always remember, Operation Valkyrie was an act of sedition.
Warning: I post things that interest me. Read and comment at your own discretion. -
@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.
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"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.
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@George-K said in Bidenomics At Work:
Yeah, the economy sucks because MAGA extremists.
Yeah, they’ll finish the job…
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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.
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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.
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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.
Always remember, Operation Valkyrie was an act of sedition.
Warning: I post things that interest me. Read and comment at your own discretion. -
@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.
Proud supporter of Plan 2525. Everything you think, do and say will be in the pill you took today.
