IT BEGINS: NYT Columnist Claims Trump 'Cooked The Books' To Make Jobs Numbers Look Better
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The U.S. economy came roaring back big-time in May, with record job growth for a one-month period as the coronavirus pandemic faded and states began reopening their economies.
According to the Labor Department, 3.1 million jobs were either created or returned last month, the biggest single-month gain in the history of the republic, plunging the unemployment rate to 13.3 percent and launching a 1,000-point rise in the Dow Jones Industrial Index.
The U.S. unemployment rate unexpectedly dropped to 13.3 percent in May, down from a record high in April, indicating the nation's economy is recovering faster than expected from the coronavirus lockdown.
The Labor Department said in its Friday report that employers added a stunning 2.5 million jobs in May -- the biggest increase on record.
One analytic report forecast the unemployment rate would rise to 19.8 percent and that employers would shed an additional 8 million jobs, which would have the worst employment rate since the Great Depression.
But obviously, that didn’t happen.
Only, not everyone is buying into the good news. In fact, perpetually wrong ‘economist’ Paul Krugman of The New York Times actually believes the Trump administration is reporting false employment numbers.
“Well, the BLS reports a GAIN in jobs and a FALL in unemployment, which almost nobody saw coming. Maybe it's true, and the BLS is definitely doing its best, but you do have to wonder what's going on," Krugman wrote on Twitter. "I've been through a number of episodes over the years in which official numbers tell a story at odds with what more informal evidence suggests; often it turns out that there was something quirky (NOT fraudulent) about the official numbers.”
“This being the Trump era, you can't completely discount the possibility that they've gotten to the BLS, but it's much more likely that the models used to produce these numbers — they aren't really raw data — have gone haywire in a time of pandemic," he added. "Whatever happened, these numbers should make you more, not less, pessimistic about the economic outlook. Why? Because they will reinforce the White House inclination to do nothing and let emergency aid expire."
For the record, as noted by National Review columnist David Harsanyi, Krugman the economist may have won a Pulitzer Prize for ‘economics’ in the past but he’s seldom right about anything having to do with the economy (which tells you everything you need to know about the value of a Pulitzer Prize these days).
“What has Trump done? The two things Paul Krugman hates most: Regulatory rollbacks and tax cuts. And yet here we are,” Harsanyi wrote in November 2019 as the country was on the pre-coronavirus cusp of the best economy since the early 1970s.
Thanks to President Trump’s pro-growth policies.
The numbers shouldn’t surprise anyone. It only makes sense that reopening tons of businesses would lead to a torrent of new employment. You’d think even an ‘economist’ would be able to put that together.
You know who did? Trump. The president has been predicting for weeks that once the country reopened, job growth would be off-the-charts. Ditto for Vice President Mike Pence, who – like Trump – predicted it in March.
Maybe Krugman should bring his economic perspectives and go to work for the Washington Post. Those losers were wrong about Trump’s wildly accurate prediction too