Now We Know: Voters Were Right, ‘Experts’ Wrong, About The Biden Economy
All last year, we were treated to a steady stream of stories about the “huge” and “baffling” gap between the public’s negative views about the economy and its “actual performance.”
Our favorite “economist” Paul Krugman was apoplectic. “Why are so many Americans still telling pollsters that the economy is in bad shape” when “it’s hard to overstate just how good recent economic numbers have been.”
Last week, the government issued two reports that explain why. And the reason is simple. The experts were wrong. The public was right.
On Tuesday, the Bureau of Labor Statistics, after a string of glaring mistakes in its jobs report, announced the mother of all screw-ups.
In its preliminary “benchmark” revision, the BLS admitted that almost 1 million jobs that it claimed to have been created from April 2024 through March 2025 didn’t actually exist.
This, mind you, is on top of all those monthly revisions that cut back on the number of jobs created each month. And it comes one year after the BLS made a huge downward “benchmark” revision for the year prior.
The latest downgrade is so massive that even CNN was forced to admit that it amounts to “a stain on Joe Biden’s legacy.”
The revisions are essentially “rewriting history,” Deutsche Bank senior U.S. economist Brett Ryan told CNN.
Except, that’s not entirely true. The only history being rewritten is the one the mainstream media and corrupt “economists” like Krugman were peddling.
All last year, for example, we were pointing out that the BLS was continually exaggerating job gains.
This revision also demolishes claims that Trump was handed a booming economy that he is now wrecking.
As CNN put it: “Trump was dealt worse cards to begin with than previously known, which means the recently reported decline in hiring – and in some sectors, layoffs – can be viewed in part as a continuation of where things left off when Biden left the White House in January.”
That’s not all. Also on Tuesday, the Census Bureau released its report on median household income, which shows a meager increase of $1,040 in 2024 after adjusting for inflation – which is less than the margin of error!
Real median income for blacks fell $2,060. Income for Midwestern families and those living outside cities also declined. Those without a high school diploma saw incomes drop by nearly 2% in 2024.
The Biden economy was, however, good for one group of people. Household income for non-citizens went up more than 11% in 2024.
The Census report also shows that real household income was essentially unchanged from the year before the COVID panic. It was $83,260 in 2019, and $83,730 in 2024.
In other words, most Americans were treading water against Bidenflation. Job growth was anemic, not historic. And Trump inherited a weak economy – one made weak by Biden’s combination of massive inflationary spending, out-of-control regulations, and high taxes.
The American people knew it. And they knew who to blame. Which is why they put Donald Trump back in the White House.
Whether Trump will deliver on his promise to fix the mess Joe Biden left him remains to be seen. But at least we can now all agree that the Biden economy was anything but “glorious.”
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