Back February 2016, Obama took to the stage at a press conference to boast about job growth and "most importantly" how the stronger job market was "finally starting to translate into bigger paychecks." He also took the opportunity to jab at Republicans saying the strong jobs data was "inconvenient for Republican stump speeches" as they continued their "doom and despair tour." Obama's specific comments were:
Most importantly, this progress is finally starting to translate into bigger paychecks. Over the past six months, wages have grown at their fastest rate since the crisis. And the policies that I’ll push this year are designed to give workers even more leverage to earn raises and promotions.Turns out that revisions to historical real wage growth figures issued by the Bureau of Labor Statistics yesterday are actually fairly "inconvenient" for Obama. Time to get the band back together for a reunion of that "doom and despair" tour.
So, as I said at my State of the Union address, the United States of America, right now, has the strongest, most durable economy in the world. I know that’s still inconvenient for Republican stump speeches as their doom and despair tour plays in New Hampshire. I guess you cannot please everybody.
In yet another stunning tribute to the "accuracy" and "consistency" of economic
propagandadata being reported by our government agencies, the Bureau of Labor Statistics yesterday reported a massive downward revision of the 1Q 2016 YoY real wage growth from +4.2% to -0.4% (a 4.6% swing).
Friday, August 12, 2016
Hey, Remember that Recovery the Obama and Hillary Bragged About?
Poof! It's gone: BLS Just "Revised" Away Obama's "Fastest" Wage Growth Since The Crisis