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After Trump fired the head of the Bureau of Labor Statistics, the other shoe was bound to drop, and the nation got its first taste of what Trump is going to try to pass off as economic data.
At a White House event, Trump and Stephen Moore delivered a dubious presentation where Moore said:
I called the president because I had some very good news from some new data that we’ve been able to put together that no one has ever seen before.
And I’ll just very quickly go through these. So I was telling the president that he did the right thing in calling for a new head of the Bureau of Labor Statistics, because this shows that over the last two years of the Biden administration, the BLS overestimated job creation by 1.5 million jobs.
That’s a Mr. President. That’s a gigantic error.
Trump replied, “It might not have been an error. That’s the bad part. It was an error. It would be one thing. I don’t think it’s an error. I think they did it purposely, whether that you may well be right, but even if it wasn’t purposefully. It’s incompetence.”
If anyone is an expert on incompetence, it’s Donald J. Trump.
Moore continued:
Okay. So, 1.5 million jobs are overestimated. We have access to some data that no one else does on what has happened month by month with median household income. This is based on unpublished Census Bureau data. It will be released sometime in the next six months, but we get an advanced look at it.
And so I was telling the president in his first five months in office, starting in January through the end of June. The average median household income adjusted for inflation for the average family in America is already up $1,174. That’s a key, an incredible number just came out. Just came out.
How were these numbers compiled, and what is their context?
