Trump's attack on the BLS threatens the independence of a crucial economic institution that has served administrations of both parties for decades. The job revisions are routine annual benchmarking processes that economists across the political spectrum recognize as standard practice, not evidence of manipulation. Politicizing these agencies undermines the gold standard data that financial markets and policymakers depend on.
The BLS's massive job revisions exposed a fundamental failure in how economic data gets collected and reported to the American people. When government statistics overstate employment by nearly a million jobs, it's clear that the system needs a complete overhaul. The firing of the previous commissioner and this investigation are necessary steps to restore accuracy and accountability to agencies that have lost credibility with markets and voters.
There's a 54% chance that the U.S. unemployment rate will reach 10% before Jan. 1, 2031, according to the Metaculus prediction community.
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