WSJ Opinion: Potomac Watch Stalling Jobs Numbers, Biden's Record, and Trump's Economic Mission
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Sep 10, 2025 Hiring figures reveal a slowdown, sparking questions about the Biden administration's economic record. With real wages stagnating, public dissatisfaction grows. The podcast dives into data reliability and the political implications of revised job stats. It also scrutinizes Trump's economic policies, including a controversial no tax on tips mandate, and discusses the challenges facing various industries amid rising income inequality and market volatility. Tune in for insights into the complex U.S. economic landscape!
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Jobs Revisions Reveal Weaker Growth
- The BLS released downward revisions showing about 911,000 fewer jobs from April 2024–March 2025 than previously reported.
- Alicia Finley and Kyle Peterson say this suggests the economy under Biden was weaker than thought and raises questions about BLS measurement error.
Low Response Rates Inflate Uncertainty
- Survey response rates fell to about 43%, increasing measurement uncertainty in employer payroll data.
- Joe Sternberg and Alicia warn that low responses and model dependence can overstate or misstate monthly job gains.
Models, Worldviews And Data Bias
- BLS methods embed model choices that reflect economists' worldviews and can introduce ideological but not necessarily political bias.
- Joe Sternberg says model dependence can produce systematic errors without intentional manipulation.