It was reported by the U.S. Bureau of Labor Statistics under President Barack Obama that wages have increased, making it sound as though the economy was recovering.
In reality, wages have decreased under an Obama presidency.
In June, during a speech at Concord Community High School in Elkhart, Indiana, Obama took credit for a wage increase:
“… I’ve spent every single day of my presidency focused on what I can do to grow the middle class and increase jobs and boost wages … Here’s the good news. Wages are actually growing at a rate of about 3 percent so far this year.”
He continued to gloat about his so-called success and how “Americans are finally getting a little bigger piece of the pie.” He then stated, “But we’ve got to accelerate that.”
It appears that America will have to wait for any acceleration towards a wage increase, or any kind of economic recovery.
Obama knew he would be speaking at the Democratic National Convention the following month, so the timing of this incorrect data was just perfect.
No doubt, he was excited to rally the troops by shining a positive light on what amounts to a staggering mess under eight years of a Democratic presidency.
When he spoke at the Convention in July, Obama was still spouting the misinformation based on the U.S. Bureau of Labor Statistics’ incorrect data.
During his speech on the Convention floor, Obama proudly proclaimed:
“If you’re really concerned about pocketbook issues and seeing the economy grow, and creating more opportunity for everybody, then the choice isn’t even close. If you want someone with a lifelong track record of fighting for higher wages, and better benefits, and a fairer tax code, and a bigger voice for workers … you should vote for Hillary Clinton.”
Alas, the statistics were revised in the second quarter 2016 release, dated August 9:
Due to a 4.7-percentage point downward revision to first-quarter hourly compensation, unit labor costs decreased 0.2 percent in the first quarter of 2016, rather than increasing 4.5 percent as reported June 7.
This huge mistake in the data shows a totally different picture of the economic situation in the U.S.
The outlook is grim for American workers.
Perhaps the doomsday prediction made recently by JP Morgan CEO Jamie Dimon should be taken more seriously.
Curiously, the news of the wage statistics revision hasn’t hit the liberal media yet.