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Good evening and welcome to Tucker Carlson Tonight. Last summer, with only a few months left before the midterm elections, the Biden administration faced a major problem called the economy. Most voters vote based on the economy and how they feel about what they are doing and how they feel about their country. And their country was not successful at that time.
The US economy has just recorded two consecutive quarters of GDP contraction. It is not just an academic subject. This is a very specific definition of failure. Two quarters. Decrease in GDP. Disability. We don’t do that. You will find it in every economics textbook ever written. Go find the one you used in college. But the Biden administration cannot admit that. If they admit that the US is in a recession, they will lose the Senate. They will lose control of both chambers of Congress. So they had to lie about it.
But how can you lie about something that is easily explained, that everyone can see? Well, you just change the definition. And that’s what they did. They came up with a new definition of skin. So don’t look at GDP. That’s the old, racist way of evaluating wealth. See specials. Let’s look at the labor market, for example. The labor market.
Well, in June, the Bureau of Labor Statistics gave them ammunition for their case. The Bureau of Labor Statistics released a report that showed the strength of the labor market. They expected that the American economy added more than a million jobs in the second quarter of this year, from March to June. A million jobs. That’s a big deal. It’s a big story. And of course, Joe Biden wasted no time in announcing it. Watch.
JOE BIDEN: Our labor market remains historically strong. Our economy has created more than 9 million jobs since I came into office, in no small part because of the people on this level. Our economy created more than 1 million jobs in the second quarter.
There were a million new jobs in the second quarter despite sluggish growth. Wait a moment. How do you get a million new jobs with zero growth? It looks like magic. How is that possible? But no one in the media asked. Instead, they repeated the White House line, the BLS report – the report of the Bureau of Labor Statistics – shows a million new jobs to prove that we cannot be in a skin They all said, quoting, “The jobs report suggests that Biden’s economy is not in a recession,” wrote the New York Times. Then, of course, there were other stories like that, too. Based on that and other things, they won. They now control the Senate.
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And now we learn the truth. A million new jobs, really? The Philadelphia Fed decided to check those numbers and they found that the American economy did not add more than a million jobs in the second quarter of this year. Instead, the additional jobs are about 10,000. So less than 1% of the job growth the administration said. It’s not a faulty circuit. That is not a small mathematical error. This is the country that supposedly sent a man to the moon. We can do the math, right? It’s not like thinking you have 100 dollars in your pocket and realizing you have 85 coming. It’s like saying you had $1,000,000 in your pocket and you got $10,000. It’s like saying you were rich when you were broke. This is a lie.
So how did they go wrong with over a million jobs? How did they build this lie? Well, as of tonight, we’re not sure. We now know that the BLS numbers didn’t just help Joe Biden, though. There was another purpose. These fake numbers also gave the chairman of the Federal Reserve, Jerome Powell, a guarantee to continue raising interest rates. On the basis of that report, they can raise the prices. This was Powell a few days ago.
JEROME POWELL: Today, the FOMC raised our interest rate policy by half a percentage point. It continues to be expected that continued increases will be necessary to achieve a sufficiently restrictive monetary policy stance, to reverse eat the price of 2% over time. Despite slowing growth, the labor market remains tight, with unemployment near a 50-year low. Employment remains high and wages are rising. Employment has been strong.
Ooh. Every word of that is a lie. Justification is a lie. And in fact, as Powell well knows, 7 million Americans of working age are not working. They are browsing the Internet all day. So why are they lying to us about this? Well, the effects are very noticeable. Go try to get a car loan or a home loan or any type of loan. If you have a loan, the rate can be adjusted, see how much you pay per month. So why are they doing this? Well, the administration wants Powell to raise rates because they think it will dampen the inflation caused by Joe Biden’s policies.
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But this is a big problem for everyone else. Raise rates when the economy crashes and people lose their jobs. If you keep doing that, you can cause a real crash. It looks like the course they gave us. The Biden administration got the interest rate hikes it needed even as the labor market flattened. William Beach operates the Bureau of Labor Statistics. Marty Walsh runs the Department of Labor. They need to explain why one should trust the most important economic numbers that the government repeats. And it’s one thing that the numbers are wrong, but basing future policy on numbers that you know are wrong, what is that? That is what they are doing. Jerome Powell may have to answer that question soon. He will not join us tonight either.