As the world came to grips with the grotesque murder of TPUSA founder Charlie Kirk, a shocking admission came from Bloomberg L.P. on the true state of President Joe Biden’s economy before Election Day 2024 that got swept right under the rug.
Bloomberg Chief U.S. Economist Anna Wong conceded in her analysis that the U.S. economy was likely in a “recession” since last year.
Her explosive admission follows the Bureau of Labor Statistics’s massive downward revision on the job market in the 12-month period ending March 2025 that saw nearly a million jobs eliminated (-911,000). This marked the second, consecutive, major downward benchmark jobs revision during the Biden era in a row.
“When all the revisions for 2024 and 2025 are complete – we won’t get the final revisions until early in 2026 and 2027 – we expect they’ll show the business cycle peaked around April 2024,” Wong wrote in a note for Bloomberg Terminal subscribers. “It’s possible the economy is either still in recession or is in the early phase of a new business cycle.” As the Federal Reserve Bank of St. Louis described in 2023, “The first month of a recession is the month following a peak” in the business cycle.
That’s roughly six or seven months before the election, which was plastered by nonstop media propaganda about how stellar Biden’s jobs market supposedly was. The New York Times, for example, celebrated in June 2024 that “Biden Has a Historically Strong Job Market.” Forbes also celebrated the supposed “Record-Breaking Accomplishments On Jobs” under Biden in a June 7, 2024 item. In October, just weeks before Election Day, The Washington Post fawned over the supposed “robust labor market for American workers.”
Even-New York Times economics columnist Paul Krugman, for example, had written in August 2024 that Biden supposedly created “the best job market in a generation.”
But as online trading platform Moomoo summarized, the recession indicators Wong looked at wasn't "limited" to nonfarm data alone. In fact, "the profile of the revised employment data closely aligns with the timing of the recession alert issued by the Sam Rule, which was triggered in July 2024. This closely coincides with the trend of revised wage growth and the anticipated employment contraction in August 2024."
If that wasn't bad enough, the revised report shows that job creation fell below the breakeven point. Moomoo noted that around 200,000 jobs need to be generated by the economy per month to stabilize the unemployment rate. "However, revised data indicates that the job creation rate last year was significantly below this level."
Embarrassing for the media? No, these shameless media types are beyond that. As Heritage Foundation economist Peter St. Onge noted September 11 when analyzing the substance of Wong’s conclusion, all the slobbering over Biden’s jobs market was a deliberate attempt to manipulate voters before the election:
Fake numbers deceive voters — they can make or break elections. They protect politicians, especially if they’re Democrats. And they blind the Fed who trades off jobs and inflation when manipulating the economy.
The BLS just revised away the Joe Biden Miracle, admitting 911,000 jobs were fake.
— Peter St Onge, Ph.D. (@profstonge) September 11, 2025
Bloomberg now admits we may have been in recession since March of last year -- long before the election. pic.twitter.com/RauAeOHFAl
Even the Bidenonomics simps at CNN were forced to admit September 10 that the huge job revisions were “a stain on Joe Biden’s legacy.”
But in actuality, it’s an even larger stain on every media talking head who desperately tried to hoodwink the American people who were suffering the tumult of Biden’s outrageous inflationary agenda.
We would say the media should be ashamed of themselves, but that's not really their forte.
