Welcome to The Lost Debate Show for Politically Ecclectics. I'm Robbie Gupta. In a bit, we're going to hear from my friend Jason Green, who is a former lawyer at the Obama White House and campaign official for Obama, who went on to found a company. He's an amazing guy, and he wrote a book called Too Precious to Luce, which is all about this wonderful community. He came from in Maryland. So you're going to hear from him in a second.

But before that, let me empty my notebook.

And right before I sat down to record this, I'm recording this in the morning on Wednesday, February 11th.

We just got some really interesting jobs numbers.

So let's start there.

In January, we added 130,000 jobs, which beat the expectations, 55,000, so more than twice the expectations,

and unemployment went down to 4.3%. So on the surface, this was a solid report, and actually

the market bounced on that right away. But the real story is the annual revisions.

BLS revised away 911,000 jobs from the 12-month period ending March 2025.

What was reported previously was around 200,000 jobs added a month, and it was actually 120,000 added.

And so that revision came in.

So the full year 2025 job growth was revised from 484,000 in growth for the full year 2025 to 181,000.

So 484,000 to 181,000.

That's the weakest year for job creation since 2003 outside of a recession.

The Fed Governor Waller said beforehand that virtually no growth

in payroll employment happened to 2025. So the soft landing narrative of 2025 was built on the wrong

numbers and the Fed set interest rate policy markets, priced and resilience in the White

House took a victory lapse, all based on data that was off by about two-thirds.

Why do these revisions happen?

Well, the Bureau of Labor Statistics uses a monthly survey of around 119,000 businesses.

And once a year, they check against actual quarterly tax records because businesses have to report quarterly. And the gap

between what the surveys say and the actual records of employment is what leads to these

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