close video Trump rips Biden-Harris administration over failed record: ‘Our country is being destroyed’
Former President Trump joined ‘FOX & Friends’ to discuss Tim Walz’s VP candidacy, why he is a better candidate than Kamala Harris and his reaction to a possible RFK Jr. endorsement.
Former President Trump was apparently just as surprised as economists upon learning of a significant jobs data revision by the Biden administration, and cautioned Americans over fiscal "fraud" in a new interview on Thursday.
"They don't mention the economy because the economy's horrible," Trump said in a phone call on "FOX & Friends." "They defrauded the people of our country with the job numbers. You saw that? 818,000 fake jobs they put in the rolls."
"They thought they were going to keep those numbers until right after the election, when they could announce a revision… They were fraudulent job numbers," he added.
On Wednesday, the Bureau of Labor Statistics revised down its total tally of jobs created in the year through March by 818,000 as part of its preliminary annual benchmark review of payroll data.
U.S. JOB SEEKERS PUT THEIR VOTE WHERE THEIR WALLET IS: ‘MONEY WENT A LOT FURTHER FOUR YEARS AGO’
That suggests the economy added an average of 174,000 jobs per month during that time period — below the previous 242,000 estimate. On a monthly basis, that amounts to about 68,000 fewer jobs.
Former President Trump criticized Vice President Kamala Harris’ jobs record and price control plan in a phone interview Thursday on “FOX & Friends.” (Getty Images)
It also marks the largest downward revision since 2009.
"I think it was a fraud. 818,000 jobs, that is almost a million jobs… Everyone knows the economy's lousy. I see their job numbers, I was surprised. It was a fraud," Trump reacted.
"That was absolutely a fraud. They ought to investigate themselves. And by the way, nothing will happen."
The revised data is mostly derived from state unemployment tax records that employers are required to file. The figure, which is preliminary, may be updated when the government releases the final figure in February 2025.
"The numbers are horrible. The economy's bad. Inflation is killing our country," Trump said. "They don't talk about the million people that they falsely reported had jobs, and they don't have jobs. They don't exist. It was a total fraud. They don't really talk about it." close video This is a ‘giant’ jobs revision for the US economy: Stephen Moore
Former Trump administration economist Stephen Moore analyzes what it means for the macroeconomy if job growth was significantly overestimated.
In hopes of tackling inflation concerns, Vice President Kamala Harris — now the Democratic presidential nominee — has pitched a price control concept, which would institute a federal price-fixing plan for corporations.
Former President Trump likened the policy plan to those of socialists of the past.
"Price controls have been used many, many times over the years, usually by dictators and all, but they've been used many times. They've never, ever worked. Venezuela used price controls and Venezuela got driven out. There, you can't get a loaf of bread," Trump noted.
GET FOX BUSINESS ON THE GO BY CLICKING HERE close video American jobseekers are voting with their wallets: We are economically unwell
Three voters who are also seeking employment speak with Fox News Digital about how their financial situation has worsened over the last four years and its impact on their ballot decision.
"Even Richard Nixon tried them. They've always led to huge inflation. And you don't get anything, and you end up with empty stores," he continued. "They are a disaster. Thirty-eight different cases, 38 cases were abject total failures."
In a statement to FOX Business, Biden’s White House Council of Economic Advisers Chair Jared Bernstein defended their jobs record and said "this preliminary estimate doesn’t change the fact that the jobs recovery has been and remains historically strong, delivering solid job and wage gains, strong consumer spending, and record small business creation."
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FOX Business’ Megan Henney contributed to this report.
