
Bulwark Takes BREAKING: Massive Jobs Revision Clouds Jan. Gains (w/ Paul Krugman)
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Feb 11, 2026 Paul Krugman, Nobel Prize–winning economist and NYT columnist, gives macro and labor-market analysis. They unpack January jobs and a major 2025 revision. Discussions cover statistical noise in monthly jobs, immigration and deportations affecting labor supply, Fed rate-cut expectations, politicization risks, frozen hiring trends, and AI-driven market concentration.
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Revised Job Growth Tells A Different Story
- January's headline job gain (130,000) looked strong but annual revisions cut 2025 job growth from ~584,000 to ~181,000.
- Most gains were in healthcare and social assistance while manufacturing and other sectors weakened.
Treat Monthly Jobs With Caution
- Monthly jobs numbers are very noisy and come with large statistical margins of error.
- The 130,000 January print is within a wide confidence band and by itself tells you very little.
Immigration Cuts Hurt Growth And Budgets
- Deporting workers reduces the working‑age population and directly slows economic growth.
- Less immigrant labor also strains public finances by shrinking the tax base while aging natives claim benefits.




