Economist Steve Moore appeared on Fox Business Friday to criticize a key Biden administration appointee at the Bureau of Labor Statistics (BLS), describing her tenure as marked by “gigantic errors” in the reporting of U.S. job data.
President Donald Trump announced on Truth Social that he has ordered the firing of BLS Commissioner Erika McEntarfer, accusing her of manipulating job numbers after a disappointing July jobs report. During an appearance on “The Bottom Line,” Moore said that the BLS has revised its job creation numbers multiple times. The downward revisions, he added, could reach as high as 500,000.
“I am also told by my sources at BLS that they are going to, you know, they do all these re-estimates over time. There’s a good sense that they may revise downward the jobs created by Biden by another 500,000 or so. So those are gigantic errors. And so I think she needed to be fired just because of incompetence,” Moore said.
Moore criticized the Biden administration’s handling of the BLS, including removal of key reforms instituted by Bill Beach. Moore said that Beach’s firing paved the way for the current leadership to dismantle procedures aimed at improving data accuracy and transparency.
“We had a good friend of mine, Bill Beach, was running the Bureau of Labor Statistics, and then he got fired by Biden. And all of the reforms that were put in place to have a better procedure were eliminated under this woman,” Moore said.
Moore criticized McEntarfer’s ability to estimate job numbers, saying that under her leadership the data was inconsistent and unreliable.
“I can’t really comment on that, whether she was playing politics, but what I can tell you is that she isn’t a very good estimator of the jobs because the numbers have been all over the place,” Moore said.
The U.S. economy added 73,000 non-farm payroll jobs in July, falling short of expectations for 100,000 job gains. The unemployment rate rose slightly to 4.2%, while the economy recently posted a 3.0% GDP growth rate for the second quarter of 2025.
Ahead of the release of Friday’s job data, analysts had estimated the U.S. economy would see a gain of around 100,000 jobs in July, following a 3.0% growth in GDP for the second quarter of 2025. At the same time, the nation’s manufacturing output saw a modest increase in June, while jobless claims continued to decline, with President Trump pledging to strengthen the economy through his America First policies in his second term.
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The Biggest Threat to Your Retirement Is Actually a Very Good Thing
When you look at the headlines today, you’ll see experts in the retirement industry warning about big threats to your financial security:
- De-dollarization and the rise of BRICS
- Soaring national debt
- Unstable interest rates
- Weakened U.S. dollar
All of these are real concerns. But they aren’t the biggest threat to your retirement savings. The true risk isn’t political, monetary, or global.
It’s longevity.
Why Longevity Is the Silent Threat
For most of human history, the problem was the opposite — life expectancy was short, and few people even reached retirement. Today, thanks to medical advancements, healthier lifestyles, and better living conditions, people are living longer than ever before.
And while that’s a wonderful thing, it comes with a financial catch: Your retirement account has to last far longer than you might expect.
- A 65-year-old couple today has a 50% chance that one of them will live to 90.
- Some projections suggest that many of us will live well into our 90s, even 100+.
- This means your nest egg may need to stretch not for 15 years, but 25, 30, or even 40 years.
That’s where the real danger lies: running out of money before you run out of life.
The Retirement Equation Has Changed
While market volatility, debt crises, or central bank policies may feel like the scariest threats, they’re temporary storms. Longevity, however, is a structural shift. Every extra year of life is another year of expenses, another year of inflation erosion, and another year of financial pressure.
If your retirement plan doesn’t account for longevity, you could face tough choices later in life — downsizing, working when you’d rather not, or becoming financially dependent on others.
How to Take Control
The good news? Longevity is a blessing — as long as you’re prepared for it. With the right planning, your retirement savings can work for you instead of against you. The key is learning how to protect your wealth, outpace inflation, and ensure your savings grow even as you live longer.
That’s why our friends at Augusta Precious Metals created a free resource to help you get started:
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This brief report will show you practical strategies to safeguard your retirement from the biggest threat of all — the one that comes from the gift of living longer.
Don’t let longevity catch you unprepared. Take the steps today to secure tomorrow.
