5 lies Biden is telling you about the economy today
President Biden’s economic triumph continues.
On Wednesday he is “celebrating” the first anniversary of the Inflation Reduction Act, a bill he now admits was a lie.
Earlier, Biden proclaimed that the latest economic statistics are “proof that our policies are working for American families.”
But for a White House that says it’s committed to fighting “misinformation” in the media and on the internet, this economic recovery narrative is straight out of an Aesop’s fable.
Here are five untruths Biden is trying to mislead voters about the state of the economy:
1) American workers’ wages and salaries are rising.
That was the case in July. But in 20 of the last 22 months, wages have fallen BELOW inflation. The math here is simple.
Since Biden took office, wages have increased about 12%. And inflation is up 15%.
The rate of inflation for essentials like food, energy, mortgage payments, rent and utilities has risen nearly 25% since President Donald Trump left.
Bottom Line: Average family income has fallen by about $5,000 since Biden took office, according to an analysis by economists at the Heritage Foundation.
And the typical household spends $709 more per month than two years ago, according to Moody’s Analytics chief economist.
2) Biden has created more jobs than any other modern president.
It is true that today we have a low unemployment rate and the labor market is strong.
But the White House and the Democratic National Committee have announced a graphic purporting to show that none other than Joe Biden is the greatest job bringer of all time.
Better than Ronald Reagan, Bill Clinton and Trump.
However, these are the jobs that were mostly created under Trump but disappeared during the Corona crisis as the economy shut down. Biden is counting the millions of jobs re-created as businesses reopen.
Even if Donald Duck had been elected president, those jobs would have come back.
That was more than two-thirds of the jobs created under Biden.
After accounting for those positions, Trump’s job record after 30 months in office was 46,000 per month HIGHER than Biden’s – or 36%.
3) America is producing record amounts of oil and gas.
Biden administration says we’re on track to chart domestic oil production. NO.
A new study by University of Chicago economist Casey Mulligan finds that the United States would produce about 2 million barrels more oil per day if we stuck with Trump-friendly energy production. Oil sells for $80 a barrel.
That means the Biden war on fossil fuels is costing the American economy $160 million a day.
Meanwhile, the strategic oil reserve has fallen to its lowest level in three decades.
4) Biden reduced the budget deficit by $1.7 trillion.
He repeats this lie week after week, even as fact-checkers keep telling the White House it’s a Pinocchio lie.
In the past 12 months, the budget deficit has exceeded $2 trillion.
10-year projection for debt is more than $8 trillion HIGHER than when Trump left office.
5) Gas prices have fallen under Biden.
Biden recently gushed about $3.39 a gallon of gasoline. Yes, that was a big improvement from the $5 a gallon gas price this time last year.
But when Trump left office, the price of gas was $2.49 a gallon. And today it’s $3.84 a gallon.
Whether you slice it or dice it, fuel costs today are about $20 more than they were under Trump.
The Biden administration’s PR machine is adept at twisting and torturing data into saying what it wants to say.
Team Biden is frustrated that most polls show two-thirds of Americans think the economy is worse than it was under Trump. And that’s because it is.
Stephen Moore is a Senior Fellow at the Heritage Foundation and an economist at FreedomWorks. His latest book is Trumponomics: Inside the America First Plan to Revive Our Economy.
