Biden keeps making claims about the economy that just aren't true. These facts don't lie | Fox Business
By: E. J. Antoni (Fox Business)
Preliminary view of the State of the Union tonight. Bullshit with a little smoke and mirrors thrown in.
S E E D E D C O N T E N T
Biden claims inflation 'was already there when I got here,' says he takes no blame
President Biden touted a surge in U.S. job growth and said Friday he takes no blame for inflation, claiming it "was already there when I got here."
President Joe Biden has gotten into a revisionist history habit.
He has repeatedly claimed that he inherited an economic disaster. It was his policies, he alleges, which brought us back from the brink -- and Biden is likely to repeat that narrative in his State of the Union address on Tuesday.
The only problem with Biden's version of events is the facts.
BIDEN REFUSES TO TAKE BLAME FOR INFLATION AS ECONOMIC POLL NUMBERS CRATER: 'THIS IS SCARY FOR DEMOCRATS'
For starters, Biden has frequently said that inflation was out of control when he became president, going so far as to say it was one of the reasons he ran for office. But inflation averaged less than 2 percent during the primary campaign and averaged closer to 1 percent during the general election campaign. When Biden took office, annual inflation was a mere 1.4 percent.
Fast forward a year and a half, and inflation was 1.3 percent - for a single month. Prices were rising about as fast in one month as they did in the entire year before Biden took office. The annual inflation rate broke 9 percent for the first time in four decades.
FACT-CHECKERS TARGET BIDEN OVER 'FALSE AND MISLEADING' STATEMENTS ABOUT THE ECONOMY
The president's retelling of events is also incongruous with his own previous statements on inflation. He used to say that inflation was merely transitory. Why, then, would he decide to run for president on a transitory issue? And why would he now take credit for reducing inflation if it was only transitory to begin with?
That reduction in inflation has been little consolation for the average American family, buckling under the weight of rising prices, particularly for necessities like food and shelter. While the rate of price increases has certainly slowed in recent months, as government deficit spending also slowed and the Federal Reserve hiked interest rates, prices are still up about 14 percent under Biden. That is substantially more than the increase in average earnings.
GDP REPORT REVEALS OMINOUS GREAT DEPRESSION WARNING SIGN NOT SEEN SINCE 1932
Adjusting those earnings for inflation, called real earnings, shows that people can buy less today than when Biden took office. The average family has seen real annual earnings fall about $6,000 under Biden, while higher interest rates have increased borrowing costs another $1,400. That means a family effectively can buy $7,400 less today than it could in January 2021.
While real earnings have improved slightly over the last several months, they are still below their May 2022 level, and down 5.5 percent under Biden. Simultaneously, the monthly mortgage payment on a median-priced home has risen 80 percent, or about $9,500 a year. The president is fond of saying his administration is providing families with "breathing room," but it looks like that breathing room is underwater.
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And Biden's distortion of the facts continues with the labor market. He is quick to brag about a record number of jobs being added in his first two years of office, and he is technically correct about non-farm payrolls increasing dramatically, but this is cherry-picking in the extreme, not to mention taking the data out of context.
The economy lost 20.5 million jobs in March 2020, an unprecedented decline. But the recovery was also unprecedented, as businesses reopened, and lost jobs were restored. Recovering lost jobs is hardly the same as job "creation" however, a word that the president uses frequently.
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Yet, even if Biden wants to play that game, he still doesn't win. Using Biden's own logic, President Trump added 12.5 million jobs in nine months, averaging 1.4 million jobs per month. Biden has added 12.1 million jobs in two years, averaging 500,000 jobs per month.
Did Trump "create" more jobs in less time than Biden? According to Biden's logic, yes. But the entire discussion of merely regaining lost jobs after the government-imposed shutdowns is meaningless.
When the initial lockdowns ended in late Spring 2020, many people immediately returned to work. Although Biden loves to tout manufacturing jobs numbers, he ignores the fact that 41 percent of those jobs lost in the initial outbreak of COVID were recouped by June 2020.
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The recovery that began two years ago was unprecedentedly large because the decline before it was equally large. What Biden inherited was an economy growing at a $1.5 trillion annualized rate - hardly "reeling," as he now describes it. And yet, the economy managed two consecutive quarters of negative economic growth a year and a half after Biden took office, with many economists forecasting negative growth to return this year.
These may be politically inconvenient facts, but they're facts, nonetheless.
Before trying to misrepresent them in his State of the Union address, Biden should consider the words of Winston Churchill: "United wishes and good will cannot overcome brute facts. Truth is incontrovertible. Panic may resent it. Ignorance may deride it. Malice may distort it. But there it is."
E. J. Antoni is a research fellow for regional economics in The Heritage Foundation's Center for Data Analysis and a senior fellow at Committee to Unleash Prosperity.
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Get your popcorn ready. And I don't think we should have a drinking game for every time he says I or we..................... We'd miss half of the "address".
Trump and his supporters are off topic and veiled references will be deleted post haste.
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Major topic is Biden's bullshit. You have to compare it to something. You rather we go back to 2009-2012?
I am the seeder you know...................Don't like it, don't [read..........deleted]
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I'm not finding any actual facts in this 'article' from [DELETED, mostly just opinions.]
That's like expecting to find a real diamond tiara in your local children's dentist toy treasure chest. Right wing conservatives have nothing to offer America but bitter religiously motivated hate, racism and division. The new Republican led congress will run about as smoothly as the confirmation of the majority leader did. These useless Republican fuck-wads will clog up the already slow moving legislative process as they demand their psychotic conspiracy theories or their fantasy religious victimhood be investigated and validated. Rightwing conservative politicians will be an oozing pus filled sore on the ass of America as long as they have any sort of power in our society.
Let's take a look at actual facts:
" This is true", " In the final few months of the Trump presidency, job growth was around 63,000 a month, on average."
" The economy has continued to bounce back from the pandemic under President Biden. More than 530,000 jobs were added in February and 770,000 in March."
"The US economy continued to recover in the first three months of this year, growing at an annualized rate of 6.4%, up from 4.3% in the final three months of 2020."
President Biden's claims on the US economy fact-checked - BBC News
As for "inflation already being here", while scum gargling morons will try and proclaim that the inflation wasn't as high during 2020 the cause of our current inflation numbers was already happening. The actual causes of the inflation are far more complex than the hilariously flawed narrative given by dipshit conservatives determined to hate on Biden and Democrats no matter what reality says.
You Are Being Lied to About Inflation | Robert Reich - YouTube
Rightwing conservatives accuse Biden and Democrats of cherry picking yet in every fucking complaint they have over Democrats fiscal claims Republicans do the same by cherry picking to produce a counter narrative. If anyone completely believes 100% of either sides produced narrative without digging a lot further then they are destined to be nothing but a partisan tool used by their side to regurgitate manufactured narratives.
We are going to hear plenty of BS tonight.
The only question will be is Biden ready to work with a Republican controlled House?
“The only question will be is Biden ready to work with a Republican controlled House?”
Work ‘with a Republican controlled House’ bent on retribution? We face two years of absolutely nothing being accomplished…the House promises nothing but endless committee hearings…never to pass Senate confirmation as we gear down for the 2024 general election. Hopefully this will be the lowest point and we can finally quit razing the bar and expect something…anything more.
Vengeance and retribution . . . sticking it to the libs/progressives/Democrats . . . all the republicans/gop/gqp have.
Sure, why not?
He has worked with a Democratic Congress hell-bent on retribution for two years now.
Oversight comes with the territory.
For instance, we have a wide open southern border. Don't you think there should be some accountability?
No, we do not have a 'wide open southern border'.
Joe and Kamala can take credit for that.
Just another classic fuck-up of the present Administration, cheered on by witless sycophants.
It will really suck to be a Democrat for the next two years. But after what Democrats pulled for the last 7 years- it will be well deserved.
Welcome back to 4 years of the Trump administration.
The lowest point has been the last 7 years. But TDS driven leftists didn't care because Trump bashing was acceptable and enjoyable. Now that Brandon is set to receive the same treatment it is suddenly a threat to Democracy!
As Democrats proved during midterms, reality no longer matters. Smearing you opponents until voters are sick of them is all that counts. We will see if Republicans can do as good of a smear job on Democrats heading into 2024.
So in other words, you said all that just to say going forward all you want is retribution for trump...
Ya, Dems were so mean to poor Daddy trump. Boo Hoo !
“…going forward all you want is retribution…”
Going backward is all some expect.
To the contrary, the Republicans conspiracy nuts in Congress will make everyone sane sick of them, making Democratic wins in 2024 much more likely.
But they all conveniently forgot what they did to Obama.
That's what Mayorkas said.
I guess we knew we were dead when Biden put Kamala in charge of the border.
I thought they only had denial,,,,,,,and two other things you always say. I guess I don't pay attention to your posts.
What do you call the record number of illegals coming over the border?
Joe can't help but to lie about the economy.
Sadly, far too many leftwing nuts believe him.
Some have said inflation is transitory or negligible.
Nothing could be farther from the truth.
Just like the sycophants touting a decrease in the deficit. The poor souls can't grasp the concept of Covid relief funds going away.
How many think McCarthy should tear up Biden's speach tonight?
Why waste good paper. Sit there and make paper airplanes while the speech is going on and fly them all over at the end..............
That was my question a few years ago when we were treated to the latest indecency by Nancy Pelosi. She did destroy every element of decency in the House of Representatives.
No, why should he sink that low?
Only at the end?
There are going to be several really bored Republicans there. McCarthy should start with Brandon's very first lie. Should be about 1 second after his introduction.
I like that better LOL
I wonder how detailed the fact checkers will actually be for Biden's speech?
Nancy Pelosi was one of the best Speakers of the House in U.S. history and the right loathes her for that fact.
Opinion.
No.
“There are going to be several really bored Republicans there…”
Expect the obligatory booing and hissing from those that have no concept of the historical significance of the event…
I don't recall you saying anything about Democrats' behavior during SOTU speeches ion the past.
Selective poutrage?
Maybe a Republican will rip up Biden's speech.
I HOPE they don't stoop as low as Pelosi, though.
There should be a live fact checker with a bar at the bottom of the screen keep a running total of number of lies; times lies were repeated; number of threats made; and a special column for "Joe just being Joe" for any of his stories that are total lies; but deserve a category all of their own.
Expect the obligatory jumping to their feet and clapping hysterically from those who are happy if he makes it through the speech without soiling himself or congratulating congress people who have been dead for 10 years.
Is that all you have George? Projection, deflection, and denial?
The post-mortem has already been written and rehearsed…
So the Democrats were the model of primness and decorum during Trump's State of the Union addresses?
Leftists must have the memory span of hamsters.
Isn't it odd that some leftists are preaching for a Kumbaya moment now that Democrats aren't in charge of everything.
Funny how one election changes their perspective!
She was so good she lost the house twice to republicans. Only modern speaker who can claim that.
You mean like "YOU LIE". Conservatives have conveniently forgotten how they treated Obama. Hamsters must have better memories than conservatives.
It never took 15 rounds of voting for her to be named speaker. McCarthy is the only modern speaker that can claim that.
Lemmings aren't something to aspire too, At least the republicans show some indepence, But nice deflection.
I think they were all let go off two years ago.
That's all you got ?
The truth is always sufficient.
Biden has spent 50 years in public lying about his education, his background, his family, his accomplishments and every other matter under the sky. Shame on the reporters who cover him for taking anything he says truthfully. Like some 19th century small town farmer, he now says he'll give you his word as a Biden that something is true. In that, at least, take him literally. Whose word could have any less value than that of a Biden?
Covid and related supply chain issues that drove information predate the Biden administration...
Putin's War in Ukraine only exacerbated inflation.
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Now inflation is waning, employment is booming, wages are growing, businesses are profiting and the economy has grown the last two quarters...
So much "blinders in place" bullshit and so little time.
So you're using the pathetic "it's Putin's fault" excuse.
Previous administration's 2% inflation vs this administration's 9% inflation. You tell me which one was better. What was some of the changes? Take a look at the EO's Biden signed on day 1 of his term. They dismantled EVERYTHING that was working for this country and ran it to shit.
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[There's one of those veiled comments]
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Anyone still stupid enough to think that Biden has inflation under control should have their heads examined by a professional.
Inflation is outpacing wage growth. That is a simple, verified FACT that sycophants can't grasp.
Biden will lie, lie, lie.
No salaries (or benefits such as health care or pension) for life for any elected official.
Once they are done serving they return to the civilian world and resume their jobs. Most of them go on to even higher paying jobs anyways with think tanks; being talking heads on networks; starting PAC's or working for them; or if they are popular enough paid speaking engagements for hundreds of thousands of dollars a pop.
Congressional pensions, like those of other federal employees, are financed through a combination of employee and employer contributions. All Members pay Social Security payroll taxes equal to 6.2% of the Social Security taxable wage base ($132,900 in 2019). Members first covered by FERS prior to 2013 also pay 1.3% of full salary to the Civil Service Retirement and Disability Fund (CSRDF). Members of Congress first covered by FERS in 2013 contribute 3.1 % of pay to the CSRDF. Members of Congress first covered by FERS after 2013 contribute 4.4% of pay to the CSRDF. Members covered by CSRS Offset pay 1.8% of the first $132,900 of salary in 2019, and 8.0% of salary above this amount, into the CSRDF.
Under both CSRS and FERS, Members of Congress are eligible for a pension at the age of 62 if they have completed at least five years of service. Members are eligible for a pension at age 50 if they have completed 20 years of service, or at any age after completing 25 years of service. The amount of the pension depends on length of service (as measured in months) and the average of the highest three years of salary. By law, the starting amount of a Member’s retirement annuity may not exceed 80% of his or her final salary.
Let them all get IRA's (that are put into trust until they are out of office) like everyone else.
As for employer matching- how many US employers actually match their employee's contributions?
Unless it is 100% (which I know for a fact it is not) they should get nothing an like it.
As far as salaries, should be the median income of the country. Currently around $36,000 annually
As far as healthcare, Veterans Assistance. as a caveat to that, at no time will their healthcare take precedence over a Veterans. (At least we know our veterans treatment will be improved.)
Once they are out of office, the pay, benefits and healthcare stop. NOTHING FOR LIFE.
If Biden claims inflation started rising under Trump, why would Putin be blamed?
Mark Levin's advice for tonight's State of the Union:
"Tonight’s State of Confusion speech will contain more lies and deceit than any in history. And the corrupt “news” commentators, aka media Democrats, will be giddy with praise. My advice: don’t waste your time."
Mark Levin is a total crackpot. His opinions are worthless.
His opinion is just as valid as yours.
Actually, moreso. I am sure he gets paid quite well for his opinion. Unlike some of our brethren here at NT
So, the more he gets paid for his opinion the more valuable it is?
That makes no goddamned sense whatsoever.
How valuable is your opinion and how much is it worth wherever you share it?
It does to FOX News for his commentary and opinion and also WABC and his syndicated radio show daily for three hours to the tune of nearly 400 radio stations across the country.
Still doesn't make sense
FAIL
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Another great rebuttal
Another truth provided by John.
Leftist have their own truth which never matches reality.
Some may say the same about certain left wingers right here.
Always good to see a sense of humor.
"Don’t miss: Special Coverage of President Biden’s State of the Union Address. Tonight at 8:55pm"
Yeah, I have more important things to do. The Colorado Avalanche are playing the Pittsburg Penguins at 7.
The only reason I would watch is to keep track of the number of lies told. But I don't care enough to spend an hour doing it.
It will make for a great story in the morning. I think we'll have some fun with it.
Just wait until the housing market drops like a rock.
The high interest rates will force many to forego buying a home and for those who do buy, it will take hundreds of dollars out of their wallets each and every month to pay that interest.
Is THAT Biden's "plan" to slow the economy and reduce inflation?
People tout Biden but seemingly can't say what he has done specifically to improve the economy.