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.
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'.
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?
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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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.
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.