This week, President Joe Biden manipulated the data to take credit for a paltry two-cent increase in actual earnings. Experts in economics argue that it is dishonest and humiliating.
Actual earnings, which take inflation into account, are higher now than before the pandemic, which Biden boasted about in a social media post on Sunday. “That’s Bidenomics,” the Democrat said.
A recent Associated Press survey found that only 35% of Americans support the president’s economic policies. Numerous economists concur that the state of the American economy is not what Biden portrays.
Biden’s statement is based on information from February 2020, when actual earnings were just two cents lower than now. From March 2020 until Biden entered office in January 2021, an increase in real wages occurred, only to be followed by a steady decrease. Real hourly wages have fallen by over 3 percent since Biden took office.
Despite a challenging reelection campaign and dismal support ratings, Biden continues to assert that his “Bidenomics” have pulled Americans out of a profound economic hole caused by the coronavirus outbreak.
Charles Steele, chair of the economics department at Hillsdale College, said he “would be embarrassed” to boast about a two-cent increase in actual hourly earnings.
The White House defended Biden’s Sunday remark, saying that March 2020, when actual earnings were higher than now, does not accurately depict the economy before the epidemic because the United States was already in a recession. White House officials informed that as a result, the workforce was “substantially distorted” and no longer reflected “pre-pandemic normal.”
Biden is hardly the only high-profile Democrat to exaggerate economic growth using questionable data. On Monday, House Minority Leader Hakeem Jeffries (D., N.Y.) claimed that the “Biden economy” had resulted in “declining inflation,” adding that “extreme MAGA Republican haters are having a meltdown” as a consequence.
However, inflation under Biden hit a 40-year high in 2022. Although inflation is decreasing from its all-time high, current levels remain unacceptably high. CNBC reported in April that over 60% of Americans live paycheck to paycheck.
Biden, to market ‘Bidenomics,’ has made many untrue and deceptive assertions regarding the purchasing power of Americans. But the fact is that ‘Bidenomics’ means ‘Bidenflation,’ as any individual or small company owner can attest.
