President Biden’s victory tour on the economy rolls on.
On Wednesday, he’s “celebrating” the first anniversary of the “Inflation Reduction Act,” a bill even he now admits was a lie.
Earlier, Biden proclaimed that the latest economic statistics “are evidence that our policies are working for American families.”
But for a White House that says it’s committed to combating “misinformation” in the media and on the internet, this economic recovery narrative is right out of an Aesop’s fable.
Here are five falsehoods Biden uses to try to deceive voters on economic conditions:
1) Wages and salaries are rising for American workers.
That WAS true in the month of July. But in 20 of the past 22 months, wages have fallen BELOW inflation. The math here is simple.
Since Biden entered office, wages and salaries are up roughly 12%. And inflation is up 15%.
The inflation rate for essentials like food, energy, mortgage payments, rent and utilities is up closer to 25% since President Donald Trump left office.
The bottom line: The average family income is down by roughly $5,000 since Biden entered office, according to an analysis by Heritage Foundation economists.
And the typical household is spending $709 more per month than it did two years ago, according to the chief economist at Moody’s Analytics.
2) Biden has created more jobs than any other modern president.
It is true we have a low unemployment rate today and the jobs market is strong.
But the White House and the Democratic National Committee have been touting a chart purportedly showing that none other than Joe Biden is the greatest job creator of all time.
Better than Ronald Reagan, Bill Clinton and Trump.
But that is counting the jobs that were mostly created under Trump but disappeared during COVID when the economy shut down. Biden is counting the millions of jobs that reappeared when businesses reopened.
Even if Donald Duck had been elected president, those jobs would have come back.
That was more than two-thirds of the job “creation” under Biden.
Taking out those jobs, 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.
The Biden administration says we are on a path to record domestic oil production. No.
A new study by University of Chicago economist Casey Mulligan finds that the United States would be producing roughly 2 million more barrels of oil a day if we had stuck with the Trump pro-American energy production. Oil is selling at $80 a barrel.
This means the Biden war on fossil fuels is costing the American economy $160 million A DAY.
Meanwhile the Strategic Petroleum Reserve has dwindled to its lowest level in three decades.
4) Biden has reduced the budget deficit by $1.7 trillion.
He keeps repeating this fib week after week even as fact-checkers keep informing the White House it’s a Pinocchio lie.
Over the past 12 months, the budget deficit has exceeded $2 trillion.
The 10-year forecast for the debt is more than $8 trillion HIGHER than when Trump left office.
5) Gas prices have fallen under Biden.
Biden was recently crowing about $3.39-a-gallon gasoline. Yes, that was a big improvement from the $5-a-gallon gas this time last year.
But when Trump left office, the gas price was $2.49 a gallon. And today it is $3.84 a gallon.
No matter you slice or dice it, the cost of filling up is about $20 higher today than under Trump.
The Biden administration PR machine is a master at twisting and torturing data until they say what it wants them 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.”
