US media: Biden's Five Economic Lies Exposed: Biden | America | Economy
According to the website of The New York Post on August 16th, President Biden's economic victory journey is still ongoing. On Wednesday, he was "celebrating" the one-year anniversary of the passage of the Inflation Reduction Act - now even he himself admits that the bill is a lie.
Earlier, Biden claimed that the latest economic data "proves that our policies are serving American households.".
But to the White House, which claims that it is committed to combating the "wrong information" in the media and on the Internet, this statement of economic recovery is almost like an Aesop fable.
Here are five lies that Biden attempted to deceive voters on economic issues:
1. Increase salary levels
The situation in July is indeed like this. But in the past 22 months and 20 months, the salary increase of Americans has not kept up with inflation. The arithmetic in this area is very simple. Since Biden took office, American wages and salaries have increased by approximately 12%. And inflation has risen by 15%.
According to relevant data, since Biden took office, the average income of American households has decreased by about $5000. The monthly expenses of ordinary American households have increased by $709 compared to two years ago.
2. Creating employment opportunities
Indeed, our unemployment rate is very low today and the job market is also strong. But the White House and the Democratic National Committee have been promoting a chart that shows Biden as the greatest job creator of all time. Better than Reagan, Clinton, and Trump.
However, this includes most of the employment opportunities created during Trump's administration, which disappeared during the COVID-19 epidemic because of the economic slowdown. Biden is adding millions of job opportunities that have reappeared since the company reopened to his name.
Even if Donald Duck is elected president, these job positions will return. This accounts for more than two-thirds of the jobs created by Biden.
3. Increase oil and gas production
The Biden administration said that domestic oil production in the United States is expected to reach a new high. But the fact is not so.
A new study conducted by economist Casey Mulligan at the University of Chicago has found that if we stick to Trump's pro American energy production policy, the United States can produce about 2 million more barrels of oil per day. The current oil price is $80 per barrel.
That means Biden's war on fossil fuels causes $160 million in daily losses to the US economy. At the same time, the United States' strategic oil reserves have dropped to their lowest level in 30 years.
4. Reduce budget deficit
Despite fact checkers constantly informing the White House that this was a Pinocchio style lie, Biden continued to repeat the lie week after week. In the past 12 months, the budget deficit has exceeded $2 trillion.
5. Reduce gasoline prices
Biden recently boasted about the gasoline price of $3.39 per gallon. Yes, compared to the gasoline price of $5 per gallon at this time last year, this is a significant improvement.
But when Trump left office, gasoline prices were only $2.49 per gallon. And today's price is $3.84 per gallon.
The Biden administration's public relations machine is a master of distorting and torturing data until it hears what it wants to hear.
What frustrates the Biden team is that most opinion polls show that two-thirds of Americans believe the economic situation is worse than a few years ago.
