Biden Attempts To Argue That He Has Improved Economy

As the inflation crisis continues to worsen, Democrat President Joe Biden gave a speech on Wednesday arguing that his economic policies have benefited Americans in an apparent attempt to improve his 66% economic disapproval rating.

“I reduced the federal deficit,” Biden claimed. “All the talk about the deficit from my Republican friends, I love it.  I’ve reduced $350 billion in my first year in office.  And we’re on track to reduce it by the end of September by another 1 trillion 500 billion dollars — the largest drop ever.”

However, as explained by The Wall Street Journal, Biden’s claim that he dramatically reduced the federal deficit is an embellishment “for the ages” and assumes that he is unable to actually enact his proposed agenda – like passing his Build Back Better plan or additional COVID relief.

“[Biden’s] also using the fiscal 2020 budget as his benchmark. Congress passed $2 trillion in Covid relief in March 2020 to prevent a recession. Both parties piled on $900 billion more that December, and Democrats in March 2021 ladled out nearly $2 trillion more. The deficit is declining because Congress blew it out for two years,” The Wall Street Journal wrote, noting that the inflation crisis that began under Biden also contributed to increased government revenues. “Revenues have been surging thanks to strong corporate profits, capital gains, and rising nominal incomes. Inflation is always good for government coffers. Receipts are up 28% during the first four months of this fiscal year. But the Congressional Budget Office still projects deficits to exceed $1 trillion on average over the next decade.”

Biden continued his speech, going on to falsely claim that his economic policies have benefited the average American.

“I don’t want to hear Republicans talk about deficits and their Ultra-MAGA Agenda,” Biden said. “I want to hear about fairness.  I want to hear about decency.  I want to hear about help on ordinary people. The bottom line is that, for decades, the trickle-down economics has failed as income inequity grew to historic levels under the Republicans.”

Due to the inflation crisis that began shortly after Biden took office, the real wages of Americans have consistently fallen over the last year. According to the Bureau of Labor and Statistics, the real average hourly earning of Americans decreased 2.7 percent from March 2021 to March 2022, and real average weekly earnings decreased 3.6 percent over the same period.

President Biden: "I reduced the federal deficit. All the talk about the deficit from my Republican friends, I love it. I've reduced it $350 billion in my first year in office. […] I don't want to hear Republicans talk about deficits and their ultra-MAGA agenda." pic.twitter.com/rhbBkja5E1

— The Hill (@thehill) May 4, 2022