As the Biden administration continues to tank the American economy, they have resorted to bold-faced lies about the reality of the situation. At the AFL-CIO convention in Philadelphia, Biden made a series of false claims, such as this:  

“Since I took office, with your help, families are carrying less debt nationwide. They have more savings nationwide.” 

 Anyone with a functioning brain would find it hard to believe that Americans possess less debt under the Biden administration when considering the rapid increase in prices on necessities like food and gas. So, is there less debt nationwide? No.  

In contrast to Biden’s remarks, the Federal Reserve reported that household debt has increased by a shocking $1.5 trillion since Biden entered office. In just the month of April, American credit card debt jumped 20% to over $1 trillion.  

Biden’s claim about Americans having more savings is also baseless and false. This lie stems from the fact that during the beginning of the pandemic, savings increased due to government stimulus and widespread lockdowns. However, American savings accounts have since taken a turn for the worst.  

According to a survey from wealth management company Northwestern Mutual, over the past year Americans’ savings accounts have shrunk from $73,100 to $62,086. On average, Americans have over $9,000 less in savings under the Biden administration than under the Trump administration.   

The economic outlook for the average American is bleak. While there is wage growth, it is being far outpaced by inflation. The Bureau of Labor Statistics show that real wages continue to decline. From April 2021 to April 2022, real average hourly earnings have decreased by 2.3%.  

At the AFL-CIO convention, Biden also claimed that he had nothing to do with the rising rate of inflation and that his administration has actually lowered the national deficit:  

“Republicans like to portray me as some kind of big spender… Under my plan, last year, we cut the deficit by $350 billion dollars doing all this… Ladies and gentleman, this year, by the end of the fiscal year, we will have cut the federal deficit by another $1.6 trillion dollars. In one year… I don’t want to hear any more about reckless spending, we are changing people’s lives!” 

Unsurprisingly, this claim is also false. These numbers are correct, if you don’t take into account any changes in federal law. But, by signing the American Rescue Plan into law, which increased child care tax credits, extended unemployment payments, and sent $1,400 checks to Americans, Biden significantly increased the federal deficit.  

Marc Goldwein, senior policy director at the Committee for a Responsible Federal Budget had this to say on Biden’s false claims:  

“It’s pretty silly. He [Biden] didn’t cut the deficit, he increased it.” 

As Biden’s approval rating drops to a dismal 38.9%, his administration is struggling to re-portray themselves as capable. Since they have overseen a massive decline in American prosperity, the Biden administration can only resort to lies and false claims about the reality of the situation. However, the American people cannot be fooled as they are experiencing firsthand the decline in their standard of living.  

 

 

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