The Biggest Bidenomics Lies

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The Biggest Bidenomics Lies

Matt Palumbo of Bongino Reports writes that President Biden is promoting his economic policies and “isn’t letting reality get in the way.” At a recent event in Pittsburgh, he falsely claimed to have reduced the national debt by $1.7 trillion, confusing budget deficits with the overall debt. The claim is contradicted by a $4 trillion debt increase during his tenure.

From Palumbo:

There is an appearance of truth to it if one doesn’t dive deeper into the figures; the budget deficit fell from $2.8 trillion to $1.4 trillion from fiscal year 2021-2022 for instance, accounting for most of the claimed $1.7 trillion reduction. However, in that same time period there was a $1.45 trillion drop in spending (104% of the deficit reduction) due to COVID programs either shrinking or expiring. 
…

Elsewhere during the speech, Biden lied that wages were growing faster than inflation. “Pay for low wage workers has grown at the fastest rate in the past two decades. Wages are growing faster than inflation. Folks, that’s bidenomics.” 

This is true only in recent months of this year (as can be seen on the chart below), and since Biden took office, inflation-adjusted wages are still down.

As comedian and Fox News host Jimmy Failla wrote, “Biden is celebrating the one year anniversary of the inflation reduction act today despite the fact that the AP says is had no effect on Inflation. If politics are football, this fool is dumping the Gatorade on HIMSELF after losing the game.”