President Joe Biden recently claimed that the American people are “better off financially” than before his presidency. The claim has left many wondering if he is purposefully lying or in denial.
The Question
President Biden was just asked, “Why do you think most people still don’t feel positive or feel good news about the economy?” His answer, some feel, was an outright lie.
His Answer
Biden answered the question by saying, “I think that the American people are smart as hell in knowing what their interests are. I think they know they’re better off financially than they were before. It’s a fact.”
Unemployment Rates Comparison
Biden contends that Americans are better off financially during his tenure, citing a lower average unemployment rate.
On average, during Biden’s presidency, unemployment stood at 4.2 percent, while it averaged five percent during the Trump era.
Excluding Pandemic Impact
Recognizing the pandemic’s unusual impact on unemployment, it’s sensible to exclude this period from calculations.
The pre-pandemic average under Trump was 3.9 percent, and under Biden in the post-pandemic period, it averaged 3.7 percent, slightly favoring Biden.
Let Us Not Forget Inflation
Biden’s claims really fall apart when we consider inflation. Under Trump, the annual consumer price index increase averaged 1.9 percent, while it spiked to six percent under Biden’s presidency.
Excluding Pandemic Impact on Inflation
Removing pandemic-related effects from the equation raises Trump’s inflation average to 2.1 percent and Biden’s post-pandemic average to 3.6 percent.
The Misery Index: A Combined Measure
The misery index, combining inflation and unemployment, offers a broader perspective. During Trump’s presidency, it averaged 6.9, while under Biden, it averaged 10.2, indicating more financial hardship during Biden’s term.
A Closer Look Post-Pandemic
Excluding the pandemic, Trump’s pre-pandemic misery index averaged 6.9, and Biden’s post-pandemic index stood at 7.2, revealing that Biden’s claim remains false.
Declining Real Incomes
Real disposable income, adjusted for inflation and taxes, decreased under Biden’s presidency. While it grew throughout Trump’s term, it fell under Biden.
The Plight of Average Hourly Wages
Average hourly wages increased eight percent during Trump’s tenure but rose 12.75 percent under Biden.
However, the impact of inflation is critical. Inflation ate into wage gains, leaving workers with real wage losses of 2.25 percent under Biden.
Public Perception: Far From Biden’s Claims
Contrary to Biden’s assertion that Americans are better off financially and aware of it, public opinion suggests otherwise.
Polls reveal that a significant portion of Americans believe they are worse off under Biden’s presidency.
Poll Data on Economic Well-being
An ABC News/Washington Post poll showed that 4 in 10 Americans feel worse off under Biden’s presidency, marking the highest dissatisfaction in 37 years.
Gallup polls indicate that 80 percent of Americans negatively assess the economy, while during the pandemic under Trump, this figure was lower at 72 percent.
Trump vs. Biden
Comparing equivalent periods in their presidencies, Trump’s economy outperformed Biden’s.
As measured by Gallup, economic confidence saw a 79-point decline during Biden’s tenure compared to the end of Trump’s presidency.
The Truth: Americans Are Worse Off
Contrary to Biden’s claims, the evidence suggests that Americans are worse off financially during his presidency. This reality is reflected in public opinion and economic indicators.
Colorful Comments on X
Another clue to the overall feelings about the economy is very apparent in all the replies to his post with this press conference.
One comment of note said, “No thanks, I don’t want to hear diarrhea from the mouth!”
A Discrepancy
President Biden’s recent statements about Americans being better off financially under his leadership and their awareness of this improvement do not align with the facts.
The data reveals a different reality—Americans have faced economic challenges during his presidency, and they are well aware of it.
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The post “It’s a Fact” Biden’s Claim of Americans Being ‘Better off Financially’ Sparks Controversy Amid Economic Realities first appeared on Wealthy Living.
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