Biden tries to claim economic victory — but the hard data fact-checks him: 'That's Bidenomics'



President Joe Biden falsely claimed Sunday that he is responsible for increasing Americans' wages.

Touting what his administration calls "Bidenomics," the president claimed that real wages are higher today than they were before governments shut down businesses in 2020 using the COVID-19 pandemic as their justification.

"Right now, real wages for the average American worker is higher than it was before the pandemic, with lower wage workers seeing the largest gains," Biden boasted. "That's Bidenomics."

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It's a great narrative for Biden. But unfortunately for him, it's not true.

According to data from the Bureau of Labor Statistics, the per hour real wage, adjusted for inflation, was $11.15 in March 2020 and jumped to $11.72 in April 2020. The real wage per hour in June 2023, on the other hand, was $11.05.

Real wages, in fact, remained mostly steady from June 2020 through September 2021 despite widespread lockdowns and economic havoc. They began trending downward in October 2021 before bottoming out at $10.92 per hour in June 2022. That trend followed the outline of the inflation crisis, which economists widely blamed on Biden's COVID economic relief package.

To sum up: Not only are real wages not higher for American workers today than before the pandemic, but they decreased after Biden took office, a downturn correlated with the inflation crisis.

Biden is no stranger to taking credit for economic successes that he was not actually responsible for.

Biden, for example, claims he has created 13 million jobs. But the majority of those jobs are not newly created jobs, but jobs the economy added back after government lockdowns during the pandemic. Biden also takes credit for record deficit reduction. But his policies didn't actually reduce the deficit. Rather, deficit reduction that has happened in his presidency was already going to take place before he became president because if waning of pandemic-related spending.

Meanwhile, Biden abdicates responsibility for crises.

Last year, when gas prices hit record highs, Biden blamed Russia and the oil industry. Then, when gas prices moderated, the administration took credit and praised Biden.

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American households are spending $5,000 a year on gas as prices rise and economic woes worsen



U.S. households are expected to spend an average of $5,000 on gasoline this year.

Yardeni Research concluded that Americans are paying considerably more at the pump this year, CNBC reported. By Yardeni Research’s estimates, Americans were spending a mere $2,800 last year.

The rapid pace at which gas prices continue to increase drastically affects the estimated annual sum Americans are expected to pay. This past March, Americans were expected to pay an estimated $3,800 at the pump in 2022.

The American Automobile Association (AAA) reported that in March the national average for a gallon of regular gasoline was $4.22. CNBC noted that the average price for a gallon of gasoline during the week of May 16 was $4.59. A year ago, at this time, a gallon of gasoline was $3.04.

“No wonder the Consumer Sentiment Index is so depressed. The wonder is that retail sales have been so surprisingly strong during April and May,” Yardeni said in a note.

Yardeni stated that the inflation-adjusted incomes of most consumers are barely growing and that they have accumulated a decent amount of savings while charging a lot more on their credit cards.

However, Yardeni indicated that the American consumers’ spending habits are somewhat counterintuitive, which might give the economy an illusion of strength.

Yardeni stated, “When we are happy, we spend money. When we are depressed, we spend even more money!”

For instance, despite the Consumer Price Index surging by 8.3% in April and a massive technology stock sell-off, retail sales rose by 8.2%.

Gasoline sales actually declined in April from March, as prices temporarily fell before ramping up to record levels in early May. Spending on gasoline in April increased by nearly 37% from a year ago, according to data from the Department of Commerce.

Not only are Americans paying more for necessary products, like gasoline, but their earnings in real wages are falling rapidly.

As inflation continues to spiral out of control, the average hourly earnings for employees on private nonfarm payrolls cannot keep up. These payrolls rose by only 0.3% in April, which was far lower than what was expected by economists.

This 0.3% growth was also far below April’s inflationary increase of 8.3% and March’s 8.5% increase.

According to this data, the real earnings of the American people appear to be falling by multiple percentage points.

Economic experts expect similar economic woes to continue occurring throughout the world as global stock markets continue to hemorrhage money.

Press Sec. Looks Desperate As Reporters Refuse to Believe Inflation Lies | DM CLIPS | Rubin Report

Press Sec. Looks Desperate As Reporters Refuse to Believe Inflation Lies | DM CLIPS | Rubin Report