Jaws hit the floor at the White House on Tuesday when Joe Biden had the audacity to claim in a prepared statement that “since I took office… more Americans feel financially comfortable.”
It seems Biden has forgotten about the record high inflation, record increased household debt levels and widespread economic gloom, energy shortages, unprecedented supply chain issues, and the recession stalking the country in the wake of Democratic policies.
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Biden was delivering a speech on the May jobs report where he further claimed that families have less debt and that their savings are up. Critics point out that nothing Biden said has any basis in reality.
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According to CNBC American consumers ended last year with an accumulative 15.6 trillion dollars of debt, which they described as a “record-breaking increase.” In today’s remarks, Biden did not clarify the metric he used to qualify his claim.
Per Post Millennial: In March of last year, Biden passed his American Rescue Plan which was a 1.9 trillion dollar stimulus package that continued payments directly to American families. Economic Impact Payments of $1,400 went to individuals, $2,800 for married couples, and $1,400 each dependent.
The bill also extended unemployment benefits, continued the eviction moratorium, and dispensed cash in a variety of other ways to state and local governments.
Despite the White House blaming Putin for current record inflation, the 2021 Stimulus was responsible for overheating the American economy and causing record inflation. When too much money chases a scarcity of goods it devalues the dollar, rendering the value of savings significantly less.
As Fortune reports, Americans’ savings rate has actually hit recession-era lows.
Biden said, “A recent survey from the Federal Reserve found that more Americans feel financially comfortable than at any time since the survey began in 2013.” The survey in reference is the Survey of Consumer Finances where families volunteer for two hours or more of questioning. The survey is conducted every three years from a random sampling of anywhere between 4500 and 6500 families.
In the real world, Biden is facing anger and frustration as Americans are struggling with historic inflation, its effect on the economy, and a possible recession.
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