It’s a good thing President Joe Biden wasn’t strapped to a polygraph while giving his State of the Union speech on Thursday, because his results would have come back about as clean as O.J. Simpson’s. That was especially true when he recited a lot of tall tales — and some whoppers — while touting his administration’s alleged successes.
Here is a list my top five half-truths and in some cases outright fabrications:
1. “My administration cut the deficit by $1.7 trillion.”
This isn’t just a little bit false, it’s an extraordinary and audacious misstatement of fact. The baseline deficit over 10 years, as measured when Biden came into office versus the latest forecast, shows nearly $6 trillion added to the debt since Biden arrived on the scene.
So how does a $6-trillion addition of red ink possibly equate to a $1.7-trillion reduction in the deficit? Someone didn’t pass his basic math exam in high school. It’s disheartening that Biden and his speechwriters thought they could get away with this one.
2. “We will make the rich pay their fair share.”
The top 1% of American tax filers now pay an all-time record-high 46% of taxes. This is according to Biden’s own IRS. If they paid an equal share of their income, they would be paying closer to 26% — not 46%. Does Biden think the rich should pay ALL the taxes? This also doesn’t include the hundreds of billions of dollars of taxes paid by the businesses they created.
3. “I inherited an economy [from Donald Trump] that was on the brink …”
Actually, the economy grew by — ready for this? — 33% in the third quarter of 2020 and 4.1% in the fourth quarter of 2020. The economy was in a full-scale COVID-19 recovery when Biden came into office.
Oh, and inflation then was 1.4%, not the 5.5% average rate under Biden.
Gas prices were $2.39 per gallon — about $1 lower than today.
4. “Fifteen million new jobs created in three years.”
This is an intentional attempt to distort reality. It IS true that 15 million more Americans are working today than in 2020.
What ISN’T true is that these are “new” jobs. Some are, but most aren’t. In fact, two of every three jobs “created” under Biden were simply jobs that went away during COVID-19 then came back after the pandemic was over and blue states FINALLY reopened their businesses. This distortion would be like comparing the number of jobs on a Sunday and then taking credit for all the people going back to work on Monday. Comparing the first three years of the Trump administration versus Biden’s first three years, the rate of NEW job creation was higher under Trump.
“Inflation keeps coming down and mortgage rates will come down as well.”
Mortgage interest rates under Biden have more than doubled. When Biden came into office, the rate was 2.9%, and it averaged about 3.5% under Trump. Under Biden, the rate skyrocketed to 8%, and now nationally it stands at 7.1%. Consequently, according to data from Redfin, the average mortgage payment on a 30-year mortgage for a median-value home has risen from roughly $1,000 a month to nearly $2,000 a month today. Under the Biden plan, some homebuyers will receive a $400 monthly taxpayer subsidy on their mortgage. Even with the new handout, they are STILL roughly $600 a month worse off under Biden policies. Biden is the enemy, not the friend, of the dream of homeownership.
Stephen Moore is a visiting fellow with the Heritage Foundation and chief economist with FreedomWorks. He is the co-author of “Trumponomics: Inside the America First Plan to Revive the Economy.”
COPYRIGHT 2024 CREATORS.COM
The opinions expressed by columnists are their own and do not necessarily represent the views of AMAC or AMAC Action.
The thing to remember is all Democrat politicians, not just Joe Biden, play to an audience and voter base that, for the most part, is largely economically illiterate. An ignorant and poorly educated voter base is a dream come true and pure nirvana to the professional political class, which is why the left spent so much time and effort over several decades to produce so many of them. Coupled with a willing MSM, that is more than happy to act as a positive reinforcement mechanism for the Democrat party and its allies on a daily basis, and you have at least 50% of Americans, if not substantially more so that just nod in approval to whatever is told to them. So, there is little real risk to Democrat politicians in making outlandishly false statements concerning anything related to economics or finance. Remember, an ignorant person is completely unaware of what he or she doesn’t know. So, they are much more likely to believe whatever someone in power tells them is true. Even if it is all lies.
Oh well, fabrication is in the mind of the beholder or in this case, a DEMENTIA leader of the nation.
Inflation is accumulative; 2+2+2+2 does not equal 2, it equals 8. As far as the rest of his lies, they are too obvious to even explain. The only thing unexplainable is how Democrat voters fall for the obvious BS lies coming from these people. Denial is a sad thing: in the 80s, I had a Nintendo NES and my neighbor had the new Sega Genesis but I swore left and right my 16-bit graphics were way better his 32-bit one despite the obvious!
I have read the eight or so comments made to this article and I can’t agree more with them all. I have often thought that there was a motive to allowing our education system to fail so miserably. That and letting children still living under their parents roofs and knowing nothing about economics, capitalism and how it works to the good, freedoms, civics and American history VOTE. I understand Taylor Swift is coming out with an endorsement of Biden closer to the election, encouraging young people to get out and vote for Biden. How ironic is that….someone who has made it to the top, worth over 1 Billiion $$ and endorses the person who has made the day to day life of most of us so much more difficult. Well, I am a true believer of Christ Jesus and the Bible and so I have to put my trust in Him and know that this is all working for the best to those who love Him and are called according to his purpose. Perhaps Armageddon is right around the corner.
Give your life to Him and find out the peace He gives.
Anybody that believes Biden is or ever has told the truth is a moron. Pay attention fellow citizens as this country is being destroyed right before your eyes. Another term for the “Biden” administration is lights out!
Biden with help of the mainstream media that doesn’t question or have him explain why his actions are good for Americans
what exactly does the Biden administration consider their “fair share” when talking about how much in taxes the rich pay?
Remember that democrats believe that 2 4= 100 for their math.
Hears a heads up..DHS collaborated with Homeland Security’s Cybersecurity and Information Security Agency (CISA) with the leftist Election Integrity Partnership (EIP) to engage “Real-time narrative tracking” on all the major social media platforms in the days leading up to the 2020 election (CENSORSHIP).
They plan on doing the same this election.
What is sad when people believe the lies and think nothing of it when taxes go up people will see then and it is not Trumps fault just Biden and his people they are the blame.All that money he gives away it is not free after all guess who will pay for all the giveaways voters and that goes for all the Illegals who will pay for all the upkeep of them voters. There will be more bad things to come our way from the great Biden and Harris team.
Say a big enough Whopper long enough and someone, somewhere will believe it. I thinks he sometimes even he believes the bull crap he is shoveling out.
“Under the Biden plan, some homebuyers will receive a $400 monthly taxpayer subsidy on their mortgage.”
Well, doesn’t that just warm the cockles of your heart?
So, not only does biden want to subsidize college costs using taxpayer dollars, but he also wants to give money to homeowners with mortgages. Remember how we loved it when biden promised student debt forgiveness when we had already paid down every penny of our own debts? Here we have an equally awful plan, for people who have paid their mortgages in full now expected to fork over money to pay someone else’s mortgage! This is outrageous!
Another thing that bothers me is biden’s request for companies to “just lower their prices”. (Obama said the same thing.) He has no idea how math works or how the economy works, and certainly no idea how a business sets its prices. Biden caused shrinkflation, and someone should remind him of that fact.
If Biden’s voters knew anything about basic math, they’d be Republicans. Most of us learned 2+2=4 in lst grade, but now it equals +10=$$$ in Biden Bucks for your average Biden voter, so there’s the difference in ‘them vs us’.
The last three Presidents need to either study economics on get cabinet members that are strong in this arena. The National Debt has increased $1 Trillion per year for 14 years straight & is around $34 Trillion at the present time. And the first year that hit $1Trillion was 2009. Do they realize that USA cannot go bankrupt like a business as their is no government to bail country out. How can any POTUS say economy is good or great when they increase the National Debt?
My comment is “Awaiting for approval”. I don’t know why.
Bidenflation comes from Bidum(b)nomics !! He said “Milton Friedman doesn’t run the show” and it shows, BOY does it show !! He’s spent $6 Trillion in 3 1/2 years, now he wants 5.5 Trillion more for lovely parting gifts to buy an election. We’re at 34 Trillion debt going up a Trillion every 100 days (not counting 10% for the “Big Guy”) !! We NEED a businessman in the White House again not a Santa Clause or an Oprah (you get an Electric Car) hand-outs. The $1.7 T. deficit reduction came from Trump’s tax cuts, not O’Biden’s free for all give-aways. MAGA WORKs EVERY TIME
The economy grew by 33% in the fourth quarter of 2020? How was that possible with the COVID shutdown?