Inflation, Budget Deficit a Disturbing Truth for the Biden Economy

As a reader of The Examiner, I sincerely hope that last week’s op-ed trumpeting the benefits of the Inflation Reduction Act and the Biden economy (“Inflation Reduction Act Has Been an Enormous Benefit to Nation’s Economy”) was inadvertently diverted from The Onion, Babylon Bee or some similar parodical publication.

Had the writer performed a modicum of research instead of simply parroting screen crawls from MSNBC or Democratic National Committee press releases, she would have uncovered these inconvenient truths regarding the 46^th President’s true handling of the economy.

1. Jobs. Yes, we do have low unemployment currently, but the statistics she cites and the White House all-to-frequently crows about count the jobs created under Biden’s predecessor that disappeared during the pandemic and then subsequently resurfaced following the crisis. That accounted for more than two-thirds of Biden’s “job creation.” In fact, if you subtracted out those jobs, Trump’s jobs creation record was roughly 35 percent higher than Biden’s.
2. Wages and salaries. Again, yes, July wages did rise, but in a near two-year span, wages have fallen below inflation in 20 of those months. Since taking office, wages under Biden have risen 12 percent but conversely, inflation has risen 15 percent. The median family income is down an average of $5,000 and the average household is spending in excess of $700 more a month, according to economists at Moody’s.
3. The budget deficit. Biden often claims he has reduced the budget deficit by $1.7 trillion, despite even The Washington Post awarding this claim several of its famed “Pinocchio’s.” Again, over the past year, the deficit has surpassed $2 trillion and a 10-year forecast puts the deficit at some $8 trillion higher than when Biden assumed office.

Bill Carlino
Armonk

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