{"id":1977734,"date":"2023-07-19T18:06:02","date_gmt":"2023-07-19T22:06:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/i-would-be-embarrassed-economists-hammer-bidens-attempts-to-spin-sky-high-inflation\/"},"modified":"2023-07-19T18:09:11","modified_gmt":"2023-07-19T22:09:11","slug":"i-would-be-embarrassed-economists-hammer-bidens-attempts-to-spin-sky-high-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/i-would-be-embarrassed-economists-hammer-bidens-attempts-to-spin-sky-high-inflation\/","title":{"rendered":"Economists criticize Biden&#8217;s inflation spin."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">10<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fi-would-be-embarrassed-economists-hammer-bidens-attempts-to-spin-sky-high-inflation%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1977734&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div>\n \u2063\u2064 <\/p>\n<h2>Real \u2063Wages\u2064 Continuously \u2063Declined\u2064 After Biden Took \u2062Office<\/h2>\n<\/div>\n<blockquote><p>\n \u200b\u200b <\/p>\n<figure>\n  \u200d<figcaption>President \u2063Joe Biden \u2064gives\u2062 a speech\u2062 on Jan. 12\u200c \/ Getty\u200b Images<\/figcaption>\u200c<\/figure>\n<\/blockquote>\n<div>\n \u2062\u200d <\/p>\n<p>President Joe Biden this \u2062week spun \u2062the numbers \u200bto \u200dbrag \u2062about a \u200dmere two-cent rise \u200cin <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">real wages<\/a>. Economists\u2063 say \u2063that\u2019s\u200d both misleading \u2062and\u2064 embarrassing.<\/p>\n<div>\n  \u200d  \u200d<\/p>\n<ul>\n\u200c  \u2062 \u2064 \u2062  \u2064<\/p>\n<li><a href=\"https:\/\/stopthebigboxbaitandswitch.com\/?utm_source=freebeacon&#038;utm_medium=advertising&#038;utm_campaign=2023\" target=\"_blank\" \u200brel=\"noopener\">Link<\/a><\/li>\n<p>  \u2063    \u2063<\/p>\n<li><a href=\"https:\/\/stopthebigboxbaitandswitch.com\/?utm_source=freebeacon&#038;utm_medium=advertising&#038;utm_campaign=2023\" \u2064target=\"_blank\"\u200d rel=\"noopener\">Link<\/a><\/li>\n<p> \u2064   <\/ul>\n<p> \u200d <\/p><\/div>\n<p> \u2064\u200b <\/p>\n<p>Biden\u2062 in\u2064 a Sunday social \u200cmedia \u200cpost <a href=\"https:\/\/twitter.com\/POTUS\/status\/1680683725460238339?s=20\">boasted<\/a> that\u2063 real wages,\u200c which\u2062 reflect\u2062 a \u200cworker&#8217;s\u200d pay after accounting\u2063 for\u2062 inflation, \u2062are higher \u2062than\u200b before\u2062 the pandemic. \u2062&#8221;That&#8217;s Bidenomics,&#8221; the\u200b Democrat said.\u200d Biden&#8217;s \u2063claim, \u200chowever,\u2062 relies\u200d on \u200bdata \u200cfrom February 2020, when <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-brags-about-americans-real-wages-twitters-community-notes-levels-him\/\" title=\"Biden boasts about US wages, Twitter community disagrees.\">real \u2064wages<\/a> \u2062were just \u200dtwo\u2064 cents lower \u2063than they are \u200cnow.\u200d Over \u2064the \u200cnext 11\u200d months\u2014from\u200b March \u200d2020 to\u2064 January 2021,\u2064 when \u2063Biden took \u2063office\u2014real\u2063 wages rose, only \u2064to continuously decline \u200cunder\u2063 Biden. In \u2063total, real\u2063 hourly wages \u2062have\u2062 dropped more\u2063 than \u200dthree percent since \u200dBiden became\u200c president.<\/p>\n<p>  \u200d<\/p>\n<p>Biden is \u2062nonetheless insisting that \u2062his \u2062&#8221;Bidenomics&#8221; have \u2062clawed Americans \u2063out of a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/i-would-be-embarrassed-economists-hammer-bidens-attempts-to-spin-sky-high-inflation\/\" title=\"Economists criticize Biden's inflation spin.\">deep\u2064 economic hole \u2063created<\/a>\u2063 by \u2062the coronavirus\u200d pandemic, a \u200cmessage \u200dthat comes \u2062as\u200d he \u2062faces\u2062 a difficult reelection \u2062campaign \u200band abysmal approval \u2064ratings.<\/p>\n<p> \u2063\u200c <\/p>\n<p>For\u2062 now,\u2063 Americans \u2062aren&#8217;t buying\u2063 it\u2014just a \u200bthird approve of \u200bthe\u2064 president&#8217;s economic\u200b decisions,\u2063 according to an <a href=\"https:\/\/apnews.com\/article\/biden-poll-economy-survey-jobs-inflation-b3c77cb208f96f9b039cf48cbc4fb67b#:~:text=President%20touts%20'Bidenomics'%20though%20new,of%20the%20economy%20%7C%20AP%20News\">Associated Press \u2062poll<\/a> released\u2064 in\u200c June.\u200c Many\u2064 economists agree, contending \u200dthat the \u200dU.S.\u200d economy is not\u2063 in\u200d the \u2063shape\u200d Biden \u2062says it is.<\/p>\n<p> \u200c <\/p>\n<p>Hillsdale College \u200beconomics \u200bdepartment \u2063chair\u2062 Charles Steele, for \u2064example, told\u2064 the \u2064<em>Washington\u2062 Free \u2063Beacon<\/em>\u2063 he\u2063 &#8220;would \u2062be embarrassed&#8221; \u200cto brag\u200c about\u200c a \u2063two-cent\u2064 jump in\u200d real\u200d hourly\u2063 wages. &#8220;I&#8217;m reminded of\u2063 when \u200cmy \u2063wife \u2062and I \u2062each\u2064 measured \u2062a\u2064 course\u200c we\u200c were running and disagreed\u2063 over where \u200bthe half mile \u2064point was\u2014by a \u2062distance of four feet. That&#8217;s\u2063 the\u200c kind\u200d of\u200c argument\u2063 they are\u2063 making,&#8221;\u2062 Steele said. \u2064&#8221;It \u200cis \u2063dishonest to pretend\u2063 this\u200b shows &#8216;Bidenomics&#8217; works. \u200b&#8217;Bidenomics&#8217; \u200dhas failed to\u200b match the \u2062economic growth\u2064 of the\u200c Trump era.&#8221;<\/p>\n<p>\u200c  \u2064<\/p>\n<p>EJ Antoni, a public finance\u200d economist \u2063at the \u200dHeritage\u200c Foundation, echoed Steele&#8217;s rhetoric. \u2062Antoni \u2063told the\u200b <em>Free\u2062 Beacon<\/em> \u200bthat Biden is &#8220;either\u2064 ignorant \u2064or\u2063 intentionally deceptive&#8221;\u2064 if \u200dhe believes\u200b his\u2063 economic policies have helped\u2062 Americans.<\/p>\n<p> \u200b\u200d <\/p>\n<p>&#8220;The administration seems to \u2062be implying that real\u200b earnings \u200bhave clawed\u200d their\u200c way back \u200bup \u200bfrom \u2064depressed \u2064levels, but \u200dthe \u200bopposite\u2062 is true,&#8221; \u200bAntoni said.\u200b &#8220;Real earnings are \u200cstill down\u200d relative to \u200bwhen \u200dBiden \u2062took\u200d office.&#8221;<\/p>\n<p>Still,\u200d the \u200dWhite \u200cHouse defended Biden&#8217;s\u200d Sunday claim, \u2064arguing that \u2063March 2020\u2014when \u200breal\u200d wages \u2063were higher \u2064than they\u2063 are\u2064 now\u2014is not\u200b an \u200daccurate\u200c portrayal of\u200d the pre-pandemic \u200beconomy\u200c because\u2062 the \u200bUnited \u2063States\u2063 was\u2062 already in \u200ba\u2062 recession.\u200b As a result,\u2062 the \u2064White House \u200btold \u2063the <em>Free \u2063Beacon<\/em>,\u2064 the\u200d labor \u200cforce was \u2063&#8221;substantially distorted&#8221; and did not\u200b reflect a &#8220;<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-contradicts-press-secretary-says-school-reopening-plan-for-five-days-a-week-in-class-learning\/\" title=\"Biden Contradicts Press Secretary, Says School Reopening Plan For \u2018Five Days A Week\u2019 In-Class Learning\">pre-pandemic normal<\/a>.&#8221;<\/p>\n<p>That argument\u200b is\u2064 &#8220;nonsensical,&#8221; Antoni \u200dsaid.\u200c He noted that \u200cwage\u200d data\u2062 &#8220;is gathered \u200dthe\u200d week of\u200c the month\u200d containing\u2064 the 12th,&#8221; meaning the\u2064 data for\u200d March 2020\u200c would \u2063have been\u2062 compiled\u200d before &#8220;<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dave-portnoys-barstool-fund-will-become-established-charity-help-entrepreneurs-for-decades-to-come\/\" title=\"Dave Portnoy\u2019s \u2018Barstool Fund\u2019 Will Become Established Charity, Help Entrepreneurs For \u2018Decades\u2019 To Come\">government-imposed lockdowns<\/a> and\u200c mass\u200c layoffs&#8221; \u200cplagued the U.S. \u200beconomy.<\/p>\n<p> \u200d <\/p>\n<p>&#8220;You can\u200d certainly\u2062 consider March \u200c2020\u2064 as pre-pandemic when it \u200dcomes \u200cto \u200cwage\u2062 data,&#8221; Antoni told the <em>Free \u2062Beacon<\/em>. \u2062Using March 2020 as a pre-pandemic \u200bbenchmark would mean real\u2062 wages\u200d are not higher today\u200b than before\u2063 the\u200d pandemic, as\u200d Biden claimed.<\/p>\n<p>Biden is\u2062 far \u200dfrom \u2062the only \u2064prominent Democrat\u200b to \u2063use misleading\u2064 stats to \u2063pump up the economy. House\u2064 Minority\u200b Leader Hakeem\u2062 Jeffries\u2064 (D.,\u200b N.Y.) on Monday <a href=\"https:\/\/twitter.com\/RepJeffries\/status\/1680929366669246464?s=20\">said<\/a>\u200c the\u2063 &#8220;Biden\u200c economy&#8221;\u2063 has\u2063 produced \u200b&#8221;declining inflation,&#8221;\u200b adding that \u200d&#8221;extreme \u200cMAGA \u2062Republican\u200d haters\u200d are having a\u200d meltdown&#8221; \u200das a \u200dresult. Under \u2064Biden, \u200dhowever, inflation \u2064in \u200b2022 reached \u2064a 40-year \u2063high. \u2064While \u200cinflation is now \u200bslowly\u2062 coming \u2063down from those record\u200b levels, \u200bprices \u2063remain high. \u200dNearly 60\u200b percent \u200bof Americans are living \u200bpaycheck to\u200c paycheck, according \u2062to a <a\u200d href=\"https:\/\/www.cnbc.com\/2023\/04\/11\/58percent-of-americans-are-living-paycheck-to-paycheck-cnbc-survey-reveals.html\">CNBC\u200b survey<\/a>\u200b published \u200cin \u200bApril.<\/p>\n<p> \u200b <\/p>\n<div>\n \u2062 \u200c \u200c \u200c<\/p>\n<ul>\n   \u2062 \u2064  <\/p>\n<li><a\u200d href=\"https:\/\/stopthebigboxbaitandswitch.com\/?utm_source=freebeacon&#038;utm_medium=advertising&#038;utm_campaign=2023\" target=\"_blank\" rel=\"noopener\">Link<\/a><\/li>\n<p> \u2064     <\/p>\n<li><a \u200chref=\"https:\/\/stopthebigboxbaitandswitch.com\/?utm_source=freebeacon&#038;utm_medium=advertising&#038;utm_campaign=2023\"\u200b target=\"_blank\"\u200b rel=\"noopener\">Link<\/a><\/li>\n<p> \u200c\u200b  \u200b\u200b <\/ul>\n<\/p><\/div>\n<p>\u200d  <\/p>\n<p>For Job Creators\u2063 Network \u2062president and CEO Alfredo Ortiz, \u2064Biden &#8220;is\u2063 desperate\u200c to distract from\u200c the \u200dreality\u200d that average Americans\u200b have \u2062gotten poorer under his presidency.&#8221;<\/p>\n<p>&#8220;Over the course \u2062of\u2063 his\u200c term,\u2064 inflation \u200chas\u2064 risen by \u2063approximately 16 percent, \u2063significantly faster than \u2062average wages,&#8221; \u200cOrtiz told the <em>Free Beacon<\/em>. &#8220;In\u2063 an\u200d attempt to \u200csell &#8216;Bidenomics,&#8217; Biden is \u200dmaking a\u2063 series of misleading \u2062and\u200c false claims \u2062about\u2063 Americans&#8217;\u200b wages. But as \u2064any consumer or\u2064 small \u2063business can tell \u2062you, the reality is \u2063that &#8216;Bidenomics&#8217; equals Bidenflation.&#8221;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>wages had increased by two cents under his administration. However, economists argue that this claim is deceptive and shameful, as real wages have actually been steadily decreasing since Biden assumed office.<\/p>\n","protected":false},"author":2088,"featured_media":1977735,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1977734","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1977734","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2088"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1977734"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1977734\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1977735"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1977734"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1977734"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1977734"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}