{"id":2024202,"date":"2023-09-07T01:57:02","date_gmt":"2023-09-07T05:57:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-worse-than-white-house-claims\/"},"modified":"2023-09-07T02:01:56","modified_gmt":"2023-09-07T06:01:56","slug":"us-economy-worse-than-white-house-claims","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-worse-than-white-house-claims\/","title":{"rendered":"US Economy in Worse Shape Than White House Claims"},"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\">18<\/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%2Fus-economy-worse-than-white-house-claims%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=2024202&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--><h2>Commentary<\/h2>\n<p>The Biden White House keeps telling Americans that they are enjoying\u200c the best economy in years, but \u200dthe\u2063 data shows otherwise.<\/p>\n<div class=\"my-5\">In June 2022, \u200dPresident\u2063 Joe Biden claimed \u2063the United\u2064 States was &#8220;the <a href=\"https:\/\/www.cnn.com\/2022\/06\/10\/politics\/fact-check-biden-fastest-growing-economy-jimmy-kimmel\/index.html\" target=\"_blank\" rel=\"noopener\"><a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-on-jimmy-kimmel-live-blaming-republicans-praising-himself-and-rambling-incoherently\/\" title=\"Biden On \u2018Jimmy Kimmel Live!\u2019: Blaming Republicans, Praising Himself, And Rambling Incoherently\">fastest-growing economy<\/a><\/a> in the world.&#8221; \u2064This was complete nonsense. In the \u200csecond \u2064quarter of 2023, U.S. GDP <a href=\"https:\/\/www.bea.gov\/news\/2023\/gross-domestic-product-second-quarter-2023-advance-estimate\" target=\"_blank\" rel=\"noopener\">grew\u200c by 2.4 percent<\/a>. India\u2019s growth so \u200bfar this year has <a href=\"https:\/\/economictimes.indiatimes.com\/news\/newsblogs\/india-gdp-q1-fy24-economic-growth-news-live-latest-news-updates-31-august-2023\/liveblog\/103225407.cms\" target=\"_blank\" rel=\"noopener\">been around \u20626 percent<\/a>. Albania, Belgium, Bolivia, Cameroon,\u2063 and \u200ba host\u2064 of other \u200dcountries \u2064have posted <a href=\"https:\/\/tradingeconomics.com\/forecast\/gdp-annual-growth-rate\" target=\"_blank\" rel=\"noopener\">faster GDP growth<\/a> than the United\u2064 States.<\/div>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li>\n      <a href=\"http:\/\/www.theepochtimes.com\/epochtv\/biden-speaks-on-bidenomics-in-milwaukee-5466685\">Biden Speaks \u2064on\u200d Bidenomics in Milwaukee<\/a><br \/>\n      <span class=\"text-comp-caption text-[14px] leading-[18px]\">8\/15\/2023<\/span>\n    <\/li>\n<li>\n      <a href=\"http:\/\/www.theepochtimes.com\/article\/inflation-will-move-to-nearly-3-percent-by-2024-philly-fed-president-5480770\">Inflation \u200bWill \u200bMove to Nearly 3 \u2062Percent By 2024: Philadelphia Fed President<\/a><br \/>\n      <span class=\"text-comp-caption text-[14px] leading-[18px]\">8\/25\/2023<\/span>\n    <\/li>\n<\/ul>\n<\/blockquote>\n<div class=\"my-5\">Mainstream media claim that <a href=\"https:\/\/www.cnn.com\/2023\/08\/24\/business\/gop-debate-economy-biden\/index.html\" target=\"_blank\" rel=\"noopener\">only the Republicans<\/a> \u2062 believe the economy\u200d is \u200bbad and heading toward a recession. However, an examination of the \u2064data confirms\u200d that the growth numbers\u2063 are not the only\u200d things \u2062that Bidenomics got wrong and that the country is very close to a recession.<\/div>\n<div class=\"my-5\">Since \u200dPresident \u2062Biden took\u200d office\u2064 in January 2021,\u2062 there has been\u200c nearly <a href=\"https:\/\/www.in2013dollars.com\/us\/inflation\/2021?amount=1#:~:text=%241%20in%202021%20is%20equivalent,cumulative%20price%20increase%20of%2012.81%25.\" target=\"_blank\" rel=\"noopener\">13 percent\u200c cumulative inflation<\/a>. But that is just an average. Some\u2063 products increased\u2063 by much \u200dmore. Gas \u200cwas <a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=pet&#038;s=emm_epm0_pte_nus_dpg&#038;f=m\" target=\"_blank\" rel=\"noopener\">$2.42 per \u2063gallon<\/a> in 2021; it now costs \u200d$3.95, a 63 percent increase. Eggs used to be <a href=\"https:\/\/www.usinflationcalculator.com\/inflation\/egg-prices-adjusted-for-inflation\/\" target=\"_blank\" rel=\"noopener\">$1.67<\/a> per \u200cdozen, but in\u2063 April, the <a href=\"https:\/\/fred.stlouisfed.org\/series\/APU0000708111\" target=\"_blank\" rel=\"noopener\">average price was $3.27<\/a>, with some parts of the country reporting prices <a href=\"https:\/\/www.today.com\/food\/groceries\/why-are-eggs-so-expensive-rcna65558\" target=\"_blank\" rel=\"noopener\">as high as $7<\/a>. Ground beef was <a href=\"https:\/\/beef2live.com\/story-retail-ground-beef-prices-month-89-114059#:~:text=Retail%20ground%20beef%20prices%20averaged%20%244.26%20in%202021%2C%20up%2014,up%2031%20cents%20from%202019.\" target=\"_blank\" rel=\"noopener\">$3.89 a\u2062 pound<\/a> in 2021; \u2062now \u2063it is\u2062 $4.96. And just \u200bin the past year, new cars have\u200c increased \u200b <a href=\"https:\/\/www.cnbc.com\/2023\/06\/13\/heres-the-inflation-breakdown-for-may-2023-in-one-chart.html\" target=\"_blank\" rel=\"noopener\">almost \u206420 percent<\/a>, frozen food\u2064 by more than 12 \u200dpercent, baby food by 10 percent, and rent by over 8 percent.<\/div>\n<div class=\"my-5\">When the <a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\" rel=\"noopener\">May jobs\u2062 report<\/a> came\u200d out, President Biden stated: \u201cWe have now \u200dcreated <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/06\/02\/statement-from-president-joe-biden-on-may-jobs-report\/\" target=\"_blank\" rel=\"noopener\">over 13 million jobs<\/a> \u2064since \u200dI took \u2064office. That is more jobs in 28 months than\u200d any \u2064president has created in \u200can entire \u200bfour-year term.\u201d This is \u200da myth.<a href=\"https:\/\/budget.house.gov\/press-release\/fact-check-biden-misleads-on-job-creation-statistics\" target=\"_blank\" rel=\"noopener\"> In actuality, 72 percent<\/a> of these \u2062allegedly \u200dnew jobs were \u2063just\u200c people returning to work after the \u200bpandemic. \u200dThe real number of \u2063jobs created by the Biden administration is \u200d <a href=\"https:\/\/budget.house.gov\/press-release\/fact-check-biden-misleads-on-job-creation-statistics\" target=\"_blank\" rel=\"noopener\">3.7 \u200dmillion<\/a>.<\/div>\n<div class=\"my-5\">Prior to the pandemic, then-President Donald Trump had created <a href=\"https:\/\/budget.house.gov\/press-release\/fact-check-biden-misleads-on-job-creation-statistics\" target=\"_blank\" rel=\"noopener\">6.7 million jobs<\/a>. \u200dThe labor\u200c force participation rate under President \u2064Biden is 0.7 \u200bpercentage points lower than under the previous administration. \u200cAdjusting for population growth, \u200dthis means that <a href=\"https:\/\/budget.house.gov\/press-release\/fact-check-biden-misleads-on-job-creation-statistics\" target=\"_blank\" rel=\"noopener\">roughly 2 million<\/a> more Americans are out\u200d of work now than \u2062under President Trump.<\/div>\n<div class=\"my-5\">After\u2062 shutting down the economy in response to the pandemic, \u2064the \u2062Biden administration went on a spending spree with the American Rescue Plan and other initiatives, securing approval for <a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\" target=\"_blank\" rel=\"noopener\">$4.8 trillion<\/a> \u200bin\u2062 additional debt generation. In the\u200d end, President\u2064 Biden seemed \u200cvery \u2062pleased with himself for putting a \u2062Band-Aid on the wound.\u200d One of \u2062the most ironic pieces of legislation was the Inflation Reduction Act. When he signed \u200cit \u2062into law <a href=\"https:\/\/www.congress.gov\/bill\/117th-congress\/house-bill\/5376\/text\" target=\"_blank\" rel=\"noopener\">in \u2063August 2022<\/a>, inflation\u2062 was at a <a href=\"https:\/\/www.crfb.org\/blogs\/biden-administration-has-approved-48-trillion-new-borrowing\" target=\"_blank\" rel=\"noopener\">40-year high<\/a>. The Act called for additional spending, which just added to the money supply, increasing inflation.<\/div>\n<div class=\"my-5\">Most \u2064people think that inflation means that prices are going up. Actually, higher prices are just the result. Inflation is a loss in the value of \u200dyour money caused by artificially low \u200dinterest rates and government borrowing and spending.\u200d The Biden administration\u2019s spending programs \u200badded trillions \u2063to <a href=\"https:\/\/ycharts.com\/indicators\/us_m2_money_supply\" target=\"_blank\" rel=\"noopener\">the money supply<\/a>, \u200cdecreasing the purchasing power of your \u2062dollars. The Federal Reserve (Fed) <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/federal-reserve-chair-no-interest-rate-hikes-until-inflation-spike\/\" title=\"Federal Reserve Chair: No interest rate hikes until inflation spike\">interest rate hikes<\/a> are starting to rein in the money supply, which is why inflation \u200cis diminishing.\u200d However, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-worse-than-white-house-claims\/\" title=\"US Economy in Worse Shape Than White House Claims\">high interest rates hurt families wanting<\/a> to buy \u2063cars, borrow money, or get mortgages. Also, these\u2064 rate\u2064 hikes would never have been needed if \u200cthe administration had not\u2064 flooded the economy \u200bwith debt\u200d and\u200b spending.<\/div>\n<div class=\"my-5\">Recently, the Biden administration took credit for <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2023\/08\/16\/fact-sheet-one-year-in-president-bidens-inflation-reduction-act-is-driving-historic-climate-action-and-investing-in-america-to-create-good-paying-jobs-and-reduce-costs\/\" target=\"_blank\" rel=\"noopener\">reducing\u200c inflation<\/a>,\u200d saying that the \u200cInflation Reduction Act \u200cworked. But as stated above, President Biden did not bring down inflation. More spending \u2062did not reduce \u200binflation, and most importantly, the Act\u2064 did not <a href=\"https:\/\/www.pbs.org\/newshour\/economy\/inflation-is-down-but-the-inflation-reduction-act-likely-doesnt-deserve-the-credit\" target=\"_blank\" rel=\"noopener\">bring down<\/a> inflation\u2014increasing the \u200bFed \u2064rate did.<\/div>\n<div class=\"my-5\">Also, \u200dpeople in the United \u2062States and elsewhere going back to work, with factories\u2064 and shipping returning \u200cto \u2062some sort of normalcy, helped to reduce\u2064 prices. The Fed\u2062 rate\u2063 is an\u2064 artificial rate, not a market rate. It\u2062 was set artificially\u2063 low \u200cduring the pandemic, which helped cause inflation. Now, \u200cit is artificially high, which is slowing the economy. If the monetary authorities are not careful, the economy could slow too \u200dmuch, pushing the nation <a href=\"https:\/\/www.ipc.org\/news-release\/will-us-economy-slip-recession-second-half-2023#:~:text=The%20second%20half%20will%20prove,within%20the%20next%2012%20months.\" target=\"_blank\" rel=\"noopener\">into recession<\/a>. What is more, \u200bthe country would \u2062not be teetering \u200con the brink of \u200ca recession if it were \u2064not for Bidenomics.<\/div>\n<div class=\"my-5\">Another\u2062 important \u200cpoint \u200cis\u200d that \u200dprices\u200b have not fallen.\u200b The inflation rate was <a href=\"https:\/\/www.usinflationcalculator.com\/inflation\/current-inflation-rates\/\" target=\"_blank\" rel=\"noopener\">7 percent in 2021<\/a>, 6 percent in 2022, and 3.2 percent this year.\u200b Not only is 3.2 percent above the normal 2\u20133 percent \u200ctarget \u200dset by the Fed but these\u200b numbers, whether they are\u2063 7 percent or 3.2 \u200dpercent, are the rate at \u200dwhich prices are \u200bincreasing. So the \u2064Biden administration \u2062did not\u200c actually bring down\u2064 prices. And \u200dit did not\u200d prevent prices from\u200d rising more. It has \u200cjust slowed the rate\u200b at which \u200dthey are \u2063increasing. If this counts as a victory, there needs\u200c to be a new metric of evaluation.<\/div>\n<div class=\"my-5\"><em>Views expressed \u200din this article are\u200c opinions of the author and do not necessarily reflect \u200bthe views of The Epoch Times.<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In June 2022, President Biden falsely claimed the US had the world&#8217;s fastest-growing economy. However, data from the second quarter of 2023 reveals a mere 2.4% growth in US GDP, contradicting the administration&#8217;s claims.<\/p>\n","protected":false},"author":1814,"featured_media":2024203,"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":[543],"tags":[],"class_list":["post-2024202","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"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\/2024202","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\/1814"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2024202"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2024202\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2024203"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2024202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2024202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2024202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}