by Antonio Graceffo
The economy is booming, and “Bidenomics is working,” the White House claimed, but most Americans are struggling as if it were the 1970s again.
Here is how they are intentionally misrepresenting the numbers to make the economy look better than you know it is.
In 2021, when the U.S. loosened up the lockdowns, the economy shot up, reaching a GDP growth of 5.9%. So technically, yes, under Biden, the economy soared, but it was only because the economy went negative when Fauci locked it down.
It had nowhere to go but up, and both the crash and the alleged growth were artificially caused by government policies. Despite experiencing just one exceptional year of stellar growth, and subsequent normalization of GDP, the four-year average remains exceptionally high due to that one remarkable year.
Moreover, with only three years of available data, including 2021’s 5.9% growth, 2022’s 1.9%, and 2023’s 2.5%, the average growth rate stands at 3.43%, and Biden gets to claim 71% better growth than the usual average of 2%.
Inflation statistics are another area where the White House is playing games. U.S. inflation has been the worst under Biden than it has been in the past 40 years. However, the White House is claiming that inflation is down, and it is.
It peaked in June 2022 at 9.1% and was down to 3.4% in 2023. Normally, the Fed targets inflation of about 2%, so 3.4% is still too high. However, Biden can claim to have reduced inflation by 62%, which is amazing! What other president can make that claim? Meanwhile, the inflation rate is still about 70% higher than normal.
Another important point, which the White House is ignoring, is that reducing inflation is not the same thing as reducing prices. When Biden claims to have reduced inflation, all he actually reduced was the rate at which prices are rising.
Prices are still going up, just more slowly. Inflation works like compound interest, which was once said to be the most powerful force in the universe. Since Biden took office, cumulative inflation is about 18%. That means most products you buy cost 18% more now than they did under Trump.
To make matters worse, many daily necessities have their own inflation rate, which is a lot higher than the average inflation. Gasoline went up by 38.8% from 2021 to 2023. New car prices increased by 13.5%. Median home sale prices increased by 25.4%. Overall, food prices rose by 10.6%.
While product prices have surged, wages haven’t kept pace. According to the Bureau of Labor Statistics, cumulative wage growth from 2021 to 2023 has been 14.5%. However, factoring in inflation turns your wage growth negative.
Your salary increased by 14.5%, while product prices increased by 18%. As a result, your purchasing power has diminished. If you rely on credit for purchases, they become even more expensive.
The Federal Reserve’s interest rate, at zero in 2021, has now risen to 4.75%. The average home loan rate increased from 3.1% to 6.54%. Similarly, the interest rate on new car loans rose from 5.07% to 7.03%. Worst of all, the interest rate on loans for used cars skyrocketed, jumping from 6.71% to 11.35%.
Anyone seeking a job or endeavoring to maintain employment and support a family recognizes the tight job market, with layoffs occurring extensively. However, the official unemployment figure of 3.7% appears questionable.
First off, the Bureau of Labor Statistics deems you employed even if you work only one hour per week, without benefits. Consequently, many companies are avoiding layoffs by reducing benefits and hours. While this strategy prevents a shift in statistics, it leaves individuals financially worse off.
Official unemployment dropped from 5.3% in 2021 to 3.7% in 2023, enabling Biden to claim a 30% reduction in unemployment. However, unemployment only includes individuals actively seeking a job. Those who left the workforce, simply giving up, are not considered.
joe had the gall, the other day, to claim that a smaller Snickers bar is NOT inflation.
OK, technically it’s SHRINKFLATION.
But that’s still inflation in that you’re paying more for less.
A Betty Crocker cake mix used to make a 12 slice cake, now it makes a NINE slice cake…..if you can figure out how to trisect a circle.
More here, lots more: https://www.mouseprint.org/category/downsiz/
joe is riding high on the bounceback from Fauci’s economic shutdown, nothing more.
The dem constituency consists of people IN the wagon, not pulling the wagon.
And, that same constituency hate those people pulling the wagon, you know, those with jobs, those with money, those in the private sector, those who pay taxes.
For joe’s constituents, the only reason they suffer is that the rest of us are not paying enough.
The downsizing actually helps the regime by hiding the actual increased cost of products. It’s easy to miss fewer ounces of a product in the same size container. But the regime wants to demonize business and blame them for obin Ware/Robert L. Peters/JRB Ware/Pedo Peter/idiot Biden’s stupidity.
Because multi-millionaires and multi-billionaires have reaped most of the benefits.
Yeah… Democrat donors. Funny how that works out, huh?
Maybe the biggest lie of the year to date. The economy is not booming.
Mark Zuckerberg is raking in $700 million a year in Facebook dividends. He thinks it’s booming, as do others like him.
Why is he building a doomsday bunker in Hawaii?
And meta is a cesspool for under age sexual exploitation.
When is Greg going to realize he just dissed one of the fraudsters that helped Biden cheat?
Because stupid people are going to burn the world down?
WEF, WHO, the fricken UN?
Or insane people like these?
https://www.yahoo.com/news/dead-people-able-change-gender-190657554.html
So then he’ll have another $400+ million to help buy Democrat votes in November 2024 like he did in 2020.
Did you ever notice that most of the wealthy you bitch about are Democrats?
Its this stuff released on the internet that will cut into my profits!
Maybe we could hand them out along the Rio Grande.
“Hey! They economy is not NEARLY as bad as we had it, so hooray for us!”
That’s the Democrats idea of success. Create an utter disaster and then claim victory when things get a little better. That’s like causing a dam to fail, then claiming they’ve solved the problem after the flood subsides.
Remember in 2020 when a few states opened up after the COVID shut down, the 33% growth in one quarter? That gives you some idea what the growth should have been when the entire nation reopened. Instead, Robin Ware/Robert L. Peters/JRB Ware/Pedo Peter/idiot Biden throttled any growth with crazed, stupid, wasteful spending and skyrocketing inflation, in addition to Buttplug’s supply chain mismanagement. But, the economy, because it’s a GOOD economic system, organically healed itself somewhat.
The ignorant asses of this regime have started criticizing food suppliers for doing things that actually hides the extent of the damage to the economy wrought by Robin Ware/Robert L. Peters/JRB Ware/Pedo Peter/idiot Biden. They are accusing suppliers of cheating the consumer by downsizing packaging instead of raising prices. Yeah, that’s infuriating because making the packages smaller hides the amount the cost of the product has gone up, unless you calculate the before and after cost per ounce, or whatever. But this reduces the amount of blame the corrupt regime receives. Instead, they want to try and blame the packagers for the loss of value, not Robin Ware/Robert L. Peters/JRB Ware/Pedo Peter/idiot Biden’s ruinous and idiotic policies.
I haven’t bought a “fast food” burger in decades.
More people are learning how to cook and pack lunches.
A Big Mac burger, a medium beverage, and a medium fry meal now costs $18 in some locations, up $10 from 2018 when former President Donald Trump was in office.
The transcript of the conversation, which Business Insider obtained, also revealed that CEO Chris Kempczinski said that McDonald’s customers — especially those making less money — are placing smaller orders.
According to Chief Financial Officer Ian Borden, menu prices increased by around ten percent in 2022 and again in 2023.
After the executives’ comments were made public, McDonald’s shares tumbled by nearly four percent.
The fast-food giant plans to focus on more cheap menu items in the $1-3 range.