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Joe Tries to Bidenboozle the Public on Inflation

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President Biden’s increasingly brazen attempts to bamboozle the American public on economic matters have more than a whiff of desperation.

Biden complained in a speech on Monday that businesses were not reducing their prices even though inflation has declined. Those that were not cutting prices were engaged in “price gouging,” the president claimed.

“Let me be clear: To any corporation that has not brought their prices back down — even as inflation has come down, even supply chains have been rebuilt — it’s time to stop the price gouging — giving the American consumer a break,” Biden said.

When Biden says things that are so clearly wrong, the temptation is to write it off as one of his many rhetorical stumbles. When he referred to his Oval Office predecessor as “Congressman Trump” in a speech in Colorado yesterday, for example, few thought he genuinely believed that Donald Trump was serving in the House of Representatives. Neither did fair observers think he was trying to bamboozle the public into thinking Trump was a member of Congress, one of the few parts of government with lower approval ratings than Biden himself.

It just seemed like the lack of verbal acuity we’ve become accustomed to from Biden. He says a lot of things that do not make sense or are just plain wrong. But no one takes those things literally or seriously because that’s just the kind of thing we’ve come to expect after Biden says “let me be clear.” (Read more from “Joe Tries to Bidenboozle the Public on Inflation” HERE)

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White House, Media Elites Think Americans Are Too Stupid to See How Good Biden’s Economy Is

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The White House and elites in the media continue to maintain that President Joe Biden’s economy is working for everyday people, while Americans and economists are insisting just the opposite.

White House press secretary Karine Jean-Pierre told reporters in June that the administration can “prove” its economic policies, marketed as “Bidenomics,” are working after being asked about a poll that showed only a minority of Americans approve of how the president has handled the economy. While Jean-Pierre continues to insist that “Bidenomics” is a success, citing low unemployment rates and lower inflation, 61% of Americans are living paycheck-to-paycheck and 75% of U.S. adults think the economy is in a “fair” or “poor” state.

“If the goal is to help middle class and poor families, there are neither policies or outcomes that bear evidence of that,” Peter Earle, an economist for the American Institute for Economic Research, told the Daily Caller. “But if the objective was to enrich ideologically-aligned interest groups by handing them hundreds of billions of taxpayer dollars, and to increase the reach of government into citizens’ lives, then Bidenomics is working effectively.”

“Americans see what’s happening around them,” Earle said. “They’re paying much higher prices than they were two years ago, interest rates are rising, and they’re probably seeing layoffs and increasing economic hardship in their homes and communities. It’s quintessentially political to tell people not to believe what they see and feel, but rather what they’re being told.” (Read more from “White House, Media Elites Think Americans Are Too Stupid to See How Good Biden’s Economy Is” HERE)

Photo credit: Gage Skidmore via Flickr

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4 Out of 5 Americans Say We’re in a Recession or Will Be Within a Year

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The U.S. economy gets poor marks from most Americans, according to a new Harvard CAPS-Harris Poll survey released Friday.

Forty-nine percent of Americans expect the economy will be in a recession in the next year, the poll showed. Another 39 percent say the economy is already in a recession.

Just twenty percent say the economy will avoid a recession.

The numbers are striking because by many measures the economy remains resilient. The unemployment rate is just 3.5 percent and although layoffs have picked up recently, they remain low by historical measures. The economy grew at a 2.6 percent seasonally adjusted annualized rate in the last three months of 2023. Next Thursday, the government will release its estimate for first quarter growth, which many economists expect to come in around two percent. . .

Likely as a result of inflation, a majority of Americans say their financial situation is worsening. The Harvard CAPS-Harris survey showed 52 percent said their personal financial situation is getting worse, up from 48 percent a month ago. Just 25 percent say their financial situation is improving. Sixty-two percent describe the U.S. economy as weak and 63 percent say the economy is on the “wrong track.” (Read more from “4 Out of 5 Americans Say We’re in a Recession or Will Be Within a Year” HERE)

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A $300,000 Salary Feels Like $100,000 in These Three Expensive Cities, Analysis Finds

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Residents of several cities in the United States require a salary much higher than $100,000 to feel as if they are earning six figures due to elevated costs of living and aggressive taxes, according to a recent analysis from SmartAsset.

The financial technology company found that residents of Honolulu, New York City, and San Francisco require salaries between $310,000 and $312,000 to earn the equivalent of $100,000 in an average part of the country since high earners in the three cities face tax rates above 40% and living expenses more than 80% above the national average.

“Those with a $100,000 salary earn more than double the median individual income for 2021, which might imply financial comfort on first glance. But when accounting for taxes and cost of living in America’s largest cities, those six figures will feel much smaller,” SmartAsset said in the analysis. “Ultimately, to have the purchasing power of $100,000, you will have to earn a substantially higher salary.”

Oakland, Los Angeles, and Long Beach followed the other cities with respect to the gross income needed to “feel like” one takes home $100,000. Residents of the cities see costs of living roughly 50% greater than the national average, partially due to expensive real estate, while income taxes approach 40% in Oakland and nearly 38% in Los Angeles and Long Beach. “California cities require the highest gross incomes of any state,” SmartAsset noted. (Read more from “A $300,000 Salary Feels Like $100,000 in These Three Expensive Cities, Analysis Finds” HERE)

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Fed Economists See Bank Turmoil Triggering Recession This Year

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The recent turmoil in the U.S. banking sector is likely to tip the economy into a mild recession later this year, Federal Reserve officials were told by the central bank’s staff economists last month.

Minutes from the March meeting of the Federal Open Market Committee released Wednesday afternoon indicated that Fed economists forecast a recession beginning later this year. The economy is not expected to fully bounce back until after next year, the minutes show.

“Given their assessment of the potential economic effects of the recent banking-sector developments, the staff’s projection at the time of the March meeting included a mild recession starting later this year, with a recovery over the subsequent two years. Real GDP growth in 2024 was projected to remain below the staff’s estimate of potential output growth, and then GDP growth in 2025 was expected to be above that of potential,” the minutes report.

The Fed’s staff now see the level of real output to fall below its estimate of potential output in early 2024, more than a year sooner than in the previous projection. The unemployment rate was projected to rise above the staff’s estimate of its natural rate early next year. (Read more from “Fed Economists See Bank Turmoil Triggering Recession This Year” HERE)

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Biden Refuses to Answer Questions About Chinese Spy Balloon (VIDEO)

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On Friday morning, President Joe Biden delivered scheduled remarks on the economy following the release of January’s jobs report — but that wasn’t what was on Americans’ or reporters’ minds.

You see, more Biden lies about inflation and jobs aren’t really what’s notable after the Chinese Communist Party claimed ownership of the spy balloon that was spotted floating over the northern U.S., above a military installation, where some of America’s intercontinental ballistic missiles are housed. China laughably claimed the balloon is just a “civilian airship” that merely floated off-course…to be conveniently located above a prime first-strike target if China wanted to cripple America’s ability to respond to hostile incoming.

Biden knows that it’s another crisis of his leadership, which is why he said on Friday morning that he was “not gonna answer any questions” on topics other than the economy:

(Read more from “Biden Refuses to Answer Questions About Chinese Spy Balloon (VIDEO)” HERE)

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Report: Biden Shifts Midterms Closing Pitch, Says Republicans Will ‘Trash’ Economy

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President Joe Biden’s “11th-hour effort to shift the debate over inflation and the economy” ahead of the midterm elections is to warn voters that Republicans will “trash” the economy, according to the Washington Post.

In a speech earlier this week, Biden warned that Republicans vowing to restrain Biden’s agenda using the power of the purse would result in “more chaos, more inflation and more damage to the American economy.”

“It’ll be the first time in our history America will default,” he claimed.

Recent polls have shown that his and Democrats’ efforts to paint Republicans as threats to democracy have failed to become a motivating issue in the upcoming elections, and that Americans are instead concerned about the inflation that has skyrocketed under Biden’s administration and hurt pocketbooks across the political spectrum. (Read more from “Report: Biden Shifts Midterms Closing Pitch, Says Republicans Will ‘Trash’ Economy” HERE)

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Here’s What the White House Wants You to Believe About Falling Gas Prices

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The next time you stop at a gas station and spend almost half your paycheck filling up your tank, thank Mr. President Joe Biden because, according to him, it’s almost as if you’re getting a $100 monthly raise.

In an email sent out to reporters by White House staff, the Biden administration is claiming that Americans should interpret the falling price of fuel as a monthly raise.

Titled in the subject line as “ICYMI: America Just Got A $100-A-Month Raise,” the email says, “President Biden has taken decisive action to lower prices at the pump, and the current drop in gas prices is the fastest decline in over a decade… thanks to that decline, Americans are collectively spending around $400 million less each day than they would if gas prices had stayed at their peak.”

The email also includes a link to a CNN story that dropped at the same time as the email, with the first line reading, “Next time you stop at a gas station, think of it as a $100-a-month tax cut. Or a maybe $100-a-month raise.”

The left-wing news outlet boldly claims that the “steady drop in gas prices” turned into an “unexpected form of economic stimulus.” (Read more from “Here’s What the White House Wants You to Believe About Falling Gas Prices” HERE)

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‘Soviet-Style Propaganda’: Republicans Rip Biden White House for Redefining ‘Recession’; Biden’s Lame Economic Spin Leaves You Wondering if They Even Want to Do What’s Needed to Turn Things Around

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By Breitbart. Republican officials in the House and Senate ripped into the Biden administration after it attempted to redefine what constitutes a recession while concerns mount about a significant decline in economic activity this year.

On Thursday, ahead of a potentially negative GDP report expected later this week — the annualized economic growth rate shrank by 1.6% in the first quarter of this year and appears to have contracted even more in the second — a White House blog post attempted to redefine the term “recession.”

“While some maintain that two consecutive quarters of falling real GDP constitute a recession, that is neither the official definition nor the way economists evaluate the state of the business cycle,” it reads, concluding that it is “unlikely that the decline in GDP in the first quarter of this year — even if followed by another GDP decline in the second quarter — indicates a recession.”

In addition, White House National Economic Council director Brian Deese claimed that a second consecutive quarter of negative GDP growth was technically “not a recession.”

In response, Republicans took to Twitter to rip the Biden team for seeking to redefine what a recession is.

(Read more from “‘Soviet-Style Propaganda’: Republicans Rip Biden White House for Redefining ‘Recession’” HERE)

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Biden’s Lame Economic Spin Leaves You Wondering if They Even Want to Do What’s Needed to Turn Things Around

By New York Post. White House efforts to spin away the grim facts on the US economy, rather than actually doing anything about it, are now in overdrive.

Thus, with the Bureau of Economic Analysis likely to report Thursday that the economy shrank again in the second quarter after contracting 1.6% in the first, Team Biden is claiming that doesn’t technically constitute a recession, even though it’s the standard interpretation.

“The technical definition [of a recession] is not two negative quarters,” insisted Biden economist Brian Deese on Monday, citing the National Bureau of Economic Research’s broader characterization: “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” A White House blog post made a similar argument.

Sorry, but even Biden Treasury Secretary Janet Yellen just acknowledged that two consecutive quarters of declining Gross Domestic Product is what economists consider a recession.

Can there be any better proof that the White House knows the economy stinks than its lame attempt to paint six months of falling GDP as not so terrible? (Or does President Joe Biden think fewer goods and services — which is what falling GDP means — is a good thing?) (Read more from “Biden’s Lame Economic Spin Leaves You Wondering if They Even Want to Do What’s Needed to Turn Things Around” HERE)

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POTUS Meltdown: Biden Snaps at Reporter for Asking About Disastrous Economy; ‘Don’t Make Things Up!’ (VIDEO)

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By Townhall. . .The economy shrank last quarter. The next quarter is bound to be the same story. Two consecutive quarters of this is a recession. You all know the rules here. You could argue that we’re already in a recession. It will be made official soon enough. When asked about this at the Delaware Shore, Joe Biden snapped at the reporter, saying that the majority of his people don’t see that coming. He also said the reporter was acting like a Republican politician. He later said he was joking. Was he? Also, can someone tell Biden his own economic team does not count?

(Read more from “POTUS Meltdown: Biden Snaps at Reporter for Asking About Disastrous Economy” HERE)

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Biden Pushes Back at Reporter Over Recession Warnings: ‘Don’t Make Things Up!’

By Daily Wire. President Joe Biden was caught on video pushing back at a reporter on Monday who asked about a possible upcoming recession.

The incident occurred while Biden answered questions from media while walking on Rehoboth Beach in Delaware when a female journalist asked about some economists who have predicted such a downturn is looming.

“The majority of them aren’t saying that. Come on, don’t make things up, okay? Now you sound like a Republican politician. I’m joking. That was a joke, but all kidding aside, I don’t think it is,” Biden responded.

The exchange came after a Wall Street Journal survey of a group of economists reported on Sunday that the odds of the nation entering a recession in the next 12 months rank at 44%.

“Forecasters have raised recession probability due to a number of factors: higher borrowing costs, a blistering pace of inflation, supply-chain problems and commodity-price shocks stemming from the war in Ukraine,” the report stated. (Read more from “Biden Pushes Back at Reporter Over Recession Warnings: ‘Don’t Make Things Up!’” HERE)

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