Americans aren’t falling for the Biden spin machine’s lies about the economy 

A majority of Americans (56%) believe the U.S. is in a recession. But it’s not.

Nearly half (49%) believe the stock market will fall this year.

The same proportion (49%) believe that unemployment is the highest it has been in the last 50 years. This is also false.

And almost three-quarters of Americans (72%) believe inflation is increasing. As you might expect, they’re wrong.

These are surprising results. Recent Harris Poll The investigation, commissioned by the Guardian, is not good news for President Biden.

What’s derailing Democrats is that many Americans think the economy is worse than it is. They say the economy is the No. 1 issue for most voters, and Biden is Very low score They are desperate to expose the truth about how our nation’s finances are being managed, but so far their messaging has fallen short.

Why are people so confused about the economy?

First, many people Struggling to pay billsPerhaps they are relating this to the recession. Real incomes are stagnant People’s living standards are declining, but that does not lead to optimism.

Third, and perhaps most importantly, Joe Biden and his surrogates Frequently lied Because they’re not telling Americans much about the state of the economy (and the country), people are paying less attention to the propaganda coming from the White House. It’s very unsettling to be repeatedly told that everything is fine when you can’t even make ends meet. And it’s also insulting – it implies that you don’t understand your situation.

When you hear Joe Biden tell the public over and over again that inflation will be 9% when he takes office and the economy is in freefall, you know he’s not telling the truth. Even the very friendly Washington Post scolded the president for this hoax, The four Pinocchios He made false claims on several occasions.

And again, for the record, when Joe walks into the Oval Office in the first quarter of 2021, the economy is More than 6 percent And inflation is 1.4 percentUnprecedented economic stimulus package ( $1.9 Trillion American Rescue Act) into a constrained economy, inflation Expanded to 9.1 percentThis was the highest level in 43 years.

This was not an act of God, it was an act of Biden.

These are facts repeated over and over by right-wing commentators, and Biden cannot rewrite history. Not only is Biden lying about the level of inflation, he’s also lying about why it is happening. He and progressive allies like Elizabeth Warren Pushing the story forward Food inflation due to rising food prices 21 percent Since Biden took office as president, It’s really the fault of greedy big grocers and food companies.They accuse them of ripping off consumers, which is completely false.

During February, Biden: “There are still too many companies in America scamming people: price gouging, junk pricing, greedflation, shrinkflation.”

Just a few days ago, Senator Warren held a hearing before the Senate Subcommittee on Banking, Housing, and Urban Affairs. Criticism of food companies Democrats are accused of unfair price fixing and using their monopoly power to inflate prices. She knows it well. Democrats expect voters to blame corporate greed for high prices, not their own out-of-control spending.

As I wrote in this column in March, an analysis of gross margins (the difference between sales and cost of goods) found that large corporations like Pepsi and Heinz, like all American consumers and businesses, have been hit hard by inflation in 2021 and 2022. Large grocers have raised prices to combat rising costs, but were still lagging behind as of the time I wrote this article. In other words, food inflation would have been much worse if these corporations, meat producers, and grocers had raised prices in line with their costs to remain profitable.

Recent data from the Federal Reserve also refutes Biden’s claims. CNN reports:“San Francisco Fed economists find that corporate price gouging was not the main driver of the inflation spike from 2021 to 2022,” they quote the researchers as saying. “Headline markups, a more relevant measure of overall inflation, have remained essentially flat since the recovery began.”

Inflation isn’t the only thing Joe Biden is lying about. He’s also “Created” 15 million new jobs. As the Washington Post points out, the number of employed people increased by about 15 million. 6 million Between February 2020 (before the COVID-19 economic shutdown) and last month, more than 6.5 million workers were hired. These might be considered “new” jobs. Under Donald Trump, more than 6.5 million workers were hired in his first three years in office. And the labor force participation rate is still lower than it was under Trump’s presidency.

Bloomberg recently said that voters are Things will get better under Trump Voters are more diverse in their views than they are now under Biden, and after considering several variables, the business platforms concluded that by most measures, they were right.

1. Real disposable income: Cumulative increase of 7.7% under the Trump administration, and 2% under the Biden administration.

2. Inflation rate: 5.6% increase under Trump, 19.5% increase under Biden.

3. Mortgage interest rates: As of May, they were 3.4% under the Trump administration and 7.1% under the Biden administration.

4. Unemployment: In January 2020, before the COVID-19 pandemic, unemployment was 3.6% under Trump, but 3.7% under Biden. The pandemic has devastated the economy and caused unemployment to rise, but this once-in-a-lifetime event cannot be blamed on Trump, although Bloomberg gives Biden the edge here.

5. Stocks: Biden is nominally winning this race, but as others have pointed out, Trump is ahead when adjusted for inflation.

Joe Biden squandered the trust of the American people with three years of lies. Voters are looking at the facts today. The White House spin machine. That doesn’t bode well for his reelection hopes.

Liz Peake is a former partner at Wertheim & Company, a major Wall Street full-service brokerage firm.