CNN correspondent John King thinks President Joe Biden should think twice before bragging about the economy.
in Interview with CNN anchor Erin Burnett, the president preached about the economy through rose-colored glasses, claiming that his economic policies were “already on the upswing.” Biden has repeatedly made misleading claims about job creation and falsely said the inflation rate was 9% when he took office to claim his policies have turned inflation around. The real problem, Biden argued, was “corporate greed.”
“Voters hate being told they’re wrong.”
King said from his campaign experience that these arguments and claims put Biden in a “very dangerous position” because many voters disagree with him.
“He’s in a very dangerous situation,” King responded. “I think he risks offending, pardon my language, some of the voters that I have talked to during my travels over the last six or seven months. Because they don’t feel it.”
King said he recently spoke with voters in Wisconsin and Michigan who are dissatisfied with the economy.
Voters said facing job losses, the crushing weight of inflation, an unmanageable cost of living and an inability to improve their lives, there was little good to come.
“Voters don’t like to be told they’re wrong,” King said.
The most interesting thing about Dr. King’s observations is that polls and other interviews back them up. Americans are generally dissatisfied with the economy due to inflation, high interest rates, and unabated rising costs of living.
Still, King insisted, “The statistics support the president’s claim that the economy is much better, growing, and the strongest in the world.”
But is it?
First, the inflation rate was not 9% when Biden took office. When Biden took office, the inflation rate was 1.4%. According to the Bureau of Labor Statistics. It will jump to 9.1% by June 2022, still above the Federal Reserve’s target rate of 2%. In fact, so far, the inflation rate he is increasing every month of 2024.
Interest rates aside, inflation compound interest effect. So even though inflation has fallen from its highs two years ago, the purchasing power of every dollar in your pocket continues to decline at an alarming rate.
Second, GDP Growth was only 1.6% The first quarter was significantly lower than expected. That’s not necessarily a sign of good times.
Third, Biden has not created more than 10 million jobs, as he often claims. In fact, most of the jobs added to the economy under the president’s presidency were people who returned to work after the coronavirus pandemic lockdowns. And while the monthly employment report looked strong, the numbers are often revised later. to reflect that I have less work added than originally claimed.
Meanwhile, the number of Americans applying for unemployment benefits reached an eight-month high last week, Reuters reported. report.
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