WOW! Biden’s White House Pushing Blatant Lies about the State of Economy – THEY WON’T TELL YOU THE TRUTH!
White House Press Secretary Karine Jean-Pierre pushed a bizarre claim which was a clearly desperate attempt by the administration to trick Americans into believing that Biden’s economy is much better than it actually is.
Jean-Pierre argued that the economy is “in a better place than it has been historically,” in response to pressure applied by Fox News correspondent Peter Doocy over a recent poll from The Wall Street Journal, which shows that 83% of Americans believe the economy is “poor or not so good.”
Jean-Pierre maintained the narrative that the economy has improved since President Joe Biden took office.
“What I’m trying to say to you is that the economy is in a better place than it has been historically,” Jean-Pierre said.
“And so, we feel, here at this administration and other experts as well… we feel that we are in a good position to take on inflation. We are in a good position to really start really working on lowering prices.”
In actuality, the United States economy contracted at a 1.5% annualized rate during the first quarter of 2022, according to the Bureau of Economic Analysis. A recession is technically two consecutive quarters of such contraction.
Meanwhile, gas prices have more than doubled since Biden became president with inflation also surging from 1.4% to 8.3% — a near four-decade high.
Top American businesses are openly expressing concern about the state of the U.S. economy and the coming recession. Companies like Microsoft and Tesla have initiated pauses on hiring or announced layoffs.
Even several Democratic economists have pushed back against Biden’s handling of economic policy.
“Corporate power is playing likely a very small role in the inflation that we’re seeing right now,” Jason Furman, a Harvard professor and former chair of President Barack Obama’s Council of Economic Advisers, told Bloomberg.
The economist was in essence rebuking Democratic claims that inflation is coming from greedy corporations price-gouging consumers.
Furman contended that the “primary solution has to come from the primary cause of inflation, which is demand is way too high” — an issue caused by massive fiscal stimulus pushed by Biden and the Federal Reserve.
Larry Summers — who served as Treasury Secretary under former President Bill Clinton and director of the National Economic Council under former President Barack Obama — sounded the alarm over soaring inflation way back at the end of 2021.
“If I thought we could sustainably run the economy in a red-hot way, that would be a wonderful thing, but the consequence — and this is the excruciating lesson we learned in the 1970s — of an overheating economy is not merely elevated inflation, but constantly rising inflation,” Summers said.
“That’s why my fear is that we are already reaching a point where it will be challenging to reduce inflation without giving rise to recession.”
Summers voiced concern over “secular stagnation” as a long-term threat to the United States.
“I’m really not sure what’s going to come after this current episode,” he said. “I’m certainly not confident that we’re going to have sustained excess demand for many years. The challenge is that we’ve pumped up aggregate demand now, and then who knows how we’re going to work our way through back to more levels of demand.”