Speaking at the Port of Los Angeles after a dismal inflation report showing the worst price increases since December 1981, President Biden rehashed the same old deflections and debunked myths. Here’s a quick fact check on the President’s top three misleading claims during his latest hyper-partisan press conference:
Claim: The job market is the strongest it has been since World War II.
Fact: Dems Waged War on Work. Although there are nearly two job openings for every job seeker, Main Street continues to struggle to hire workers, and have lost jobs for three out of four months. Now the President is still 822,000 jobs short of pre-pandemic levels.
- In January, ADP economist Nela Richardson warned that “all the jobs that we have seen gained are recovered jobs that were lost. We are not yet producing new jobs.”
- A majority of small businesses fear Biden-Flation will close down their business.
- A report from the St. Louis Fed found that had states across the country ended Democrats’ lavish unemployment bonuses early, employment would have increased by 1.6 million jobs.
- In the first quarter of 2022, the economy shrunk, after falling short of projections four out of the last five quarters.
- President Biden’s economic policies have been so disastrous and inflationary, that since March of 2022, nearly 40 economists have raised concerns about a looming recession.
Claim: Price increases are due to the War in Ukraine and corporate greed, not Democrats’ policies.
Fact: Inflation has increased since the day President Biden took office in January 2021, and began its rise to the fastest rate in 40-years directly after Democrats rammed through their partisan $2 trillion so-called COVID stimulus.
- According to the San Francisco Fed, not only did Democrats’ spending increase inflation, it’s why the U.S. has higher inflation than most developed nations.
- Democrats ignored the inflation warnings from former Obama-Biden Administration officials, including former Director of the National Economic Council Larry Summers, former “Auto Czar” Steven Rattner, and former Chairman of the Council of Economic Advisers Jason Furman. (In fact, Furman attributes at least 2.5 percent of current inflationary pressure to the massive bill.)
- During a Senate Finance Committee hearing, Treasury Secretary Janet Yellen “pushed back on the notion that the country’s crippling inflation is being caused by corporations trying to rake in profits.” As the Washington Examiner reported:
“Yellen, who previously served as chairwoman of the Federal Reserve, was asked whether corporate greed is the key cause of inflation during a New York Times event… ‘Demand and supply is largely driving inflation,’ Yellen said, adding that while price-to-cost margins have increased, that is not what is pushing prices to their highest levels in 40 years.”
Claim: Democrats want to reduce the price of prescription drugs and health care, while protecting Medicare.
- President Biden’s own policies push Medicare towards insolvency: Without changes, working Americans could face a hike in Medicare payroll taxes by 26 percent or seniors could see their benefits cut by 16 percent to make the program solvent. He also seeks new services with no reforms to save this important program from going broke and failing 62 million beneficiaries as well as those near retirement.
- President Biden is targeting the popular Medicare Advantage program: Despite Medicare Advantage’s (MA) growing popularity, the Biden Administration targets this program in an effort to move us backwards towards a socialist single-payer model that will limit patient choice and increase costs.
- REMINDER: A new report from the Centers for Medicare and Medicaid Services (CMS) shows that enrollment in the MA program has grown across the board, with more seniors choosing privately-run, innovative options every year.
- President Biden’s prescription drug plan kills future cures: President Biden’s plan for government price controls on drugs will lead to fewer cures, with as many as 342 fewer drugs entering the U.S. market over the next decade. He already established a dangerous precedent that empowers partisan executive branch officials to discourage investment in FDA-approved drugs and devices by limiting Medicare coverage.