Fact Check: Biden Has Crashed the Economy and Wants to Blame Republicans
President Biden has shrunk the economy and fueled inflation. His $2 trillion partisan so-called stimulus paid workers more to stay at home than go to work, causing a labor shortage that’s harming Main Street and raising prices. His so-called Inflation Reduction Act will actually increase inflation, while raising taxes on Made-in-America manufacturers and working families.
Yet while touting his unfair student loan giveaway, which will add nearly half a trillion to the U.S. deficit this year, President Biden warned that Republicans would “crash the economy next year.”
Here are the facts:
CLAIM: After spending trillions, President Biden claims that Republicans will crash the economy.
FACT: Experts anticipate a recession, if we aren’t already in one, and a shrinking economy.
- More than 20 forecasters project the economy will shrink this year, with 11 projecting the economy will shrink this year and next.
- According to a new Bloomberg Economics model, a Biden recession “effectively certain,” and will happen much sooner than anticipated.
- Similarly, a Wall Street Journal survey of economists put the probability of a recession in the next year at 63 percent, which is up 14 percent from July.
- The majority of chief executive officers (CEO) surveyed by CNBC believe there will be a recession in the next year. Only a third believe it will be a “short” or “mild” recession, while 51 percent are considering layoffs in the next six months.
- More than a third of chief financial officers (CFO) believe the U.S. is either already in a recession, or will be in one before the end of the year.
READ: Bracing for Biden’s Recession, Majority of Families Delay Major Purchases
CLAIM: President Biden is repeating a twice debunked zombie claim that Republicans want to cut Social Security and Medicare.
FACT: Independent fact checkers have debunked this claim. Republicans want to strengthen Social Security and Medicare for future generations.
- The Washington Post has debunked both the false claims that Republicans want to raise taxes and slash Social Security and Medicare, awarding President Biden “three (almost four)” Pinocchio’s.
READ: Fact Check: Nine Misleading Claims in President Biden’s Inflation Denial
CLAIM: Democrats claim they won’t harm Social Security and Medicare.
FACT: Democrats’ tax-and-expand solutions have put both of these vital programs on unstable footing.
- Social Security is on an even less sustainable financial path now that Biden-Flation has forced the highest automatic increase in payments in 40 years – which is shrinking the Trust Fund and hastens the program’s looming insolvency. (For more, read: As Seniors Suffer Under Biden-Flation, Democrats Spin)
- Worse, not only do Democrats’ partisan solutions use budget gimmicks that would pull the rug out from seniors by sunsetting most of its benefit provisions after five years, when you take away the gimmicks, the non-partisan Committee for a Responsible Federal Budget projects that Democrat solutions would hurt Social Security and bring the program one year closer to insolvency.
- Democrats have slashed Medicare recipients’ access to medicine and have claimed it as “Medicare savings” – when it will result in the loss of over 300 cures.
- Medicare Part B premiums reached a historic high during the Biden Administration, and seniors are only getting a partial refund on what they’ve already paid.
- These small $5.20 a month premium “savings” are swallowed up by this year’s historic 14.5 percent increase for seniors, costing nearly $200 more a year than in 2021. Yet Democrats claim they are “lowering premiums.”