WASHINGTON, D.C. – President Biden did not let the facts get in the way of his speech Thursday in Springfield, VA. While Biden claimed the economy is growing strong, the latest report on economic growth reveals that the economy under his Administration’s policies has fallen short of expectations on seven out of the last eight economic growth reports. In fact, the entirety of 2022 was worse for economic growth than expected. And even more trouble lies ahead, according to the latest Leading Economic Indicators report.
Here are some of President Biden’s latest misleading claims.
Claim: The economy keeps growing more and more.
Fact: President Biden’s economic record continually falls short of expectations, and for 2022, economic growth was no exception. He has missed forecasts for seven of the last eight GDP reports, and the GDP report for the 4th Quarter of 2022 – which still fell short of expectations – showed that half of the economic growth was due to inventories, while investment was flagging.
Claim: Republicans want to cut Social Security and Medicare.
Fact: President Biden has been making inaccurate accusations about Republicans and fearmongering to scare seniors when Republicans have been clear we are not going to touch their retirement security. Biden has also been making Medicare and Social Security worse off — not protecting them. Medicare premiums have risen for seniors since 2020, while Biden’s ongoing inflation crisis has pushed Social Security further towards insolvency.
Claim: Take-home pay has gone up under President Biden.
Fact: Real wages have decreased 3.5 percent since he took office.
Claim: Democrats’ drug price controls have lowered the price of drugs.
Fact: As President Biden brags about killing cures with Washington price controls that will not be in effect for another three years, studies show his plan will put cures out of reach for most American patients, except the wealthiest.
Claim: Health care has become more affordable.
Fact: Health care affordability is getting worse under Democrats’ health care policies, including under President Biden’s watch. Health care premiums increased 55 percent from 2013-2022, and more than doubled for individual plans in that same period. Even Medicare premiums have increased 14 percent since President Biden took office.
In fact, the Federal Reserve of Dallas expects health care inflation to get even worse in 2023.
Bottom Line: The American people are right to worry the economy will not deliver for them. Americans have made clear that the status quo in Washington is unacceptable.