The Biden administration is now playing a game of "choose your own economic reality" when it comes to addressing the nation's economic problems.
In response to record inflation and an economy that has been in a technical recession this year, Biden is telling the American public that they're better off than they ever were before.
"You've referred to the midterm election as a choice whether than a referendum, not trying given record inflation. Why should voters choose Democratic? This is not record inflation anymore. I'm bringing it down," Biden said.
Biden took office when inflation was 1.4% (from the year prior), and it's now at 8.2%. The "bringing down" inflation seems to just be "bringing it down" from a prior month where the annualized inflation rate clocked in higher than 8.2%. Inflation is still at four-decade highs, and even if he reduces the rate of inflation, that doesn't undo all the inflation incurred under him - it just means that all the inflation on top of our already-elevated price levels will come in slower.
Biden also bragged about the unemployment rate being a record low 3.5%, not mentioning that the labor force participation rate is also at record lows. The U-6 unemployment rate (which accounts for discouraged workers) is still 6.4%.
Amazingly, Biden claimed that Americans are earning more today despite inflation. And despite a tight labor market due to a worker shortage, wages haven't adjusted upwards enough to keep up with inflation for the average person. "I've created over 600,000... 700,000, manufacturing jobs, things are moving. As a report showed, you have people who are now in the position where the combination of pay raises and job security.... they're now in a better off even with inflation, then they were before it and price is coming down." Biden said, with John Fettermanesque clarity.
It's a mystery who the intended audience for these kind of talking points is, because no one paying attention could possibly believe them.
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
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