It’s no secret that President Joe Biden is out of touch with reality. However, even the lack of mental acuity can’t explain his statements about his record on the economy.
Despite glaring evidence to the contrary, Biden tweeted Wednesday that he had “the strongest first-year economic track record of any president in the last 50 years,” Breitbart reported. He made this statement amidst some of the most troubling economic news to date.
“We’re ending 2021 with what one analyst described as the strongest first-year economic track record of any president in the last 50 years,” the president tweeted from his official account. “Let’s keep the progress going.”
We’re ending 2021 with what one analyst described as the strongest first-year economic track record of any president in the last 50 years.
Let’s keep the progress going.
— President Biden (@POTUS) December 29, 2021
Unless he meant a deepening trade deficit when he wrote “progress,” Biden couldn’t be more off the mark. His own Commerce Department reported that America’s exports were valued less than the cost of imports at a record high. Economist Peter Schiff said that news demonstrated that the nation’s economy “has never been weaker.”
This deficit and the ensuing inflation has translated to higher prices on everything and poor Americans are especially feeling the pinch. Gasoline has increased by more than half while food is up over 6% from last year.
While the wealthy are also shelling out more, it’s the lower and middle classes that are most impacted by these increases. The average household paid about $3,500 more for the same goods as they did last year, effectively cutting their spending power and leading to tough choices.
“They’re essentially looking to stretch a dollar most days,” co-director of the Center on Poverty & Social Policy at Columbia University Chris Wimer said. “It’s going to lead to difficult choices between putting gas in the car or paying for your kids’ child care or putting food on the table.”