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Mazzei Minute: 06/16/23

Time for some fact-checking and straight talk. President Joe Biden just “penned” an article printed by the Wall Street Journal on June 8.

Biden starts by arguing that the American economy is doing great. Really? Inflation is the worst it’s been since the 70s. Interest rates have risen from 0% to a shocking 5.25% in less than a year. Banks are failing and 66% of Americans believe the country is on the wrong track (according to Real Clear Politics).

Now, Biden correctly asserts that the American economy can take its blows and bounce back, but he incorrectly ties certain positive economic reports to his accomplishments. For example, he extols the creation of 13 million jobs since he took office. I don’t believe you can characterize people returning to work after the pandemic as job creation.

Biden writes that gasoline prices are down $1.40 from their June 2022 peak, but they are still up significantly since he gave away America’s energy independence. Biden brags that inflation has fallen for 10 months straight, but core inflation is 5.3% and he doesn’t understand that dumping $5 trillion on everyone, both during and after the pandemic when supply chains were already messed up, raised prices for everything.

But the craziest part of his article is the claim that the annual budget deficit dropped $1.7 trillion during his first two years. Either the White House doesn’t know how to do math, or they purposely want to mislead the American people. It’s probably both, because when you break the bank with the highest one-year borrowing amount in the history of the world, you can’t claim borrowing an astronomical amount the next year, albeit less than the previous year, is “deficit reduction.”

Because of Biden’s regulation, overspending and inflation, the economy is slowing, and a recession is likely. The American people understand this, but the President of the United States clearly does not.


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