Biden Gaslights Nation (Again) Stating ‘Americans Feel Financially Comfortable’
President Joe Biden believes Americans are better off under his leadership and economy than they were just two years prior. Despite record-high inflation, skyrocketing gas prices, and consumer cost increases across virtually all industries.
On June 3, the President said in a prepared statement that “since he took office… more Americans feel financially comfortable.” – WATCH:
I need my vote back bro, you finessed us!
— BigSkol (@kooljay937) June 3, 2022
In his speech, Biden spoke about the May jobs report, signaling that families have less debt paired with higher savings (with no clarification of the metrics he used to qualify either claim). Of course, various other outlets are reporting just the opposite – on a practically day-by-day basis at this point.
For example, according to CNBC, American consumers ended 2021 with an accumulative 15.6 trillion dollars of debt. The news outlet described this monstrous number as a “record-breaking increase.”
“Total U.S. consumer debt at the end of the year came to $15.6 trillion, a year-over-year jump of $333 billion during the fourth quarter and just over $1 trillion for the full year, according to data released Tuesday from the Federal Reserve’s New York district,” the piece from CNBC read.
“A large chunk of the debt-load increase came from mortgages, which saw balances rise by $890 billion for the year and $258 billion in the fourth quarter, to nearly $11 trillion,” it continued. “Mortgage originations for the year totaled more than $4.5 trillion, a new record.”
Regarding Americans’ savings, Fortune reported that these rates have actually hit “recession-era lows.” The polar opposite of what Biden is saying.
“The personal savings rate was 4.4% in April, according to data from the U.S. Bureau of Economic Analysis, the lowest rate recorded since September 2008,” the outlet said. “This isn’t just a reflection of the impact that inflation is having on households. Consumers are spending more on goods and services than they were before the coronavirus pandemic, even when adjusted for inflation.”
Fortune continued: “The savings rate topped out at a record-breaking 33.8% in April 2020, at the height of the COVID-19 lockdowns—up from just over 8% in February 2020, right before the pandemic reached the U.S. It stayed elevated above 10% until June 2021, thanks in part to stimulus efforts and pandemic restrictions, and above 8% through the end of the year.”
Biden’s comments from June 3 are seen as just another petty attempt to gaslight Americans into seeing his administration’s failures through a different lens. Too bad it’s not working.
Instead, Americans are becoming angrier and more frustrated by Biden’s unwillingness and ineptness to do anything meaningful to ease the pains of historic inflation, its effect on the economy, and a possible recession.
This out-of-touch prepared statement only adds fuel to the fire.