By Brad Polumbo
As John Adams famously said, “Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence.” So, try as the Biden administration might, it can’t change the reality that the economy is facing serious challenges under this president.
In this administration’s telling, though, everything is fine and wonderful!
“My plans have produced the strongest, fastest, most widespread economic recovery America has ever experienced — with record jobs, record small businesses, and wages rising,” President Joe Biden claimed in recent remarks. Similar attempts at putting a positive spin on the economy have proliferated across the president’s social media feeds.
Biden’s aides are pushing this narrative, too.
“The economy is in a better place than it has been historically,” White House press secretary Karine Jean-Pierre insisted at a press conference this week. “And so we feel here in this administration that we’re in a good place to take on inflation.”
Now, the truth about the economy is not all bad. But it’s wildly different than the dishonest, rosy spin the Biden administration is pushing on the public.
Yes, the unemployment rate is quite low, at 3.6%. That’s a strong data point in Biden’s favor.
However, the labor force participation rate still hasn’t recovered to its pre-pandemic levels because a significant number of people aren’t looking for work (and thus not counted in the unemployment rate). Many workers remain on the sidelines, perhaps because of dysfunctional COVID-era welfare programs, childcare issues, or a number of other reasons.
And that’s just the start.
The economy is shrinking, not growing.
Inflation is at a 40-year high and will cost the average family more than $5,000 this year just to maintain the same standard of living.
Gas prices are at an astounding $4.95 per gallon nationwide, roiling people and disrupting our lives.
A massive labor shortage, dysfunctional big government regulations, and other issues are plaguing our supply chains and leading to shortages of essential goods, such as baby formula.
After you factor in inflation, real wages are declining, not going up.
Oh, and despite Biden’s claims that his agenda has spurred job growth, we actually created fewer jobs in 2021 than we were projected to create if Biden’s “stimulus” legislation hadn’t passed at all.
You get the picture.
To be clear, Biden is not responsible for the entire economy. There’s a lot that goes into things such as gas prices, inflation, and job growth beyond just the president’s policy. Yet, rightly or wrongly, presidents tend to take blame or credit for the state of the economy in politics.
Hence Biden’s spin. But the public can see the reality of our economic challenges all around us every day. So the president would have a better chance politically if he at least acknowledged the reality of this economy than if he just keeps burying his head in the sand and insisting that everything is wonderful.