On Sunday, President Joe Biden took to Twitter to claim, “My word as a Biden: I’ve never been more optimistic about America’s future than I am today.”
Before that, he also boasted about his economic plan, arguing that he had the “numbers to back it up.”
Biden went on to demonstrate these numbers, saying that his administration reportedly achieved the lowest inflation in more than a year, an economy growing at an annual rate of 2.9% throughout the past quarter, a record 11 million jobs created, the lowest unemployment rate in the span of 50 years, and wages significantly higher than they were seven months ago.
These assertions caused a great deal of controversy on Twitter, with many critics claiming that these statements are false and misleading.
Recently, the Bank of America reported that, during Q1 2023, the U.S. will experience a monthly loss of approximately 175,000 jobs.
Bank of America’s head of U.S. economics, Michael Gapen, stated in October of last year that they anticipate a recession to begin in the first half of 2024.
This means that the actual U.S. employment outlook may not align with Biden’s claims. After all, many people might not consider losing 175,000 jobs per month as a job boom.
The United Nations predicts a slowdown in global economic growth this year, following the trend from 2022, with the U.S. expected to experience a slower pace of growth and some countries facing a “mild recession.”
The growth rate in the U.S. is projected at 0.4%, lower than 1.8% in 2022 and 5.7% in 2021.
This information contradicts Biden’s claim that the U.S. economy is robust and growing at a rate of 2.9%.
The inflation rate continues to be relatively high, as evidenced by the 6.5% increase in the headline Consumer Price Index (CPI) as of December, according to data from the Labor Department.
Despite Biden’s claims that the economy is flourishing and unemployment rates are at their lowest point, a considerable number of Americans are seeing the exact opposite.
Many are facing job losses and difficulty in meeting their basic needs due to the rising cost of living.
Some experts suggest that the economic recovery may take longer than anticipated if external factors continue to interfere with market operations.
