On Friday, President Joe Biden took to Twitter to claim, “We created more jobs in two years than any president ever has in any four-year term.”
In reality, amidst the recent wave of layoffs in the tech industry, the economy only saw a modest increase of 223,000 jobs in December, the lowest growth in two years. So much for Biden’s claim of creating the most jobs in American history in just two years.
According to a CBS News/YouGov poll, 77% of voters believe that the situation in America is either “somewhat” or “very” unfavorable. Additionally, 69% have a negative view of the economy, perceiving it as “fairly” or “very” bad. Furthermore, 56% of respondents disapprove of President Biden’s performance in handling his presidential duties.
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.
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.