Fact Check: 5 Unusual, Unverifiable, or False Claims From President’s ‘Bidenomics’ Speech

7/1/23

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from Daily Signal,
6/28/23:

Amid tenacious inflation and low approval ratings, President Joe Biden touted “Bidenomics” as the best economic path forward before a Chicago audience.

“Guess what? Bidenomics is working,” Biden said Wednesday.

His address at Chicago’s Old Post Office comes as only 34% of Americans say Biden has handled the economy well, according to a survey by The Associated Press and the NORC Center for Public Affairs Research.

Critics often have referred negatively to the president’s economic policies as “Bidenomics,” and now he apparently is seeking to rehabilitate that term. Signs featuring the word “Bidenomics” surrounded him during the speech.

Biden made several claims in the speech that were unverifiable, unusual, or plain false.

Here are five questionable passages in the president’s speech.
1. Biden, Xi, and ‘17,000 Miles’. Less than one month into Biden’s term, The Washington Post fact-checked his claim of “17,000 miles.” The newspaper concluded: “Biden is using a figure that cannot be verified in a misleading way.”

2. Delaware and ‘Trickle-Down Economics‘. That’s largely because of the state’s longstanding tax environment, as well as legal and liability protections established by state law. Whether these tax and regulatory rules amount to “trickle-down economics” is debatable, but they certainly are favorable to businesses. Democrats often use that phrase to denigrate President Ronald Reagan’s successful economic policies. This approach helped create 20 million new jobs and increased middle-class income by 11% over the decade, according to a 1995 report from Republicans on the Joint Economic Committee.

Further, under Reagan, inflation dropped from 13.5% during the 1980 presidential campaign to 4.1% by 1988. Unemployment fell from 7.6% to 5.5%, and real gross national product rose 26%.

3. ‘Reducing the Deficit’. An analyst for Moody’s Analytics told the left-leaning CNN last month: “The actions of the [Biden] administration and Congress have undoubtedly resulted in higher deficits, not smaller ones.”

4. ‘13.4 Million New Jobs’. his boasts about job growth are tied entirely to the near-unprecedented economic impact of the pandemic. “Recovering some of the 20.5M lost jobs during the pandemic is hardly the same as job ‘creation.

5. Falling Inflation. when Biden took office in January 2021, the inflation rate under Trump was only 1.7%.

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