For a man who ironically chose “No Malarkey!” as his campaign slogan, Joe Biden certainly traffics in it.
In the latest farcical example, witness the Biden Administration repeating for weeks on loop that he “takes classified documents very seriously,” even while continuing new discoveries confirm just the opposite.
On issues of more immediate and direct consequence for American consumers, Biden peddles a similar brand of deceit.
Attempting to spin a lackluster quarterly economic growth report, Biden served up a generous helping of malarkey:
Just this morning, we got some very good news about the American economy. Every three months, the economic outlook of America is laid out in an official report, a government report on the state of the economy. It came out today, this morning, and I’m not sure – I mean it sincerely – the news could have been any better. Economic growth is up, stronger than experts expected, at 2.9 percent, we’re growing.
In fact, the news was better just one report earlier, when third quarter growth registered 3.2%.
Moreover, economic growth was more than twice as high at 6.3% in the first quarter of 2021 when Biden entered the White House.
Biden habitually claims that the U.S. economy was “flat on its back” when he took office, but the fact is that he inherited an accelerating economy that has slowed under his mismanagement. In the third quarter of 2020 our economy grew a red-hot 35.3%, and in the fourth quarter 3.9%, a full point higher than the latest 2.9% that he claims couldn’t have been any better.
For additional context, the U.S. averaged 4% annual growth following World War II, until the Obama years brought us the most sluggish economic “recovery” in history.
For the year, our economy grew just 2.1% in 2022, a steep decline from the 5.9% growth in 2021.
Accordingly, Biden didn’t rescue the U.S. economy, he’s gradually suffocating it.
This week, a new report found that the number of Americans now living paycheck-to-paycheck rose to 64%, including 51% of Americans earning over $100,000 annually:
Sixty-four percent of U.S. consumers (166 million) were living paycheck to paycheck in December 2022, up 3 percentage points from 61% the year prior, with the most growth seen in higher income brackets. In fact, 9.3 million more consumers are now living paycheck to paycheck, and eight million, or 86%, of those consumers earn more than $100,000 annually.
In December 2022, 51% of consumers earning more than $100,000 annually said they lived paycheck to paycheck, up 9 percentage points from 42% in December 2021…The data also finds that an increasing number of consumers earing more than $100,000 are living paycheck to paycheck with difficulty paying their monthly bills. In December 2022, 16% of these high-income paycheck-to-paycheck consumers struggled to pay their monthly bills, up from 11% in December 2021.
Elsewhere, don’t look now, but gas prices are rising again. Prices this week averaged $3.51 per gallon, up from $3.21 a month ago, and $3.38 this time last year. Biden enjoyed portraying declining gas prices as a triumph when they were declining from their peak of $5.02 in June of last year, conveniently omitting that they’d risen from $2.39 on January 20, 2021 when he took office. But now that they’re rising again, he’s abandoned discussing gas prices at all.
Meanwhile, inflation remained 5% or higher for the twentieth consecutive month, the longest streak in four decades. Again for context, inflation was 1.4% in January 2021 when Biden entered office.
Separately, Freddie Mac reported that 57% of U.S. consumers expressed concern about making their monthly housing payments in the fourth quarter of 2022, up from 48% in the third quarter. The Federal Reserve Bank of New York also reported that U.S. credit card balances rose 15% year-over-year in the third quarter, the largest annual increase in over 20 years.
So how is the Biden Administration responding? By continuing to advocate higher taxes, more regulation, harassing employers and irrationally targeting short-term lenders, which will only end up driving strapped consumers to seek illegal loan sharks, suffer overdrafts or simply fail to cover their bills.
Biden continually tells audiences that he’s building the U.S. economy from the middle out and the bottom up. According to the accumulating numbers and his stubborn commitment to change “nothing” on his policy agenda, however, that’s just malarkey.
Reprinted with Permission from - CFIF by - Timothy H. Lee
We used to have a local sportscaster and celebrity who related to working men and women by the name of Charlie Eckman. He was an old school, self made man who like to call it like it is. Based on our real life experience where we have high inflation which is causing everything to increase in price. Eggs costing $7 a dozen, gas well over $3 a gallon, rents going out of control sky high and the cost of medical care rising. Hardly any inventory of cars at dealer lots where you have to order one to be built at sticker price, used cars costing almost as much as new cars and the list goes on. The government can provide any set of numbers they want but the reality is that we are being stressed financially because of Biden’s policies. If Charlie were still around today he would look at these numbers and tell Biden to “call a cab!” and take a saliva test!
It is obvious that Biden has been in government so long that he has no clue how to stimulate the economy. Of course Biden lies all the time about how great our economy is. He could care less. Gas here is $3.83 to $3.90 a gallon.
Until this administration adopts a more businesslike model running the country (profit/loss, being careful with spending and expansion, accountability, saving for a rainy day), nothing will improve. With the keys to the money printer in his pocket, biden will keep spending more and more on programs that do not improve our way of life. Instead, they keep people at home, comfortable, fed, and “loved”. Who wouldn’t vote for that?
Despite all these discussions about the economy, the news puppets touting biden’s false achievements, and biden’s own self-congratulatory words, the economy feels more like a balloon about to burst. What they and the numbers aren’t looking at is the Labor Force Participation Rate. In a robust economy, that rate is around 68%, which represents the number of willing and able-bodied people working. That number has been a little over 62% since Covid, with all the disincentives to work. Now that we’re back to work and school, this president is still spending trillions of dollars to keep millions of people out of work. Thus, inflation and a low LFPR. The current low unemployment rate is meaningless when not put into context with the LFPR.
Reality will catch up; the stock market will crash, the housing sector will come to a standstill (showing signs for a while now), unemployment will climb, millions will be laid off (already started), and joe’s economy will fail. The fact that January’s jobs report was almost 3 times better than expected tells me that something weird is going on. Maybe it’ll be revised downward. When bank, tech, retail, and manufacturing giants are laying off workers by the thousands and tens of thousands each, something’s gotta give.
When our local Walmart started cashiers at $14-18/hour, I never thought that could last. This scenario was entirely fabricated by the biden administration, which never attended an Econ 101 class. They think printing money and taxing the rich are the answers, but they are mistaken. Remember this in 2024, folks.
Yup and you are a troll- go back to the HuffPost and MSNBC
Its truly amazing, Republicans just cant stand losing. They have criticized Biden from day one in hopes it would work in their favor in midterms. OOPS didn’t work did it.?? All the crying about inflation, jobs, and the economy is now turning out to be a losing strategy because Biden proved them all wrong. What’s the back up plan Republicans? Oh, I know, lets bring back the Border discussions, that’s always their favorite when things don’t go their way. GOOD JOB JOE BIDEN!!
LETS GO BRANDON and all like you whom think the installed POS is doing a good job. Speaking of job go get one and since your fine with the open border why don’t you open your mothers basement up for them to stay.
More like Conservatives verses the Radical Left. That said, who controls the House? 2023 and 2024 will be most interesting to watch unfold as the investigations are turning. ;)
You are right about one thing: “Republicans just can’t stand losing.”
We can’t stand losing our freedoms.
We can’t stand losing our money to inept legislators who fund the most ridiculous causes.
We can’t stand losing our clean, safe streets.
We can’t stand losing fairly priced goods because of biden’s inflation.
We can’t stand losing out to other countries in education excellence.
We can’t stand losing our children to drug overdoses because of biden’s open border policies.
We can’t stand losing our country to woke idealists.
Living paycheck to paycheck is not a government policy problem but a case of personal financial illiteracy. The Biden administration has plenty of poor financial policy’s without you normalizing peoples poor financial decisions.
You can always pick your numbers so Ole Joe can say that over 500,000 new jobs were
filled in December which is amazing. I realize that many of these can be college kids working for 2 weeks at $8.80 per hour. Or he can say the price of gas is reduced.
You can’t beat a conniver until you VOTE. We elected this guy. Enough said. All of this AMAC
commentary ( and believe me I appreciate it or I would not be here) is meaningless until Nov of 2024.
What will be do if, god forbid, Donald Trump is our candidate ? Slit our throats or vote for Trump or vote for Joe again or stay at home or die ? I think I’ve covered all options.
I will super vote for Trump. I AM A MAGA ADDICT No media bs will discredit MAGA to me.
I now have 3 MAGA tatoos. And am designing the 4th.
No Malarkey should have been the indicator of senility. The press would like white on rice if a Republican said that.
Looks like Bidens strategy is to create a problem and when it accidently starts to get better he jumps up to the microphone to announce he’s makling things better? Think for a moment how many fewer problems our country would have right now if Trump were President.
What else can you expect from a senile old man and a democrat on top of that, with an incompetent vice president to boot.
Just like in the movie “MEATBALLS” with Bill Murrays motivational speech….’IT JUST DOESN’T MATTER!! IT JUST DOESN’T MATTER!! What matters most to American citizens is not what they can do for their country, but what their country can do for them. They are most interested in “gimmies” and “bennies”. free stuff…benefits, food stamps, welfare. It started with Boomers not raising their children with the proper work ethic and now we have an entitled America, who all deserve everything for nothing.
They still don’t “get it”!!! They are blind and deaf to “We the People” and our economy.
Excellent article telling the TRUTH.
Of course gas is going up, the election is past. Im surprized it took this long.
And we’re not even close to the “summer driving season” when gas prices always spike higher!
Jackass Josef is the best example of:
“STUPID IS, STUPID DOES”!
Malarkey seems to be the only thing he’s good at. Yes, we’ve noticed the gas prices are rising again!
You can only consider biden’s handling of the country and any part of it “mismanagement” if you believe that he is trying to make the country survive and doesn’t know how to do that. More truthfully, and his band of miscreants are being wildly successful in executing their plans. Worse than a traitor, he is an ENEMY of the United States and its citizenry. This destruction of the U.S. is INTENTIONAL. He has to be removed along with all those who support his attempt to bring down the U.S. from within.
Robert, I couldn’t agree more! Well said!
His whole presidency is malarkey, I mean it.
One would love to slap lyin’ Biden in mid sentence, given the fact that almost every day we get slapped in the face by higher prices for so many things. His assertions that all is rosy add insult to injury.
They are bragging about growth from a low point they created.
History will not be kind to Joe Biden. I suspect that same history will blame the American voters for putting him into office. Of course, we KNOW that it wasn’t the cleanest election. Just how many votes he received were fraudulent we’ll likely never know. If we allow it to happen again, I wonder if there will be a history to be written. My confidence in the future has been shattered.
Unfortunately, real and factual history no longer exists. Fabricated history is the new norm for most of the country and only isolated regions are fighting against it and are slowly losing.
Only if you communists are still around to write it.