President Biden lied to Americans on Friday about the level of debt and savings U.S. households have accumulated under his presidency.
During a White House briefing on Friday, The President said that the average American household had increased their savings and lowered debt since his inauguration.
President Biden says since he took office, families are carrying less debt, and more Americans feel financially comfortable now compared to any time since 2013.
What do you think of Biden's claim? pic.twitter.com/HY9RQCgIDh
— KUSI News (@KUSINews) June 3, 2022
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“Today, thanks to the economic plan and the vaccination plan that my administration put into action, America has achieved the most robust recovery in modern history just two years removed from the worst economic crisis since the Great Depression,” said Biden.
“Since I took office, families are carrying less debt; their average savings are up,” he added. Biden said families feel financially comfortable under his economic plan.
The outrageous claims by the President are not true!
According to a report from Bloomberg, the U.S. Commerce Department published a report on May 27 showing that in April, the U.S. personal savings rate fell to the lowest point since Sept. 2008. Consumers are spending more on goods and services than before the coronavirus pandemic, even when adjusted for inflation, leaving far less money for savings.
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Additionally, The Bureau of Labor and Statistics has reported that living wages continue to decline. According to the agency’s report, actual average hourly earnings decreased 2.3% over the last year.
Finally, according to the New York Fed, consumer credit card debt is $71 billion higher than in the first three months of 2021. There has been a marked increase in debt by Americans in the last two years since the beginning of the pandemic.
Simply put, Biden, once again, lied to the American public!
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