President Biden is telling whoppers faster than inflation is rising.
Whether he’s talking about the state of the economy or his exploits in college, the purported “facts” presented by the president don’t hold up to the most basic check.
His favorite falsehood in recent weeks is that Americans are better off financially under his leadership.
“Since I took office, families are carrying less debt; their average savings are up,” Mr. Biden told a union audience in Philadelphia.
It’s not true. Total credit-card debt hit a record high in April of $1.103 trillion, slightly higher than its pre-pandemic level. Federal Reserve data shows that total household debt has risen by $1.5 trillion since Mr. Biden took office.
Household debt payments as a percent of disposable income also have risen since the first quarter of 2021, according to the Fed.
Rep. Darrell Issa, California Republican, said of the president’s claims, “He has no idea what he’s talking about.”
Another spurious claim, also made by the president angrily in Philadelphia, is that inflation “is worse everywhere but here.” It’s false.
Inflation in the U.S. hit 8.6% in May, higher than 14 out of the 24 nations that comprise the G20 summit, according to economic data site tradingeconomics.com.
Inflation is lower in China (2.1%), Saudi Arabia (2.2%), Japan (2.5%), Switzerland (2.9%), Indonesia (3.55%), Australia (5.1%), France (5.2%), Singapore (5.4%), South Korea (5.4%), South Africa (5.9%) Canada (6.8%), Italy (6.8%), India...
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