President Joe Biden made a series of false claims this week while discussing his plan to rebuild the nation’s economy around its workers, Radar has learned.
In a shocking address made to the county’s largest federation of labor unions on Tuesday, the president said that American families have less debt and more savings since he took office.
“Since I took office, with your help, families are carrying less debt nationwide. They have more savings nationwide,” Biden said while speaking to the American Federation of Labor and Congress of Industrial Organizations (AFL–CIO) in Philadelphia.
Despite Biden’s claims, reports from the Federal Reserve actually show that debt in American households has increased by more than $1.5 trillion since he took office in January 2021.
Additionally, a survey from the wealth management company Northwestern Mutual revealed that – contrary to Biden’s claims to the AFL-CIO on Tuesday – American households’ savings accounts have actually shrunk by an average of nearly $9,000 since he took office.
Besides falsely claiming that debt has dropped and savings have increased, President Biden also slammed reports that his administration’s “reckless government spending” has hurt American middle-class families.
“I don't want to hear any more of these lies about reckless spending,” Biden said. “We're changing people's lives. And because of the fact, this year, we're delivering the biggest drop in the deficit in the history of the United States of America.”
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