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    Joe Biden Touts US Economy, But Recession and Wage Loss Loom


    President Joe Biden recently touted the state of the U.S. economy on social media.[0] The latest job report from the Labor Department showed the economy added 517,000 jobs in January, far exceeding economists’ expectations.[1] The rate of unemployment dropped to 3.4 percent which is the lowest since 1969.[2] Biden claims that his administration had cut the deficit by $1.7 trillion, which was achieved after the largest increase in government spending in all of U.S. history.[3]

    Wages have risen by 10.1% over the past two years, while the CPI has risen by 14%.[3] This means that Americans’ real incomes were cut by 3.9% over that time.[3] Despite this, Biden celebrated that wages are up.[3] But this is hardly something to brag about.[3] A CBS News-YouGov poll found that 33% of surveyed Americans view the economy as “good” while 61% view it as being “bad.”[4]

    President Biden remarked that the unemployment rate has reached its lowest point in 54 years, with job growth during his administration being the strongest it has ever been in a two-year period.[5] According to a Wall Street Journal survey, more than two-thirds of economists anticipate a recession to occur within the next year, despite the current economic recovery.[0] A staggering 38% of Americans think a recession is on the horizon for next year, and 24% think the economy is slowing down.[4]

    The President's claims on the deficit are also worth a quick fact check.[6] The U.S. deficit was at its highest in 2009 during the Obama-Biden administration, reaching $1.4 trillion. Before the pandemic, this was the record year for the deficit.[6] In 2020, a record amount of spending was passed by both Democrats and Republicans amidst the economic turmoil caused by pandemic lockdowns.[6] A total of $3.1 trillion in federal spending, resulting in a record deficit, was recorded.[6]

    It appears that the impressive job growth rate has not been enough to cause wage growth to outpace the rate of inflation.[7] This means that while the job market is improving, it is not necessarily helping the average American.[8] Using the incorrect credit or debit card could be a costly mistake.[9] We suggest you take a look at our top pick, which features a 0% intro APR until 2024, an insane cash back rate of up to 5%, and all somehow for no annual fee.[9]

    0. “WATCH LIVE: Biden to tout economic record at water infrastructure event” Colorado Springs Gazette, 3 Feb. 2023,

    1. “Unemployment falls in January: What did President Biden say about the jobs report?” AS USA, 3 Feb. 2023,

    2. “Biden wants credit for a strong economy. Americans aren’t buying it.” The Hill, 7 Feb. 2023,

    3. “Biden's State of the Union Took Undeserved Credit for Jobs and Inflation” Barron's, 8 Feb. 2023,

    4. “Americans continue to suffer financially under the Biden administration” FISM TV, 7 Feb. 2023,

    5. “Job report puts the wind at President Joe Biden´s back” Prensa Latina, 3 Feb. 2023,

    6. “Biden's fantasy economy: Americans see through SOTU spin on jobs, inflation, deficits” Fox Business, 9 Feb. 2023,

    7. “Another Recession Sign: Part-Time Work Is Growing Faster Than Full-Time Work” Seeking Alpha, 8 Feb. 2023,

    8. “Stimulus Update: Biden Doubles Down on Economic Progress in State of the Union Speech” The Motley Fool, 9 Feb. 2023,

    9. “Biden Boasts Historic Job Growth. Here's Why That Might Be Misleading” Nasdaq, 7 Feb. 2023,

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