Unveiling the Reality of Bidenomics: Understanding Data Distortion
President Joe Biden’s reelection campaign is accused of not presenting an accurate portrayal of America’s economic status. It alleges that while the Biden administration claims sustained low unemployment rates and reduced inflation, the data presented does not tell the full story. Unemployment rates have stayed below 4% for 30 months, yet labor force participation is down nearly a percentage point from pre-COVID levels, indicating fewer people working. Additionally, despite assertions that inflation is down 60%, calculations show a significant rise in inflation levels since January 2021. There’s also an increase in the M2 money supply, which critics say contradicts claims of controlling inflation. Furthermore, a report highlights that the rising cost of living under what is termed “Bidenflation” has led to 27% of Americans skipping meals due to unaffordable food prices. Critics urge the White House to present economic data fully and transparently.
President Joe Biden‘s reelection campaign is not accurately representing America’s economic data, and it is, in effect, lying to the rest of the country. New research shows Biden’s economy is not working, and the White House has a duty to represent the full story when talking to the public.
The statement below on X notes unemployment has been “at or below 4% for 30 months in a row” but neglects to mention that the labor force participation rate remains persistently low. The pre-COVID-19 numbers reflect about a 63.3% participation rate, but the numbers (as of May 2024) reflect that they continue to hover almost a point below that. This means the number of people working has decreased.
The claim that “inflation is down 60%” is a flat-out misrepresentation of the data. In January 2021, the consumer price index measured inflation at around 1.4%. In April 2024, it measured inflation at 3.4%. This is a 142.85% increase in inflation numbers. By metrics like the M2 supply graphic, it can be understood that inflation has increased under Biden too. The graph has the supply at $19,323 billion in January 2021. This increased 7.99% under the Biden presidency to $20,867.30 billion. White House officials cannot continue to cherry-pick the numbers when they are convenient for them, and this practice is misleading to the rest of America.
Thanks to Bidenflation, consumers have had to make significant sacrifices. One new study found that 27% of U.S. residents are now skipping meals due to the high cost of food. The same Sunday survey found that 28% said they are putting off paying for necessities, such as rent or other bills, to afford groceries. Another 18% have applied for or have considered applying for food stamps and other types of assistance, and 15% rely on or have considered visiting food banks for their groceries. This is a problem for the public, considering the Biden administration’s continual boasting about how good the economy is. This cognitive dissonance is directly harming everyday people.
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The White House also boasts that income is up more than prices, but this also fails to mention that real disposable personal income has decreased by 6.45% from January 2021 to April 2024. The CPI also suggests that price inflation was at 1.4% during the beginning of Biden’s presidency but increased to 3.4% in April 2024. This, again, is a 142.8% increase since the beginning of the Biden White House. Thus the Biden administration’s post noting that “incomes are up more than prices” is incorrect: Disposable income has decreased while prices are rising.
Ultimately, it appears the Biden team is misrepresenting the data because he would like to be reelected. Barring the average citizen from access to the full facts is a disservice. We have to treat the public with enough respect to mention the facts from the beginning or declare when the numbers start. Yet America’s taxpayers are paying the consequences to their health and agency due to the Biden administration’s inability to acknowledge our country’s economic troubles.
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