This article was written by Brandon Smith and originally published at Birch Gold Group
This past month a poll held by ABC and the Washington Post with a 37 year history asked Americans if they were better or worse off in the two years since Biden entered the White House. If you were to ask Biden this question, you would be regaled with a flurry of great news about a fantastic economic recovery, epic jobs numbers, falling inflation and a dropping deficit. When you ask actual average citizens, you get a much different reply.
According to the ABC/Post poll, Americans say they are worse off than they have ever been, with the most negative data in the history of the survey. Over 40% of respondents indicated their financial situation was worse under Biden. Only 16% of people said they were better off. Not only that, but 60% of Democrats polled said they did NOT want Joe Biden as their candidate in 2024, and 62% of all people polled said they would be disappointed or even angry if Biden remained in the White House for a second term. This is astounding.
How does one reconcile this reality with the claims made by Joe Biden on the economy? If this is the “greatest economic recovery ever” then why are so many Americans in financial misery?
The number of lies surrounding Biden’s economic platform are too many to count, but I will try to go through the key arguments that the White House is promoting these days and outline why these claims are manipulative or outright fraudulent. Let’s get started…
Record Jobs Creation?
Biden and his team are quick to suggest that data from the Bureau of Labor Statistics indicates an incredible jobs recovery which he is happy to take credit for. “You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years,” Treasury Secretary Janet Yellen told ABC’s “Good Morning America” program on Monday. “What I see is a path in which inflation is declining significantly and the economy is remaining strong,” Yellen added.
This is coming from the same woman who denied for years that inflation was real and a threat to our financial system. The same woman that reluctantly admitted to inflation only after it hit 40 year highs. So, keep in mind that Yellen’s track record indicates she is either an idiot or a liar.
Also, these kinds of statements are made while deliberately ignoring the context and details of the situation. Over 25 million+ jobs were lost on Biden’s watch as he aggressively pushed for national covid lockdowns. These lockdowns were useless in stopping the spread of the virus, but they were very effective at killing the economy.
Many conservative red states defied Biden, Fauci and the CDC and reopened after a few months when it became clear that covid was not a threat to the vast majority of people. Blue states languished in lockdowns and irrational fear for much longer. Only recently have most US states backed away from the covid hysteria and so jobs are returning. 25 million+ were lost, and 12 million have been recovered. Hardly anything to brag about, but when you look at it as if the lockdowns never happened, it might be impressive.
Beyond the return of jobs lost during the lockdowns, there is also the issue of around $8 trillion+ in stimulus in less than two years of pandemic response. The lockdowns could not have happened without covid checks and PPP loans, and the covid stimulus helped directly trigger the inflation avalanche that had been building for years. Part of this process happened under Trump’s watch, to be sure. However, it was Biden and the leftists that tried to keep the mandates and lockdowns going even when the data showed they were useless.
With $8 trillion in fiat pumped directly into the system, retail and service industries exploded in 2021 as people rushed to buy goods. Prices exploded, too, because supply could not meet demand. The problem is that the jobs created during this event are a temporary condition of inflation, not a natural result of a recovering economy. In other words, Biden’s jobs market is an illusion built on fiat. I predict we will see considerable job losses this year as savings accumulated from covid stimulus run out and as consumer credit runs dry.
Then, there is the issue of potentially fake or exaggerated BLS jobs data. Only last year the Philly Fed had to revise and refute White House labor gains and cut over 1 million jobs from their stats in the process. This is a massive discrepancy. Though it’s impossible to prove at this stage, I suspect that there is a concerted agenda to lie about employment numbers, either to make Biden look good, or to facilitate an excuse for the continuance of interest rate hikes into economic weakness.
If the BLS numbers are accurate, then why is there a record number of Americans worse off under Biden? One, the jobs being created are low wage. Two, the numbers are fake. Three, inflation is so high that wages cannot keep up with the increase in prices.
If we calculate inflation according to the standards set during the last stagflation crisis in the 1970s and early 1980’s, then the real inflation rate is closer to 15%. Official CPI according to the new way of calculation is 6.4%. Did inflation fall recently? Yes, but not because of Biden.
The Federal Reserve has raised interest rates to nearly 5%. Keep in mind that this is after keeping rates at near zero for around 14 years, and they are expected to continue to climb to a possible 6% or more this year. Higher rates mean far less lending and far less spending by consumers and the government. They also mean that corporate stock buybacks which originally relied on cheap overnight loans from the Fed are going to slowly die out, causing stock markets to fall. The most obvious consequence of this trend will be mass job losses as companies cut costs.
Falling Budget Deficit?
Again, this has nothing to do with Biden. He is trying to spend more and add more to the budget through his “Inflation Reduction Act”. Despite his many promises, he is not trying to reduce the budget. He will be FORCED to do this, however, by tightening fiscal policy.
Why is the deficit falling? Because the Fed is raising interest rates and this makes it more expensive for the government to borrow and spend. Higher interest rates raise the federal government’s borrowing costs and future interest payments on the national debt. As rates rise government programs must curb spending – meaning they are forced to reduce the budget deficit instead of spending money they don’t have.
US retail sales just witnessed a steep decline through the end of 2022 and the holiday season, indicating that the effects of covid stimulus are well and truly over. Manufacturing tumbled as 2022 closed, defying Biden’s assertions that he is bringing back domestic production. US imports of goods have also tumbled and shipping is down across the board, yet another sign that the economy is stalling.
Intermittent spikes in retail sales have occurred, as we saw in January, but so has credit card debt, suggesting that consumers are now leaning on credit in order to cover increased costs triggered by inflation. Retail sales are not increasing, just the prices and credit expenditures. In fact, polls show 33% of Americans say it will take them at least 2 years to pay off their credit card debts, and 50% of Americans say they need their credit cards just to cover normal essential living expenses. 45% of people said they had to take on more debt during the pandemic.
The Tech sector is starting mass layoffs right now and may be a canary in the coal mine for what is about to happen to the rest of the jobs market this year. And, inflation remains high enough that 56% of Americans say they cannot keep up with the cost of living, while 77% are worried about their future financial prospects.
This information does not jive with Biden’s story at all. There is no recovery, we are in the midst of a stagflation crisis with elements of a growing recession. I believe 2023 will be the year that the recovery narrative collapses, but the government under Biden will seek to hide the implosion for as long as possible.
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We know they are lying.
They know they are lying.
They know that we know they are lying.
We know that they know that we know they are lying.
And still they continue to lie.
With half of Americans living on the edge, how many will get pushed over once the economy really starts to tank? Americans are so F’ed. I’m surprised more aren’t talking about it as the vast majority walk along with a stiff upper lip pretending (probably mostly to themselves) that everything’s just fine.
as they continue to vote for lunatic school boards, representatives, senators, and soros funded prosecutors. they must like being abused, as in, “thank you sir, may I have another.”
Sounds hoa ish
Few patriots alive now days, mostly older middle aged and elderly. So few alpha men left to take this country back and restore proper government and financial stability including congress or in cabinet/dept. positions. Many living off credit cards for everyday expenses like groceries and gas/car repairs. Money being thrown away overseas in no win wars over 70 years, wars not our business to meddle in. No infrastructure upgrades. No future for younger generations overall to prosper and build wealth. All planned by the globalists incl. deindustrialization of Europe and the U.S., Canada, etc into third world slave states progressing faster than a NY minute.
The red state opposition to the covid mandates shows there are FAR more of us than many people realize. I suspect even the globalists did not understand the extent of the rebellion, which is why they gave up on the vax passports suddenly. There will be no slave state in the US, there will be war.
Hope you are right, the old timers (ones I know) born and raised in this part of the country (SE Ala and N. Fla) see little hope in younger generations who are clueless and hooked on electronics, social media, video games, etc. Taught in gov. schools, raised by working moms, we have lost younger generations in last forty some years. (millenials and younger). Most took the covid shots and some later learned the risks not to take anymore. Now there are boosters and may be given in some schools.
Half the states in the US blocked the mandates with the blessing of the majority of their populations, including many younger people, and that includes states like Florida. This proves the situation is not as dire as some people fear.
The “Reality” section of your article says it all.
As Gerald Celente likes to say: “When people lose everything and have nothing else to lose, THEY LOSE IT”. That’s usually when the SHTF. That’s what got the Arab Spring started in Egypt, when the common man couldn’t feed himself or his family. It took one person to light himself on fire and as soon as word got out as to why he did it, the Plebs lost it.
Humans have become pretty domesticated on purpose over the many decades. All they care about is food, sex and entertainment. Take away food and they tend to get quite volatile.
Unfortunately for TPTB, they forget about that or even dismiss it because they feel protected by the military. That is why I agree with Brandon and he has written about it many times, that the Elite won’t win. They never do because we have History to prove it. There is a fine line between order and chaos and it all boils down to being able to feed oneself or their family.
This was supposed to be in response to Gauntlet33: “With half of Americans living on the edge, how many will get pushed over once the economy really starts to tank? Americans are so F’ed. I’m surprised more aren’t talking about it as the vast majority walk along with a stiff upper lip pretending (probably mostly to themselves) that everything’s just fine.”
I’ll go one step further than Brandon and say that Joe Biden is a “Deep State deception”. This guy was anointed as POTUS along with Kamala Harris, i.e. two government libtard, woke, progressive losers that were installed to collapse the US and to bring about the Great Reset. Look no further than Joe Bidet’s podium where he approved of “Build Back Better”, which is Klaus Schwab’s manifesto.
There is NO way you put in charge of the largest economy in the world, a man who is 50 card short of a full deck. 🤪
Yeah, not only is he 50 cards short, but he’s also the joke(r).
—Michael Yon has an excellent term for people like them (Biden, Harris). He calls them Dog Kings. I think it was due to how rulers in the past would anoint their dog to a lofty position. The idea was to create a demoralizing effect on the population knowing they had to kiss ass to a dog. Frankly I would be much happier with a dog at this point. The King of the Dog Kings has to be Fetterman. Obviously the cheating was severe but damn he couldn’t have pulled it off without at least 40% support. Nevermind what anyone thinks of Oz he was a very measured and rational person it seemed. Should have picked up tons of support from the middle. At least enough to beat a brain dead ogre one would like to think.
—Honestly I do find it demoralizing. I’m not going to let it get me down but I have ZERO confidence anything will be solved at the ballot box. Oz vs Fetterman 10 years ago would have been a no contest. With the shenanigans on full display and peak mass psychosis it was mission accomplished. I used to think we could stem the tide if enough wake up and maybe that is still the case. And yeah people are coming around a bit I suppose thanks to both sides (R&D) sending money to Ukraine while every food item has skyrocketed in price. But that 40% that voted for Fetterman need electro shock therapy. And by God that’s coming sooner or later.
They also gave up on the vax ‘Papers Please’ agenda because Americans, certainly in the ‘red’ states and even in many ‘blue’ states, are armed to the teeth, and far, far too many of us clicked the ‘I will not comply’ button in social media and corporate ‘vax status and intention’ questionnaires for most of the globalist sock puppets in gub’ment to feel safe moving forward with it.
The number of lies Biden told at the recent SOTU is phenomenal but did not surprise us.
Take a look at this:
For once, I agree with Sarah Huckabee Sanders on her response to the last SOTU address:
But, I don’t forget that she is a politician and an opportunist.
I believe the current POTUS and VP are the worst in US history and – clearly! – it’s by design.
60% of Democrats polled said they did NOT want Joe Biden as their candidate in 2024, and 62% of all people polled said they would be disappointed or even angry if Biden remained in the White House for a second term, and that’s from an ABC poll ! 81,000,000 votes my ass. Nothing says the election was stolen more than that statement !!!
“Biden’s “Great Economic Recovery” Narrative Is Built On Deception… The number of lies surrounding Biden’s economic platform are too many to count… the government under Biden will seek to hide the implosion for as long as possible.”
Politicians in every way are thoroughly ‘Reality Challenged’. That is, they just don’t believe in the stuff. At all.
The first thing one must do when becoming a politician is to jettison any tether to actual Reality. You begin to live in a dream world of your own… and you assemble a group of deluded followers and lackeys and hangers-on and rear-end-smackers who join you within your foggy fantasy land. And you never, ever let the inconvenience of Reality get anywhere you in near The Group. You just dream stuff up all the time and constantly reinforce your fantasy world to each other while making sure that the pure light of Reality never enters into your realm of darkness that is void of truth.
(By the way, the second thing you do when becoming a politician is to eject from your body and soul any tether to ethics and morality. You fully pledge yourself to become a slave to money and phony adoration while becoming an evangelist for some kind of unholy Agendas handed to you by others who pull your strings through that ‘money’ you are selling your soul for).
Whether you are a relative small-fry pol or you are the figurehead of a Superpower… you are made from the same tattered and dirty human cloth. You act the same… you have the same unrealistic view of yourself as some kind of virtuous public servant… and you always believe that you are the Smartest Person in the Room. And most of all, you NEVER, EVER tolerate anyone who speaks up to you or challenges you or someone who in any way does not stroke your out-of-control-and-pathologically-oversized ego. And you create a view of the world that fully conforms with all your sad fantasies.
In short… you construct your own Dream World and then you live out the rest of your days living in that bogus realm. All while building massive personal wealth and acquiring more and more power all the time, of course.
Yes, the true world of the ‘Public Servant’.
The only thing you will never actually do is… to ever Serve The Public. You only live to serve yourself.
Thank you Brandon for this article. As a matter of fact, there entire existence is based upon lies and deception. We are much greater than these beings, because we believe in truth compassion love and gratitute. Therefore we have a higher resonance than they do.
Keep on the good work. Wishing everyone a good weekend.
Correction: Therefore we resonate at a higher frequency…
Our country has been living on borrowed money for years and years. Everything around us is a lie. Think about it.
Ain’t no thang, but a chicken wing.
The bigger the lie, the easier it is to believe.
More stimulus is needed to keep the party going. It was the Federal Reserve (via declining interest rates and QE for 30 years) and now it is fiscal stimulus (first covid stimulus and soon to be student loan debt forgiveness) The US and global economy are addicted to stimulus like a heroin addict. Trust me though…more fiscal stimulus is coming….until the USD collapses and is replaced by something else (perhaps bitcoin)
No, they’ve already crashed the dollar, most people just don’t realize it yet. They are destroying the Greenback with higher rates into economic weakness. Higher rates lead to potential debt default, and foreign creditors are about the dump the dollar as well.
Great article Brandon! I recently perused an article basically about the deflationary effects of the elite sabotaging the supply chain & genociding demand by taking out customers with the jabby jab — here’s the article:
Here’s another article about DJT co-opting 15 minute / smart cities, the plan of the elites, indicating that he’s in league with them somehow:
I’d love to see an article by you on either of the two issues above.
Let’s not forget that most of those “created jobs” are part-time in addition to being low-wage. Nor should we forget that BLS is double- and triple-counting people with multiple part-time jobs.