On Monday, President Biden highlighted on Twitter his economic strategies, known as “Bidenomics,” and their supposed influence on increasing workers’ salaries during the past two years. However, Twitter’s fact-checking system soon flagged the post as containing incorrect information.
President Biden stated in his tweet, “Presently, the real wages of the average U.S. worker surpass their pre-pandemic levels, with the most significant increases seen among those earning lower wages. That’s the effect of Bidenomics.”
But Twitter’s Community Notes provided additional information that contradicted the President’s claim. The note explained, “The tweet’s statement regarding real wages is not accurate.”
The note continued, “On March 15, 2020, when COVID-induced lockdowns commenced in the U.S., real wages adjusted for inflation (AFI) were $11.15. However, as of July 16, 2023, real wages AFI stand at $11.05,” adding, “Therefore, real wages AFI are lower (not higher) than they were pre-pandemic.”
Numerous Twitter users pointed to the record inflation levels under the Biden administration in response to the President’s tweet. The Republican Party also weighed in, stating, “Real wages have decreased by 3% since Biden assumed office.”
In the past, President Biden has made claims such as reducing the deficit by $1.7 trillion, which was evaluated as “highly misleading” by the Washington Post and other fact-checking platforms. Additionally, he’s praised the implementation of the new 988 suicide hotline, originally signed into law by former President Trump, and claimed that healthcare is “a right not a privilege in this country.” Yet, Twitter’s Community Notes pointed out that Biden has “not publicly endorsed universal healthcare or Medicare for All, and has implied that he would reject any legislation that attempts to establish such a system.”
As President Biden moves towards his 2024 re-election campaign, he’s been promoting his economic policies, or “Bidenomics,” and their supposed impact across various states, from Maryland to Illinois to New York. Yet, both economists and the electorate remain skeptical. Several economists have equated President Biden’s economic strategy to unnecessary spending and rising inflation.
EJ Antoni, a research fellow for the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, stated to Fox News Digital that “Bidenomics equates to the highest inflation in 40 years, record declines in labor productivity, sluggish economic growth, increasing credit card debt, rising interest rates, stagnant labor force participation, heavy regulation, falling real incomes, and unchecked government expenditure, borrowing, and money printing.” In a nutshell, Antoni concluded that “Bidenomics signifies ‘failure.'”
Desmond Lachman, a senior fellow at the American Enterprise Institute, told Fox News Digital, “They spend recklessly, and that’s what’s causing issues.” He further noted, “It’s straightforward to reduce unemployment for a brief period, but it’s challenging over the long term. The way they’ve significantly reduced it is by overstimulating the economy, which has now resulted in inflation.”
Democratic pollster Chris Anderson noted, “With a Democrat in power, it’s unsurprising that Republicans are more worried about the nation’s future than they were in 2017.” However, he observed that “Democratic worry hasn’t decreased as quickly as Republican worry has increased, leading to an overall concerned electorate as we approach the 2024 elections.”
Biden’s economic approval rating stood at a meager 32%.
In January 2021, when Biden assumed office, the inflation rate was slightly over 1%. This figure spiked to 9% by June 2022 but has since declined to 3%. Nevertheless, this number still surpasses the 2% target set by the Federal Reserve.