This week, President Biden made a misleading claim that he was the one responsible for raising wages for Americans.
The president promoted what his administration refers to as “Bidenomics,” claiming that real salaries are greater now than they were when governments closed down firms in 2020 citing the COVID-19 epidemic as their reasoning.
According to Biden, “lower-paid employees have seen the biggest increases in real earnings, which are greater than they were before the epidemic. That’s called Bidenomics.”
It’s a compelling story for Biden. Unfortunately, it’s untrue, which is bad for him.
The Bureau of Labor Statistics reports that the real hourly pay, which is adjusted for inflation, was $11.15 in March 2020 and increased to $11.72 in April 2020. Contrarily, the actual hourly pay in June 2023 was $11,05.
From June 2020 to September 2021, amid widespread lockdowns and economic chaos, real salaries were, in reality, mostly stable. They started to trend down in October 2021, reaching their lowest point of $10.92 an hour in June 2022. The inflation issue, which economists mostly attribute to Biden’s COVID economic rescue plan, had a pattern that corresponded to that trend.
In conclusion, real wages for American workers have not only not increased since the epidemic but have actually declined since Biden’s election, a decline that is linked to the inflation situation.
Biden is no stranger to claiming credit for financial achievements for which he was not ultimately accountable.
For instance, Biden asserts that he has produced 13 million jobs. However, the bulk of that employment was not created recently; rather, they recovered from the pandemic-related government lockdowns in the economy. The record-breaking deficit decrease is also credited to Biden. But his actions did not result in a decrease in the gap. Instead, the deficit reduction that has occurred under his administration was anticipated before he took office because of the decline in pandemic-related spending.
Biden deflects responsibility for crises in the meantime.
When gas prices hit unprecedented levels last year, Biden pointed his finger at Russia and the oil sector. The government then claimed credit and lauded Biden as gas prices started to decline.