OPINION_ EJ ANTONI: Lyin’ Joe Biden Has Become The Pinocchio-In-Chief

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EJ ANTONI: Lyin’ Joe Biden Has Become The Pinocchio-In-Chief

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E.J. Antoni
Contributor
December 10, 2023 9:59 AM ET


President Joe Biden’s economic performance is so indefensible that he has resorted to distorting his predecessor’s record, as if that will distract from the current economic malaise. It’s much like how Pinocchio, when caught doing wrong, lied about everyone around him to distract from his own failures and to blame others.

But the average American is suffering financially so much that no amount of gaslighting can distract from their current plight, and the numbers prove it. Sixty percent of American families are living paycheck to paycheck, and a record number of people have had to take on a second or third job.

That still isn’t enough to pay the bills, which is why there’s a record $1.1 trillion of credit card debt and a collapse of the savings rate to levels lower than before the pandemic. The combination of racking up debt while depleting assets caused household net wealth to fall $1 trillion last quarter. But the bigger story is the real (inflation-adjusted) numbers. (RELATED: ALFREDO ORTIZ: Bidenomics Is The Grinch Who Stole Christmas)

Real household net wealth has now fallen below where it was when Mr. Biden took office. In fact, it’s at the lowest level since the third quarter of 2020. Real earnings tell a similar story about Americans’ finances under Mr. Biden, with real weekly earnings down about 5 percent since he took office.

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READ MORE: https://dailycaller.com/2023/12/10/opinion-lyin-joe-biden-has-become-the-pinocchio-in-chief-ej-antoni/

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