If Biden's lips are moving he is probably lying

 Daily Caller:

Biden Takes A Blowtorch To The Truth With Household Debt And Savings Claim

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 Biden boasted during a White House Address that the average American household has increased their savings and lowered debt since his inauguration, according to the White House briefing.

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Data from the U.S. Commerce Department published May 27 showed the U.S. personal savings rate fell to the lowest point since Sept. 2008 in April, falling to 4.4%, reported Yahoo Finance.

Wells Fargo economists Tim Quinlin said the U.S. Commerce Department data would typically be a “warning sign” for future economic turbulence.

“In a typical cycle, a sharp drop in the saving rate would be a warning sign about the sustainability of spending,” Quinlin wrote in a note reported by Yahoo Finance. Quinlin said the savings forecast expects the rate to fall as low as 7.2% by the end of 2023.

The Bureau of Labor and Statistics that real wages continue to decline. “From April 2021 to April 2022, real average hourly earnings decreased 2.3%, seasonally adjusted,” the agency reported.

Consumer credit card debt rose from $266 billion to $15.84 trillion in quarter one of 2022, according to data from the Federal Reserve Bank of New York’s “Household Debt and Credit Report.”

“Balances now stand $1.7 trillion higher than at the end of 2019, before the COVID-19 pandemic. Mortgage and auto loan balances rose by $250 billion and $11 billion, respectively, in the quarter,” the NY Fed reported.
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Americans are having to spend more on food and gas than at any time in history.  It is a constant reminder of the failings of the Biden economy. 

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