WSJ Checkmates 'Bidenomics' In One Move

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by Tyler Durden
Thursday, Jun 29, 2023 - 05:00 PM


A 40 minute presentation of propaganda and misinformation by President Biden was destroyed overnight with one unquestionable, government-data-driven, sentence by The Wall Street Journal Editorial Board:

"The Bureau of Labor Statistics says real average hourly earnings have fallen 3.16% during the Biden Presidency."

As we noted yesterday ahead of Biden's speech, real wages are down on a YoY basis for 26 straight months (i.e. since the president's term began), but that never stopped the exaltation of so-called "Bidenomics" by The White House and its media lackeys...

...despite the shockingly low approval rating on the economy confirming that 'we, the people' ain't buying the Biden bullshit.

WSJ take up the tale from there - why are voters so unhappy?

The answer can be found in one lesson by looking at the nearby chart. It tracks average real hourly earnings for all workers in the private economy across the Biden Presidency, and it tells an ugly story about the impact of the worst inflation in 40 years and the standard of living.

This is the inflation that Mr. Biden did so much to ignite with all of his spending.

That’s a 3.16% decline in real earnings for the average worker across the 29 months of the Biden Presidency.

These are official Labor Department statistics which means Mr. Biden can’t deny them.

So, as WSJ notes, he had someone fudge the point by writing in his Chicago remarks that, “Look, pay for low-wage workers has grown at the fastest pace in over two decades.”

We’d like to see how his economists cherry-picked the data to justify that one.

All of which reminds The WSJ Editorial Board of the old Marx Brothers joke: Who are you going to believe, me or your own eyes? Regarding Bidenomics, Americans should believe their own eyes.