by Andrew Moran | Feb 8, 2024 @ Liberty Nation News Tags: Articles, Business News, Opinion
President
Joe Biden and his administration often refer to the so-called Big Lie
of former President Donald Trump. The punditry class can debate this
subject, but there is very little doubt that a parade of big lies is
emanating from the White House, from the economy to the border. When the
United States slipped into a brief recession in the first half of 2022,
and media outlets took their marching orders to redefine the term, it
became clear that anyone possessing even a modicum of integrity would
have to fight the tenet of the mendacious statist: The bigger the lie,
the more people will believe it.
Joe Biden and Jobs
Biden
and Democrats cannot help but tout the current labor market. One cannot
blame the rulers: unemployment below 4%, persistent monthly job
creation, and solid nominal wage growth. This is an exceptional record
on the surface. However, grabbing even a spoon to dig underneath would
yield an entirely different situation in the jobs arena. Liberty Nation has extensively reported the many facets of the monthly non-farm payrolls report, showcasing the innumerable challenges impacting the US economy.
For
instance, it would be difficult to find the administration’s allies in
the press reporting that the nation has been shedding full-time jobs
over the past year. In February 2023, there were 133.23 million
full-time positions. Today, there are roughly 133.13 million full-time
jobs. At the same time, there has been a spike in part-time employment,
rising more than 6% since June.
What about real
(inflation-adjusted) wage and earnings growth? The former has dropped
nearly 3% since February 2021, while the latter has declined more than
5% since the record in October 2020. The cost-of-living crisis is so
severe in America that a near-record number of people work two or more
jobs to survive. Even if White House officials are accurate when they
say wages are climbing, inflation has been so bad over the last three
years that the cumulative effect has eroded gains.
Many economists
are skeptical of what the Bureau of Labor Statistics (BLS) reports. The
establishment survey, which fosters duplication in the figures, has
some wondering if the numbers are manufactured. This suspicion about the
federal agency’s methodology or integrity is amplified when the
household portion of the monthly jobs data highlights lost employment.
Greedflation
Did
you know that the local Walmart is why the consumer price index (CPI)
hit 9.1% in June 2022, gasoline prices are above $3 a gallon, and
cumulative inflation has been above 18% since 2021? This has been one of
Biden’s many explanations for why inflation has been ubiquitous in the
world’s largest economy. Call it corporate greed or greedflation. Whatever the case, the argument falls short of logic for several reasons.

(Lindsey Nicholson/UCG/Universal Images Group via Getty Images)
First,
the grievance has been that Corporate America is making record profits
because businesses are squeezing their customers. This might sound
accurate, but the reality is that supermarket chains, for example, are
enduring tighter profit margins. It is estimated that for a customer’s
$25 grocery basket, the chain is earning $1 in profit. Like everyone
else, companies must deal with various higher costs, be it labor or
energy.
Second, it is fascinating that businesses pick and choose
when to be greedy and when to be altruistic. If mom-and-pop gas stations
and Big Oil are odious thieves out to steal every nickel from
motorists, why have there been such immense fluctuations in gas prices
for the last half-century? Were they evil heading into the 1980s when
the average price ventured toward $1? Did they stop being iniquitous
when the typical cost slipped below $1 in the late 1990s? Were they
being charitable when gas prices tanked during the Great Recession? Were
they monstrous when prices topped $5 in June 2022?
Third, because
the Federal Reserve inflated the money supply by 45% during the
pandemic, Americans’ purchasing power significantly eroded, meaning it
requires more units of currency to purchase the same amount of goods and
services. And, on the subject of the Eccles Building, Fed Gov.
Christopher Waller recently conceded that expansionary fiscal policy was
the primary contributor to the massive boost to the CPI.
In the
end, Biden demanded that companies collude to decrease prices. What is
fascinating about this call to action is that the Federal Trade
Commission (FTC) would typically have a fit if it is found corporations
are conspiring to suppress prices because this would, according to
bureaucrats’ longstanding belief, produce monopolies. Of course, when
prices rise, businesses are accused of price gouging. If they stagnate,
the private sector is told to have greater competition.
The Border
Is
the border crisis an economic issue? Upon closer examination of what is
transpiring at the US-Mexico line, it seems that governments
incentivize illegal immigrants. For instance, New York City is launching
a $53 million scheme, giving free credit cards to families staying at
hotels to purchase food and necessities. It will start as a trial
project, but officials say it could be expanded to more migrants across
the city.
Democratic lawmakers purport that illegals are needed in
the US economy because nobody else will pick produce, leaving fruits
and vegetables to rot in the ground. It is a tactic to encourage more
Americans to endorse the practice of sneaking into the country.
Perhaps
the biggest whopper of all is the administration’s flip-flop. For
years, Biden, his team, and their advocates in the Fourth Estate assured
the public that there was no border crisis unfolding despite the flood
of evidence.
In April 2021, the White House, including Press Secretary Jen
Psaki, dismissed the idea that the country’s southern border was in a
crisis. In July 2021, Politico asserted that “it’s not a border
crisis. It’s a climate crisis.” In September 2022, Vice President
Kamala Harris declared the “border is secure.” If celebrities’ opinions
matter to you, Rob Reiner wrote in 2019 that “there is no crisis at the
border.” Then he shifted his position to blame Trump and House
Republicans for “our border problems” five years later. The latest
punchline came from Biden on Feb. 6 when he said, “The only reason the
border is not secure is Donald Trump.” Even if this were accurate, the
incumbent has had three years to do something, including two years of
controlling the House and Senate, choosing to instead abstain from the
topic and eat ice cream.
A Cavalcade of Falsehoods
X has
showcased the great lengths the administration will go to espouse
falsehoods heading into the 2024 election, from employment to the
border. No matter how many Community Notes these social media posts
receive, the Biden team likely hopes it will tire out the authentic
fact-checkers and continue to share incorrect information without being
called out. When the media outlets try desperately to prop up the
incumbent as if this were a Weekend at Bernie’s film, it will be challenging for voters to separate truth from fiction. As the line in Cat on a Hot Tin Roof goes, “There ain’t nothin’ more powerful than the odor of mendacity!”