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President Joe Biden touted “Bidenomics” in Auburn, Maine, on Friday, although the buying power of the dollar has dramatically decreased since he took office, and polls show Americans have little faith in the economy.
“This morning, we saw data showing the last month the annual rate of inflation continued to decline, so inflation is now at its lowest point in two years,” Biden said, who later forgot to sign an executive order.
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Of jobs, Biden said his administration has “created 13 million new jobs – more than before the pandemic.” and that “Unemployment in America has been below 4% for the longest stretch in over 50 years.”
Despite Biden’s brags, the buying power of the American dollar has dropped dramatically when compared with January 2021, when former President Donald Trump left office. Per the Bureau of Labor Statistics, $1.17 today has the same buying power as $1.00 did when Biden became commander-in-chief. Compared to a similar time frame during Trump’s presidency, $1.00 in January 2017 had the same buying power as $1.05 in June 2019. This marked only five percent inflation over two and a half years.
