Former vice president Joe Biden, who presided in the White House for eight years during an anemic economy, claims the economy is “collapsing” under President Donald Trump’s leadership.
administration is domestically and globally disastrous to the “soul” of the
United States and its economy, the former vice president lamented in a press
briefing on the campaign trail.
“Look, this is three years later. The world has changed.
President Donald Trump has turned it upside down internationally. He has turned
it upside down economically. People are hurting badly,” Biden claimed on Thursday.
“There’s no response. We faced a different problem ten years ago when the
economy collapsed because of Republicans policies.”
“Now we face a problem that the economy, as well as the soul of this country, is collapsing because of this presidency,” he continued. “So, it’s a different problem, but with the same basic principle.”
A day after Biden railed against Trump’s handling of the economy the U.S., the Bureau of Labor Statistics reported employment set a record high.
According to a BLS report released Friday, the employment level for black Americans was at an all-time high in July with 19,481,000 employed – the highest number recorded by the BLS since it began tallying data in 1972. In June, the number was 19,199,000.
A record 157,288,000 people were employed in the U.S. during the month of July, a 283,000 increase from the 157,005,000 employed in June.
The unemployment rate has been steady at 3.7 percent since June, a tenth of a point from where it stood at 3.6 percent in the months prior – the lowest in 50 years. The unemployment rates for blacks held a 6.0 percent, closest to the unprecedented low of 5.9 percent in May 2018.
While the U.S. Bureau of Labor Statistics makes Biden’s claims impossible-to-reconcile, Obama himself has contradicted Biden’s assessment of Trump’s economy by claiming responsibility for its success.
The former president tried to take credit for Trump’s economic surge last September, asking Americans to “remember when this recovery started.”
The economy was in free fall when Obama took office and he boasted for the remaining seven years of his presidency that it was recovering. However, his economic policy consisted of imposing greater burdens on business in the form of labor rulings, environmental regulations, and mandates that increased the cost of job creation and resulted in anemic economic numbers.
As the Washington Examiner reported in 2016,” Higher minimum wages, new mandatory health costs, obligatory paid leave, and new powers for corrupt labor unions all hamper economic growth. For workers to get a larger piece of pie, the pie must grow.”
By the end of Obama’s tenure, the Examiner notes, the economy
was only “growing by only five thousandths per year.”
Historic levels of Americans dependent on welfare during Obama’s tenure and the middle class poorer than it had been since in 1984.
As CNS News reported in August 2016:
94,333,000 Americans were not in the labor force in July, a slightly better showing than June’s 94,517,000; and the labor force participation rate improved slightly, increasing a tenth of a point to 62.8 percent from June’s 62.7 percent.
In September 2015, the labor force participation rate dropped to 62.4 percent, its lowest point since 1977. The best it’s been since Barack Obama took office is 65.8 percent in February 2009, the month after Obama was sworn in amid a recession.
Enrollment in the Supplemental Nutrition Assistance Program soared by 70 percent in the years after Obama first took office. The number of individuals receiving food stamps increased from 32 million in January 2009, to 43.6 million in August 2016, an 11.6 million increase, according to the Food Research and Action Center. Enrollment SNAP reached its peak in U.S. history in 2013.
In contrast, over 5.8 million individuals discontinued their participation in America’s food stamp program since February 2017, Trump’s first full month in office, according to the latest U.S. Department of Agriculture data.
Biden’s brazen lies about Trump’s handling of the economy comes after Democratic presidential contender was forced to mount a fierce defense of Obama’s legacy during the presidential debates Saturday.
His progressive White House rivals delivered harsh assessments of Obama-era policies, particularly on immigration, accusing Biden of being apathetic to Obama’s of deporting millions of undocumented immigrants.