Tuesday’s second State of the Union speech was opened by President Joe Biden outlining the economic progress made in the two years since he took office. He claims that the economy was “reeling” when he entered office in 2019 but that it has since significantly improved and grown.
When assessing their personal financial situation using two widely used indicators, many Americans are unable to support this claim.
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“Two years ago, the economy was reeling,” Biden said. “I stand here tonight after we’ve created … 12 million new jobs.”
He added, “More jobs created in two years than any president has created in four years.”
Since February 2021, gas prices have increased dramatically, with the national average hitting $3.46 per gallon on Tuesday night—an increase of over 30 cents in this relatively short period of time.
Despite other economic difficulties encountered this year, consumer prices in December showed a steady fall from a high of 9.1 percent last June to 6.5 percent, suggesting that inflationary pressures are progressively receding.
The inflation rate saw a modest fall in 2020, but it stayed constant at 1.6 percent in February 2021.
Social media users were surprised by Biden’s economic assertion:
Under the Biden administration, Americans have paid a high price. Throughout his two years in power, residents have been forced to make sacrifices despite their dedication and fortitude.
Numerous families are struggling to pay for the essential requirement that eggs represent under President Biden, which is a hardship that shouldn’t exist.
