President Joe Biden probably told his biggest lie in Syracuse, NY, today as he campaigned for Gov. Kathy Hochul and other New York Democrats.
You guys. Did you know gas averaged $5 a gallon when Biden took office? I didn’t:
BIDEN: “Today, the most common price of gas in America is $3.39, down from over $5 when I took office. We need to keep making that progress by having energy companies bring down the cost of a gallon of gas that reflects the cost they’re paying for a barrel of oil.”
FACT CHECK: In 2020, gas prices averaged $2.17 a gallon. Man, that was painful to type out because I paid over $3.50 a gallon the other day.
In 2021? America’s average gas price was $3.01 a gallon.
In October 2022? The average is $3.803.
Then Biden has the nerve to brag about the GDP numbers released today. Yeah, it’s not shiny and rosy as he believes:
BIDEN: “Today, the GDP results came out, and the economy, in fact, is growing. In fact, the economy grew at 2.6 percent rate last quarter. And although it may not feel like for everyone, people’s incomes went up last quarter more than inflation went up, an enough growth. (applause) So, economic growth is up, the price of inflation is down, real incomes are on — are up, and the price of gas is down. Folks continue to spend, but now at a more stable pace than during our rapid recovery last year. Businesses continue to invest in America. Exports are up, which means we’re making things here in America and shipping the products overseas instead of shipping jobs overseas and sending them back here.”
The GDP report is more than one number. No, consumer spending slowed down. Plus, economists aren’t all that thrilled with the 2.6% GDP number:
“The overall state of the economy is deteriorating and a lot of it is just the weight of elevated inflation and higher interest rates,” said Richard F. Moody, chief economist at Regions Financial Corp. “I don’t think that we’ve seen the full effects of higher rates work their way through the economy, so that’s why we have pretty low expectations for the next several quarters.”
That’s saying a lot since the holidays are around the corner.
Usually personal spending drives the GDP. Net exports helped push this report to 2.6%.
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