(ProsperNews.net) – US President Joe Biden suggested on November 16 that those who are upset with the country’s economy are experiencing a “disconnect” from reality. During a speech at the Asia-Pacific Economic Cooperation summit, the Democratic leader touted some economic statistics to say that some Americans can’t link the “numbers” with their “place in the world right now.”
The commander-in-chief told attendees that the US economy grew 4.9 percent in the last quarter, and said it represented the biggest growth rate in nearly two years. He added that more Americans are currently in the workforce right now than at any other moment in “American history.” President Biden added that unemployment has fallen under 4 percent over the last 21 months and noted that inflation has been reduced by 65 percent.
The Democratic leader added that his administration is responsible for making the United States the country with the lowest inflation rate of any developed nation in the world. He also claimed that the median household wealth grew 37 percent in real terms during his presidency.
Despite President Biden’s claims, and even when some administration officials keep insisting that “Bidenomics” has been a success, some reports have shown that the US economy is not in good shape. According to a July research from financial services firm Lending Club, 61 percent of Americans are currently living paycheck-to-paycheck. Also, 75 percent of adult Americans believe that the current state of the economy is “poor” or “fair.”
As reported in a September YouGov Poll, despite the president’s repeated praise of the US economy, 56 percent of adult Americans believe that the economy is actually getting worse. Meanwhile, only 16 percent believe that the economy is getting better.
After praising his administration’s work on the economy, the President said in the speech that he knows that statistics sometimes fail to portray reality. He also recognized that many Americans are still in a negative economic situation, and added that his administration still has “work to do” on the matter.
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