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BREAKING
Hamas: We affirm our readiness to immediately begin a round of indirect negotiations to reach an agreement on the points of contention
Hamas: We welcome the continued Qatari and Egyptian efforts to end the war waged by the Zionist occupation against our people
Al Mayadeen's correspondent: Israeli occupation forces blew up Noura Al-Kaabi Hospital, designated for kidney dialysis patients, in the northern Gaza Strip
Al Mayadeen's correspondent: Israeli drone targets a car on the Ayta al-Shaab-Debel road in southern Lebanon
Yemeni Armed Forces Spokesperson Yahya Saree: The remaining airlines that have not yet complied with the ban are urged to take this into serious consideration to ensure the safety of their aircraft and passengers
Yemeni Armed Forces Spokesperson Yahya Saree: The YAF, after successfully imposing a partial ban on air traffic at Lydd Airport, are now working to impose a full ban on air traffic at the aforementioned airport in the coming period
Yemeni Armed Forces Spokesperson Yahya Saree: YAF's UAV Unit carried out three military operations targeting three vital Israeli sites in the occupied Palestinian areas of Yafa, Isdud, and Umm al-Rashrash, using three drones
Yemeni Armed Forces Spokesperson Yahya Saree: The operation successfully achieved its objective, causing millions of Zionist settlers to flee to shelters and bringing airport operations to a halt
Yemeni Armed Forces Spokesperson Yahya Saree: YAF targeted Lydd Airport in the occupied Yafa area (Tel Aviv) with a hypersonic ballistic missile
Israeli media: Ben Gurion Airport airspace sut down following missile launch from Yemen

Biden's economy claims fact-checked

  • By Al Mayadeen net
  • Source: Agencies
  • 16 Mar 2022 08:28
  • 1 Shares
4 Min Read

Biden's economy claims have been looked into and compared to reality, and unsurprisingly, the difference is striking.

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  • Biden's economy claims fact-checked
    US President Joe Biden

According to AP, faced with Republican blame over inflation, President Joe Biden inflated his involvement in decreasing the federal deficit and avoided accountability by claiming that a rush of government spending into the economy has no effect on rising prices when in fact, it does.

Deficit

Last Tuesday, Biden said, "Last year, the deficit dropped for the first time since 2015. It fell by $360 billion last year and this year it’s on track to drop by more than $1 trillion after four years in a row of increasing deficits before I took office. We’re now on a track to see the largest-ever decline in a deficit in American history.” 

The reality, however, is that the improved economic situation in the country comes from the subsiding pandemic rather than decisions made by Biden. 

The government is no longer distributing stimulus cheques and additional unemployment benefits, as it has done for the previous two years. In addition, tax income has surged as millions of Americans have found work and received increases. As a result, the Committee for a Responsible Federal Budget expects the federal government's annual deficit to fall to $1.2 trillion this year, down from $2.8 trillion in 2021 and a record $3 trillion in 2020.

Additionally, the government is collecting more payroll taxes, while it allowed their deferral during the pandemic. 

Inflation 

During a House Democratic conference in Philadelphia, the President remarked that he was "sick" of political rhetoric on inflation. He added, "We have to talk about it because the American people think the reason for inflation is the government is spending more money. Simply not true.” 

The facts? Though government spending is not the only reason for rising prices, it is a crucial one. 

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Last year, Biden approved the American Rescue Plan, a $1.9 trillion coronavirus rescue plan, which many economists believe drove inflation to run higher than it would have otherwise. 

However, the problem is that Biden injected more money into the economy than it could handle.

Gas prices 

Republicans have blamed Democrats for their failed policies and false efforts to blame the rising gas prices on 3 weeks of a Ukraine crisis.

According to tweets by Republican leaders Mitch McConnell and Kevin McCarthy, the "out-of-touch" policies and denial of their mistakes is what put America in its current economic condition.

AP noted that Republicans may be reaching too far with their analysis, as global production is not being met with global demands as the world returns to pre-pandemic normalcy.

The pandemic crushed demand for oil in 2020.

Biden signs gov't funding bill including $13.6 bn aid to Ukraine

Yesterday, Biden signed legislation - the Consolidated Appropriations Act for 2022 - funding the US federal government and also providing aid to Ukraine amid the crisis. 

The legislation will fund the federal government through September 30, 2022, and will provide $13.6 billion in humanitarian, economic, and defense aid to Ukraine. 

Biden said the legislation sends a message that Republicans and Democrats can come together to get something done and fulfill their responsibility to keep the government open and serving Americans.

Just three days ago, the Biden administration authorized another $200 million of assistance to Ukraine. 

Last Friday, Biden signed legislation to finance federal government operations in the near term to prevent a government shutdown. 

The continuing resolution approved by Biden finances the government until March 15, allowing time for a massive $1.5 trillion federal spending package to reach Biden's desk.

Read more: Congress pushes Biden on Ukraine

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  • US President Joe Biden
  • Joe Biden

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