As Biden’s team seeks to capitalize on improving economic numbers and leans towards ‘Bidenomics,’ Elon Musk’s Twitter added a fact-check note to the president’s Sunday tweet about improving real wages.
He accused President Joe Biden of making a “factual error” with his claim that real wages were now higher than before the COVID-19 pandemic.
Data pointed to by Twitter users showed that real wages, adjusted for inflation, were higher at the end of March 2020 than now.
Republicans seized on the numbers to insist that Biden is unaware of the economic realities facing ordinary Americans, even though the president’s allies said the correct comparison came a month earlier, when real wages were actually lower.
The dispute came days after the release of the Consumer Price Index for June, which showed inflation had dipped to 3 percent.
President Joe Biden thinks he has good economic news to tell. But Twitter disagrees.
Twitter contradicted his claim that real wages (i.e. inflation-adjusted wages) are better than at the start of the pandemic, saying it contained a “factual error.”
“Right now, real wages for the average American worker are higher than they were before the pandemic, with the lowest-paid workers seeing the biggest gains,” said a message posted on Biden’s Twitter account Sunday evening. late. That is bidenomics.
After months of economic gloom, with spiraling inflation and crippling gas prices, officials believe they now have a good story to tell.
But Twitter users were quick to disagree.
“Since Biden took office, prices have risen 16.6% and real wages have fallen 3%,” posted Tommy Pigott of the Republican National Committee’s rapid response unit.
‘That is the reality of ‘Bidenomics’.’
Added context to Twitter Community Notes that read: “Tweet assertion about real wages contains a factual error.”
‘On 3/15/20, when the US COVID lockdowns began, real wages adjusted for inflation (AFI) were $11.15. As of 07/16/23, AFI real wages are $11.05.
‘AFI real wages are still lower (not higher) than before the pandemic.’
It contained links to a timeline from the Centers for Disease Control showing that states began implementing lockdowns in the middle of the month, and that by the end of March, and data from the Bureau of Labor Statistics showing that by the end of the month wages reais were in the figure of $11.15.
Biden has recently touted his policies as ‘Bidenomics’, taking credit for falling inflation.
The latest Wall Street Journal survey of economists found that their forecast average probability of a recession in the next 12 months has fallen to 54 percent, down from 61 percent.
However, the same chart also showed wages at $11.03 at the end of February, after the first US cases were detected.
A White House official told DailyMail.com that the National Bureau of Economic Research had indicated that the month marked a peak in the business cycle.
“Therefore, it is the correct starting point for pre-pandemic comparisons,” the official said.
And they pointed to an outside economist who agreed that fact-checking was misplaced.
‘Here’s the most obvious interpretation of Biden’s statement… “Pre-pandemic” = January 2020,’ wrote Justin Wolfers, an economist at the University of Michigan, noting that median earnings at the time were 10, 98 dollars.
After two years on the defensive, Biden has been arguing in recent weeks that his policies have kept the job market healthy and the economy on track.
“Today’s report brings encouraging new evidence that inflation is falling while our economy remains strong,” he said last week with the release of encouraging inflation numbers.
“Our progress in creating jobs and lowering costs for families is not an accident, and I will continue to fight for lower costs for families every day.”
More than half of voters say they are worse off since he came to power: about 43 percent say they are much worse off and another 9 percent classify themselves as “a little worse.”
But Republicans see weakness in seeking to oust him from the White House.
A recent DailyMail.com poll found that voters think they are worse off since he took office.
Overall, about 43 percent of Americans say they are “much worse off” since Biden took office, with another 9 percent classifying themselves as “a little bit worse off.”
However, Biden is leaning into the issue and has put the economy at the center of his recent campaign appearances.
That has sometimes gotten him into trouble with fact-checkers. In June he claimed that he had cut the deficit by $1.7 trillion,
In June, Biden claimed he cut the deficit by $1.7 trillion, which the Washington Post called “very misleading” because the deficit would have fallen sharply anyway when pandemic spending ended.