In a recent CNN interview, President Biden defended his administration's economic policies. Biden claims that inflation was at a staggering 9% at his inauguration. However, the data indicates that inflation was really at 1.4% when he came into office.

The 81-year-old Biden repeated several times that inflation was 9% when he took office. And regardless of the facts, indicated that his administration had dropped inflation to record lows.

Despite efforts to address the issue, inflation has remained stubbornly high. It was measured at an annual rate of 3.5% as of March 2024.

According to Bureau of Labor Statistics data the average prices of goods and services have increased 19% during Biden’s term in office. This is nearly 5% per year.

The same data center compared Trump’s four years in office where prices increased by a total of 8%, or roughly 2% per year.

Biden Claims Disputed

Inflation started rising shortly after Biden took office. And it surged to rates not seen since the early 1980s. It reached 9.2% in June 2022 about 17 months after he became president.

Biden’s statements are fueling intense scrutiny and debate over Biden's economic management. Voters are not certain if the President is confused or intentionally misleading.

Since taking office, President Biden has repeatedly emphasized his administration's achievements in job creation and combating inflation. In an interview with CNN's Erin Burnett, Biden repeated this idea. And insisted the economic landscape was terrible when he became president.

His team has stopped using the term "Bidenomics" to distance the president from negative economic indicators. Despite facing criticism and skepticism he continues to defend his policies. And try to contrast his progress to Trump.

According to Biden, the American economy has experienced a significant turnaround under his leadership. He pointed to various indicators, including job growth, as evidence of progress. However, critics argue that persistent inflation, rising costs and overall economic instability are big issues.

Burnett interviewed Biden in Wisconsin, a swing-state where the Quinnipiac polls have Biden with 50% support among registered voters while Trump has only 44%.

Biden made comments like,” Trump never succeeded, and I never failed.”

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CNN Interview

“With less than six months to go to election day, are you worried that you’re running out of time to turn that around? “Burnett asked.

“We’ve already turned it around,” Biden said confidently.

According to a press release from pro-Trump PAC MAGA Inc “Joe Biden was confronted with the poor state of Bidenomics during a CNN interview Wednesday and was asked if he’s running out of time to improve the economy. Biden lied and said, ‘we’ve already turned it around.'”

Biden said, “Look at the [University of] Michigan survey — 65% of the American people think they’re in good shape economically. They think the nation is not in good shape. They’re personally good shape. The polling data has been wrong all along.” 

Please note a review of the Survey of Consumers University of Michigan website did not match to Biden’s claims.

After claiming to have fixed the economy, Biden then blamed corporate greed for the current state of affairs.

“It’s real,” Biden replied, adding, “But the fact is that if you take a look at what the people have, they have the money to spend; it angers them and angers me that you have to spend more. For example, the whole idea of this notion Senator [Bob] Casey [of Pennsylvania] talked about, shrink inflation. For example, Snickers bar they did a thing, and it’s like 20% less for the same price. That’s corporate greed, it is corporate greed. And we’ve got to deal with it.”

Current state of Economy

Credit card debt is up 38.7% since Biden took office.  65% of Americans are living paycheck-to-paycheck. Records are also being set for the number of people unable to afford rent.

Credit card interest rates now average 27.64%. That’s almost double the 14.6% average when Biden took office. The 30-year home mortgage rates have increase 2.65% to more than 7% in the same time frame.

Some of Biden's critics, including prominent Democratic economists, attribute the inflation crisis to the administration's massive spending initiatives. They argue that policies such as the $1.9 trillion stimulus package contributed to the rapid erosion of the dollar's value and the subsequent surge in prices. 

The president's handling of the economy will continue to be a focal point in the 2024 Election. All the polls currently indicate that voters express greater trust in former President Donald Trump's economic policies.