President Joe Biden falsely claimed the US has the ‘fastest-growing economy in the world’ during a spot on Jimmy Kimmel Live! – as the country continues to face inflation not seen in decades and a potential economic crisis.
The assertion came during the president’s in-person appearance on the late-night talk show Wednesday – his first ever – where he touched on a number of hot-button issues like abortion, climate change and inflation.
However, Biden bizarrely began the interview by touting supposed success the US economy has seen under his administration – making the glaringly false claim in the process.
It comes as the average price for a gallon of gas in America topped $5 for the first time ever this week, and as the Labor Department revealed inflation has hit a 41-year high of 8.6 percent – with many now warning of a likely recession.
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President Joe Biden falsely claimed the US has the ‘fastest-growing economy in the world’ during a spot on Jimmy Kimmel Live! – as the country continues to face inflation not seen in decades as well as a cooling job market
The assertion came during the president’s in-person appearance on the late-night talk show Wednesday – his first ever – where he touched on a number of hot-button issues like abortion, climate change and inflation
‘Look, here’s where we are,’ Biden, 79, said during a roughly 20-minute Q&A. ‘We have the fastest-growing economy in the world.’ Receiving uproarious applause, he repeated twice more: ‘The world. The world.’
The president proceeded to cite numbers indicating recent rises in job growth – despite a cooling job market that has spurred economists and big banks such as Goldman Sachs to warn of a probable economic downturn in coming months.
‘We have 8.6 million new jobs just since I got into office, unemployment rates down to 3.6 percent, we’ve reduced the deficit last year by $320 billion,’ Biden said. ‘This year, [we’re] gonna reduce it by $1.7 trillion.’
He then asserted: ‘So, we’re the strongest economy.’
The declaration from the democrat – who has been widely blamed for the surging inflation rates, as well as an ongoing baby formula shortage – was demonstrably false.
The US economy did see grow in 2021, figures from the UNs International Monetary Fund show, by a modest 5.7 percent – a figure beaten by more than 50 other countries that showed faster growth that year.
Countries to surpass the US ranged from lager, wealthier nations such as China, Italy and France, which boasted GDP growth rates of 8.1 percent, 6.6 percent, and 7 percent, respectively.
The UK also enjoyed an economic rise more pronounced than the US as countries continue to recover from losses seen during the pandemic, by a respectable 7.2 percent.
However, many were much poorer, developing countries, including Kenya, which saw a rise of 7.2 percent; Ethiopia, 6.3 percent; and India, an even more marked 8.9 percent.
Some countries, meanwhile, blew America completely out of the water, such as Northern-African Nation Libya, which saw growth of 177.3 percent, and South America’s Guyana, which boasted an also-impressive 19.9 percent surge.
New data show that annual inflation in the US rose to 8.6% last month, the biggest increase since December 1981
Inflation in May was hotter than economists had expected, and topped the recent peak of 8.5 percent set in March
When asked to clarify the president’s statements by CNN this week, a White House spokesperson did not address their false nature, and instead deflected to the fact that the increase was the fastest for the country since 1984.
The official also reportedly highlighted that the International Monetary Fund recently forecast that, during the fourth economic quarter this year, the country’s economy will for the first time return return to pre-pandemic levels.
The outlet said the spokesperson further cited that the prospective growth projected by the international monetary-monitoring agency would beat out growth from fellow members of the international forum known as the Group of Seven – which consists of Canada, France, Germany, Italy, Japan and the United Kingdom.