UPDATED 1:12 PM PT – Wednesday, December 1, 2021
Joe Biden attempted to downplay the numerous economic crises facing the nation.
Speaking from Washington, D.C. on Wednesday, Biden claimed the economy is currently doing well and is on its way to recovery. This comes despite a looming debt ceiling crisis, an ongoing supply chain crisis and skyrocketing inflation, which Fed Chair Jerome Powell recently said has no end in site.
Biden also touted the release of 50 million barrels of oil from the national oil reserves, which he claimed will ease gas prices. However, many economists pointed out this accounts for only three days worth of oil and will likely have little affect on consumers.
Biden then took time to tout his trillion-dollar social spending agenda, repeating the false claim it would “pay for itself.”
Tune in as I deliver remarks on our work to strengthen the nation’s supply chains, lower everyday costs for families, and ensure that shelves are well-stocked this holiday season. https://t.co/6EoCdo8lsX
— President Biden (@POTUS) December 1, 2021
“The fact is the Build Back Better plan is fiscally responsible. It’s the first major piece of legislation in more than a decade. And it’s not only fully paid for, but will generate more than $100 billion in deficit reduction,” claimed Biden.
Last month, the Congressional Budget Office released a report showing Biden’s Build Back Better agenda would increase the federal deficit by $367 billion over the next decade. The report also found it would cost taxpayers $1.7 trillion over that same time period.