Fact Check: Biden Falsely Claims the Pandemic Recovery Helps Only the Wealthy

Breitbart ^ | 09.30.2020 | JOHN CARNEY

[USA Conservative]

Claim: Joe Biden said on Tuesday that the Trump administration’s efforts to soften the blow of the coronavirus pandemic and revive the economy had only benefited the wealthy and inflated the stock market.

Verdict: FALSE.

The stock market has recovered much faster than many expected after crashing in the early weeks of the pandemic—but so has the broader recovery. The unemployment rate has dropped much lower than many thought it would, from 14.4 percent to 8.4 percent. The economy has added tens of millions of jobs as states lifted lockdown orders.

Several of the administration’s programs bolstered Americans with low and middle incomes rather than the wealthy:

the economic impact payments handed out $1,200 to most Americans, with more going to bigger families, but was capped at around $100,000 of income; federal government enhancements to unemployment benefits increased jobless payments by $600 per week, which allowed a huge share of Americans who had lost their jobs to receive more income than they had while working. the Paycheck Protection Program lent hundreds of millions to small businesses, keeping millions of Americans employed even when the economy was largely shuttered; and federal programs to pause student loan payments and stop foreclosures have helped millions avoid debt trouble during the crisis. Because of the Trump administration’s relief programs, poverty declined even as the economy was ravaged by the pandemic

[USA Conservative]

It took the entire 8 years of Obama-Biden for unemployment to go back to 4.5%.

That's Biden's frame of reference for "helping" people. Pay them not to work for as long as possible, add tens of millions to food stamps and Medicaid, and raise the cost of hiring with unpredictable and byzantine programs like Obamacare.

When Obama was asked why they didn't reduce taxes which were obviously stifling the recovery, and in turn, raise the amount of taxes collected, he replied, "That's not social justice."

Sometimes I'm not sure they're lying. They just drink their own kool-aid and believe virtue signaling counts for more than the result.

[motor_racer]

Biden’s remark is stupid on its face. If the recovery helps only the wealthy, then it stands to reason that the recovery hurt only the wealthy. Even a quick survey of the facts shows the truth to be almost exactly the opposite of this.

[Monty22002]

This is what we should focus on, not weirdo theories. This stuff is nasty.

[motor_racer]

*second “recovery” should read “pandemic”* (going for much needed coffee)

[nevermorelenore]

Would be interested to know the Total Pinocchios for the night

[lepton]

It took the entire 8 years of Obama-Biden for unemployment to go back to 4.5%.

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And even that is overstated, as they pulled millions out of the job market. There were 13 million more working-age people not employed at the end of Obama-Biden than there were at the bottom of the recession.