Former White House economist calls Biden out for spewing ‘utter economic lies’ on national tour
Biden admin expected to tout economic agenda as president kicks off US tour in North Carolina Tuesday
Joe Biden says he’s investing in America, but his policies aren’t doing that: Kevin Hassett
Former Council of Economic Advisers chairman Kevin Hassett discusses President Biden kicking off his ‘Invest in America’ tour to tout economic gains on ‘The Bottom Line.’
As President Biden readies to give his inaugural "Investment in America" tour speech Tuesday, one former White House economist torched the president for touting "utter economic lies."
"When I looked at the event description, I was aghast at how many things they said that were just utter economic lies," former Council of Economic Advisers Chairman Kevin Hassett said on "The Bottom Line" Monday evening.
Over the next three weeks, Biden and Vice President Kamala Harris, first lady Jill Biden, second gentleman Douglas Emhoff, members of the president's Cabinet and senior White House officials will visit over 20 states where they’ll reportedly highlight the impact of their major legislative accomplishments, according to the White House.
The tour kicks off in Durham, North Carolina, Tuesday where officials are expected to speak to how federal dollars from the Inflation Reduction Act, CHIPS and Science Act, the Bipartisan Infrastructure Law, and the American Rescue Plan are being spent to boost businesses, create jobs and make infrastructure improvements aligned with the president's clean energy agenda.
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The White House will also make the case that Biden has presided over "the strongest job growth in history," reinforcing "what’s at stake for hardworking families across the country if Republicans in Congress get their way and repeal the Inflation Reduction Act and slash funding for manufacturing, research, and innovation," a White House official previously said.
As President Biden begins his "Investment in America" tour in Durham, North Carolina, Tuesday, former Council of Economic Advisers Chairman Kevin Hassett said on "The Bottom Line" Monday. (Getty Images)
"They said that we're shepherding a manufacturing boom. Well, actually, if you look at manufacturing data, it's down 1% relative to last year. Like that's a boom?" Hassett criticized.
"And if you look at the regional Fed indices," he continued, "they're down 20% in manufacturing right now where zero is level. So the point is that manufacturing is collapsing in the U.S., and Joe Biden’s saying that he's investing in America and he's just not doing it."
Hassett further argued the lies are spread across the Biden administration, noting how Treasury Secretary Janet Yellen’s recent claim of historic economic recovery ignores the "calamity" of excessive spending interest rate shock.
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"Where's Pinocchio when you need him, right?" the economist said. "The bottom line is that GDP was growing at 6.5% when Joe Biden took office and inflation was in the ones, and inflation took off because of their massive spending… so they're spending all this money, they're driving inflation up, they're throwing the economy into recession again this year. It's clear that one is just about to start right now if you look at the manufacturing data, and they don't have they don't have any answers. But it is really, really stunning to me that they are able to lie so much."
When it comes to government spending and avoiding a default on U.S. debt, Hassett pointed out he’s talked personally with House Speaker Kevin McCarthy, R-Calif., on the most "level-headed" approach.
"In the past, when you had the House controlled by Republicans and a Democrat in the White House, that they worked out a deal where there was a little bit of give and take. In fact, during the Obama administration, they raised the debt limit a dollar for every dollar cut in spending. And Joe Biden probably doesn't remember that far back, but those things were called the Biden negotiations," the economist explained.
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"So Kevin McCarthy is just basically saying: look, the last time we were here, give me a deal like that," Hassett continued. "And Biden's saying that that ask is demented – he actually used the word demented. I would stay away from that word if I were him."
This campaign to promote Biden's handling of the economy comes as the president's approval rating sank to nearly its lowest point ever in March and the U.S. economy faces setbacks amid bank collapses and fears of a looming recession.
Fox News’ Chris Pandolfo contributed to this report.