CNN Calls Out President Biden-Major Errors in Economic Speech

CNN fact-checked President Biden’s economic speech on Thursday and reported 14 inaccurate claims.

Let’s call a spade a spade. The media has become a political operative, and CNN is no exception. To say it generously and politely, CNN is a left-of-center outlet that has been very sympathetic to the Democrat agenda. It is very uncharacteristic of CNN to challenge the President or the White House narratives. However, it happened, and it is significant. 

CNN called out misstatements, wildly inaccurate statistics, and seemingly intentionally deceptive claims by President Biden. Some statements were possible misstatements. The White House addressed some statements and changed the official transcripts. 

For example, President Biden said, “Last year, we funded 700,000 major construction projects-700,000 all across America.” It was 7,000 projects, not 700,000. It may have been a slip of the tongue. However, some statements were more significant for policy decisions and public perceptions. For example, the President again said that billionaires pay approximately 3% of their income in taxes. He made the statement in another speech earlier in the week. The truth is that billionaires pay around 8.2% of their income. Again, the White House corrected the official transcript to reflect 8.2%, a contested number. In 2019, economists from Berkley estimated that the 400 wealthiest families paid around 23%. Also, the President made statements about vaccinations and deficits during the Trump administration which CNN determined were misleading and inaccurate.

CNN lambasted President Biden's criticisms of President Trump’s handling of the pandemic and vaccines. "Back then, only 3.5 million people had been-even had their first vaccination because the other guy and the other team didn't think it mattered a whole lot [sic],” said Biden. CNN described the statement as "misleading at best." There are several issues with the President's statement. First, President Trump's Project Warp Speed brought vaccines to market. Pfizer only announced its vaccine one week after the 2020 election. Moderna announced its vaccine two weeks after the election. Second, around 19 million people, not 3.5 million, had received vaccines by inauguration day, two and a half months after the vaccine rollouts. The 3.5 million is the number of people that had two rounds of vaccines before the inauguration. 

CNN continued scorching earth on President Biden's claim about deficit reduction. 

“Dan White, senior director of economic research at Moody’s Analytics – an economics firm whose assessments Biden has repeatedly cited during his presidency – told CNN’s Matt Egan in October: “On net, the policies of the administration have increased the deficit, not reduced it.” The Committee for a Responsible Federal Budget, an advocacy group, wrote in September that Biden’s actions will add more than $4.8 trillion to deficits from 2021 through 2031, or $2.5 trillion if you don’t count the American Rescue Plan pandemic relief bill of 2021.[sic]"

CNN called out several other untrue statements on a variety of topics. Kudos to CNN for standing up to power, even if they are late to the party.

The argument for gold:

Assumptions:

1. Fiat currencies do not have a tangible asset, like gold providing value. Therefore, the value of a fiat currency is directly proportional to the trust placed in the issuing authority. People trust the U.S. to pay its bills more than Zimbabwe, and the value of the currencies reflects that.

2. Trust is based on truth and consistency. Suppose you were a bank determining if you should loan some money. How would you decide to whom you would lend money? Would you loan money to people you knew were lying or had a history of not paying their bills? Probably not. 

3. Inaccurate statements diminish the ability to trust logic. There are two foundational elements to making a logical argument. The statements must be truthful and valid. The statements must be accurate, and there cannot be fallacious reasoning. Before people can agree on conclusions, they must agree to the facts. 

4. The President of the U.S. is the primary American ambassador to the world. More than any other American, the President is the symbol of America. Whether one agrees with his policies or not, global trust correlates to the trustworthiness of the President. 

5. Between 65-70% of all Dollars exist outside of the U.S. Global trust is essential for maintaining the strength of the Dollar.

If you agree with these assumptions, the argument for gold is the following:

1.  The Dollar's purchasing power depends on the trustworthiness of the U.S. government and its officials.

2.  False statements from the President diminish the trustworthiness of the U.S. government.

3.  Diminished trustworthiness translates to reduced trust in the Dollar and, therefore, less purchasing power.

4.  Reduced purchasing power makes everything more expensive, including gold.

Therefore, gold will be more expensive if the world loses trust in the U.S. government. 

News ratings reflect the trust of the people to deliver the truth. CNN’s ratings dropped significantly over the last few years, so CNN has recently been trying to rebuild trust with the viewers. Suppose CNN concluded the President’s statements were so blatantly false that it needed to say something to reconstruct its credibility. In that case, it is safe to assume the rest of the world did.  

Trust is lost gradually over time and then all at once. Some would call it “death by a thousand cuts.” Even CNN is saying that President Biden is not the shining star of trustworthiness and that the U.S. government is using propaganda to further its agendas. When even the President’s cheerleaders say he is too loose with the facts, the cut is deep and global trust is bleeding. 

Do you think a U.S. President repeatedly misrepresenting facts is helping global trust grow or diminish? 

What happens to purchasing power if the world loses trust in the U.S. government?

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