During Labor Day (Sept. 4), U.S. President Joe Biden touted that the U.S. has the lowest inflation rate. He shared this during his speech in Philadelphia, which was decorated with banners reading "UNION STRONG." 

Labor Day 2023: Joe Biden Claims US Has Lowest Inflation Rate

(Photo: Spencer Platt/Getty Images) Pedestrians walk past the New York Stock Exchange on July 16, 2002, in New York City. The Dow closed down in seven straight losing sessions, falling more than 900 points, despite some soothing words from Federal Reserve Chairman Alan Greenspan about the economy.

During his speech in Philadelphia, Biden claimed that the American economy has the lowest inflation rate among major world economies. 

Fox Business reported that the statement that POTUS made supports claims that his Bidenomics is working. 

"As I said a thousand times, there is no quit in America. None. All I hear from my friends on the other side, what they say is wrong with America," said Biden. 

The American leader added that many Americans are saying that the U.S. economy is failing. Joe said that these critics are wrong since the U.S. currently has the strongest economy in the world. 

He then touted that the American economy has the lowest inflation rate; having over 13 million new jobs. 

"America isn't failing. America is winning, and the rest of the world knows it. That's why our friends and allies are looking to us," added Joe Biden.  

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Biden Contradicts What Secretary of Commerce Said 

(Photo: Chip Somodevilla/Getty Images) U.S. Vice President Joe Biden smiles during the vice presidential debate at Centre College on October 11, 2012, in Danville, Kentucky. This is the second of four debates during the presidential election season and the only debate between the vice presidential candidates before the closely contested election on November 6.

Biden's inflation rate statement could lead to criticisms, especially since it contradicts what U.S. Secretary of Commerce Gina Raimondo recently confirmed. 

On Friday, Sept. 1, the U.S. Department of Labor released a new report showing the increase in the American unemployment rate (from 3.5% to 3.8% in August). 

Meanwhile, the Senate Republican leadership's report explained that the U.S. inflation in July had increased by 16.6%. 

After seeing these statistics, Raimondo admitted that the U.S. inflation rate still exists.

She said that it is important for the U.S. government to know that Americans are experiencing the negative effects of economic inflation in their daily lives.

Biden's Economy Handling Is His Greatest Weakness 

According to CNBC, a new poll revealed that Joe Biden's age, as well as how he handles the economic crisis in the U.S., are among his greatest weaknesses as an American leader. 

Experts said that concerns about the mentioned weaknesses of Biden are dragging his overall approval rating at 42% (57% of Americans disapproved of Joe Biden). 

This is why it is important for POTUS to check his statements about the U.S. economy, as well as reconsider his actions when improving it.  

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