Tuesday, October 3, 2023
HomeNewsSteve Forbes Tells Newsmax: Biden's Economy is Facing Challenges

Steve Forbes Tells Newsmax: Biden’s Economy is Facing Challenges

The Biden economy is “hitting some headwinds,” and is not doing as well as the federal government is saying it is, Chair and Editor of Forbes Media Steve Forbes told Newsmax on Tuesday.

When asked by “Rob Schmitt Tonight” host Rob Schmitt if the Biden administration is trying to pull the wool over everyone’s eyes for the presidential election next year, Forbes responded that “it’s hard to pull wool over an eye when you’re in a cellar and there’s not much light there.”

“The fact of the matter is the economy is not doing as well as they say,” Forbes said, adding that there is a very important figure that is not talked about much, called the “Gross Domestic Income,” or GDI, a figure that represents all cash receipts and income, including dividends, salaries, and interest.

Forbes noted that the GDI only grew in real terms at 0.5%, unlike the over 2% reported GDP.

“Usually, those numbers are really together, so when you see that kind of discrepancy, that means you have an economy that is entering very choppy waters,” Forbes said.


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Jeremy Frankel

Jeremy Frankel is Newsmax writer reporting on news and politics.

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