10 reasons Joe Biden is wrong when he says not to bet against the American people

United States Vice President Joe Biden is out with his latest weekly video address. The topic of the video was to inform everyone that “it’s never a good bet to bet against the American people.” He talked about the Obama administration’s record since taking office and how the country is much better than it was prior to the 2008 presidential election.

Of course, the video was filled with disingenuous remarks, double talk and false information.

With that being said, should gamblers avoid betting against the U.S. and its people? If I were a betting person than I would look at these numbers to determine how I’d bet and see if I should follow Biden’s advice:

1. $17.8 trillion national debt ($152,084 per taxpayer).
2. $16.5 trillion personal debt ($13.2 trillion mortgage debt, $1.3 trillion student loan debt and $875.3 billion credit card debt).
3. U.S. labor force participation rate is at a 36-year low at 62.8 percent.
4. The real unemployment number is in the low-20s.
5. The U.S. economy only created 142,000 jobs in August, a lot of them part-time.
6. One-quarter of college graduates earn the same as high school graduates.
7. A new Harvard Study found that pay, benefits are likely to fall because of fewer full-time jobs.
8. More than one-third of Americans have saved less than $1,000 for retirement.
9. Switzerland is the most competitive nation in the world today.
10. The Federal Reserve will unlikely raise rates anytime soon, which continues to hurt savers and retirees.

Gamblers should definitely refrain from placing all of their bets on the U.S.