James Carville, a Bill Clinton advisor, spoke these statements during the 1992 presidential campaign. The notion is that election races and results are mostly determined by the state of the economy. The next presidential election is fewer than 16 months away. What is the current state of the economy? Generally accepted wisdom states, “Not good.”
Republicans blame “Bidenomics”. However, the data is accurate
MSNBC reports that Republicans describe our economy as “dangerous,” “horrible,” and “the worst in 40 years,” and they all blame “Bidenomics,” but that assessment is not only inaccurate; it is also a lie.
However, the data is accurate. Additionally, Joe Biden is supported by the economic statistics and the numbers. The economy is doing much better than anyone anticipated it would a year or two ago, and it is on par with prior Republican and Democratic presidents’ economies.
Do I sound like Joe Biden’s spokesperson when I say this? Maybe. But when it comes to our economic performance, you don’t have to believe me.
Simply examine the following five important economic sectors: Wages, Inflation, Growth, Manufacturing, and Jobs.
1. Wages- What else is now beating inflation, do you know? Pay for employees. They are rising more quickly than the cost of goods; since last year, they have increased by more than 4%, above the 3% inflation rate.
Not only are Americans earning more money, but they are also conserving more of it. According to a poll of 9 million Americans, people now have 10% to 15% more in their bank accounts than they had in 2019.
Another result of higher salaries and savings is a decline in income disparity. In fact, the income growth of the bottom 50% of earnings outpaced that of the top 10% last year. That might be a step in the right direction for bridging the absurdly wide wealth disparity in America.
then consider where we are right now. With inflation on the down and the lowest jobless rate since Neil Armstrong first set foot on the moon, a recession has so far been avoided.
Republicans frequently use the term “Bidenomics” as a slur, but at the moment it seems like nothing short of a miracle.
2. Inflation- I am aware of your thoughts. Doesn’t that growth contribute to rising consumer prices? high inflation? no longer.
Data from the government released last month showed that inflation decreased to 3% in June. The Fed’s desired rate is 2%, and that figure represents the lowest level since March 2021. Because of Bidenomics.
You don’t trust me? Simply observe the rest of the world. Republicans probably don’t want you to do that because they’ve been trying to blame Biden alone for inflation for the past two years, entirely omitting the fact that it was a global problem.
Republicans will undoubtedly now claim that Joe Biden is to blame for the low inflation if they want to continue blaming him for the high inflation, aren’t they right?
3. Growth- New growth statistics that demonstrate U.S. Over the course of the second quarter of this year, GDP rose at a 2.4% annual rate. much higher than the 2.0% that economists had anticipated. The American economy is expanding. Remember: For the previous two years, we were fed a steady diet of recession forecasts. not merely on Fox. but across the board in terms of politics.
In reality, Bloomberg issued this projection last year, estimating the likelihood of a recession in 2023 to be 100%, not 80%, 90%, or even 90%! Biden’s rehabilitation is more rapid and effective.
READ ALSO: Bidenomics 101: Is Economy Under Biden Administration Really Progressing?
Important economic sectors
4. Manufacturing- Heavy industries are feeling the effects of such job gains. Recall that the last president ran on a platform promising to revive manufacturing. However, Joe Biden is the one motivating America to, to steal a phrase, “build back better.”
Since George W. Bush was in office, manufacturing employment in the United States is at a record high.
Biden’s additional expenditure through the Bipartisan Infrastructure Act, the Inflation Reduction Act, and the Chips and Science Act contributed to the creation of 800,000 new jobs and $200 billion in new investments by manufacturers.
5. Jobs- In June, the jobless rate dropped to 3.6%. It has now been below 4% for 17 consecutive months. According to the Bureau of Labor Statistics, that hasn’t occurred in more than 50 years. This year through May, employers added 314,000 jobs on average every month. 200,000 more were added last month. That entails about 2 million new employment added to the economy only this year. Nearly 3 million jobs were lost in the economy during Donald Trump’s four years in power.
Of course, you could assume it merely means Biden is reaping the benefits of the post-pandemic recovery, but that would be incorrect. By the summer of 2022, we had indeed recovered every job lost during the epidemic, and in the subsequent 12 months, we had also added over 4 million additional jobs. In this case, pandemic recovery is far from complete.
In the two years since he took office, Biden has added more employment to the economy than any other president has in a complete four-year term, totaling more than 13 million. He has actually produced more employment so far than the previous three Republican presidents put together, reports Bloomberg.
READ ALSO: Bidens Plan To Eliminate Gasoline-powered Cars And Make The Economy More Dependent On China