It’s time for a an honest, factual non-partisan assessment of Bidenomics, because if you listen to Republicans, you’d think America was on the verge of another Great Depression. It’s just the opposite, quite frankly. The American economy is the strongest it’s been in modern history.
We are currently experiencing full employment, explosive growth and skyrocketing financial markets. The economy is currently growing at a 5.7% pace. There’s record job growth…14-million new jobs created under Biden. The unemployment rate, currently 3.7%, has been below 4% for 21 months in a row, the longest stretch in more than 50 years. Inflation has fallen 60% to 3.1%. Wages are outpacing inflation. Mortgage interest rates have fallen below 7%. Gas is under $3/gallon in many parts of the country. Consumer confidence is up over 100. Construction spending and overall manufacturing is booming. The travel/leisure and retail industries are thriving. Housing is strong. And for those invested in stocks, mutual funds, 401K’s etc, the market just reached a new record all-time high…a market, by the way, which was predicted by Donald Trump to crash if Joe Biden became president.
No matter how you slice it, Bidenomics is an unprecedented success…especially if you factor in the leadership from the Fed, and chairman Jay Powell, to bring down inflation amid surging job growth while avoiding a recession. That’s almost unheard of. And let’s not forget all of this has been achieved after pulling the economy out of near-recession from Covid.
Are prices still too high? Yes. Are young people and non-college, working-class Americans in desperate need of more affordable housing? Absolutely. And the Biden administration needs to speak to those folks and address these lingering economic challenges, or it may find itself next year on the outside looking in.
But that does not negate the fact that the economy is on fire, and our economy is the strongest in the world.
Facts matter. And the fact is, Bidenomics works.