The Biden Economy is Humming and All Republicans can do is Complain

by karl marx junior

Republican politicians will not shut up about inflation because they have nothing else to criticize, but in reality, the economy is humming along. The truth is most Americans are better off after Biden passed the American Rescue Plan, and returning to normal life is much closer than it seemed during the previous administration.

When Biden took office, there were only 2 million people fully vaccinated, a 6.4 percent unemployment rate and the economy experienced the largest contraction in decades. A year later, there are over 210 million fully vaccinated Americans, a 3.9 percent unemployment rate, 6 million new jobs created, and the economy expanded by 5.7 percent, which is the largest GDP growth experienced since 1984. This is the quickest economic recovery in American history.

Even critics who argue that GDP growth is inflated because the economy contracted the year prior can’t make a compelling argument because even if you compare the GDP from the Year 2021 to the Year 2019, the economy still expanded at more than a 3 percent annualized rate. Considering America has experienced very few years of GDP growth higher than 3 percent in the last twenty years, this is good news.

But that’s not it. Childhood poverty fell 40 percent, which is the largest drop in history. The average American family has $354 more each month, even when factoring in inflation. This means the disposable income has actually increased for the typical American, during the pandemic, under the Biden administration. This was due in large part to the generous expansion of child tax credits and the middle-class tax cuts for everyone making under $400k. Unlike the Trump tax cuts, where over 80 percent of the money went to the top 1 percent of earners, about 70 percent of tax benefits go to Americans making $91,000 or less under the Biden legislation.

This does not factor in the $1.2 trillion infrastructure bill, which is the largest investment of its kind since Eisenhower authorized the interstate highway in 1956. This legislation will positively impact the average American family in many ways as well.

Dilapidated roads and unsafe bridges wear down a person’s car, which can cost the average driver a few hundred dollars each year. Better infrastructure means fewer trips to the auto mechanic for checkups and repairs. Proper transportation investments put more money into the pockets of average Americans. Improved infrastructure would contribute to shorter commute times, and the creation of millions of good-paying jobs, which would help sustain a robust middle class. The bill will also invest more money in public transportation to cut down on the amount of time in transit.

Despite the fact that every other economic indicator is relatively healthy, especially only a year after a recession, Republicans will remain laser-focused on inflation numbers and use it as a distraction to get voters to the polls. The most difficult part about the upcoming midterm will be convincing Americans that inflation isn’t the only issue.

Let’s also not forget that half of the stimulus, which has led to inflation, occurred when President Trump passed the CARES Act in March 2020. This means the Biden administration can’t bear 100 percent of the responsibility for rising costs.

Also, keep in mind, every single Republican voted against the American Rescue Plan, which means there still would have been high inflation,

but no economic stimulus or tax cuts for middle-class families.

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