The Biden-Harris administration is trying to accomplish what has not been accomplished or happened this century. Other times only Since 1965. They have been trying to find the elusiveSoft Landing” Along with the economy.
When inflation rises, the usual tool to contain it is to raise interest rates imposed by the Federal Reserve. Raising interest rates can lead to a sharp decline in business purchasing and consumer confidence. Purchasing falls, the economy slows, and before you know it… we’re in a recession.
The economists Predicting a recession from before Inflation surges The year 2022 will be marked by major disruptions caused by the COVID-19 pandemic, with the unemployment rate temporarily rising to its highest level since 2020. The Great DepressionSignificant government intervention was necessary to protect businesses and prevent individuals from losing everything.
It will take extraordinary policies to keep unemployment down, control inflation, and stave off a recession. Managing all of that while also stimulating a revival of American manufacturing, bringing back tech jobs from overseas, and driving the stock market to unprecedented highs seems like something no one could have predicted.
Thankfully, America has President Joe Biden and Vice President Kamala Harris.
Economists had predicted another slowdown in the US economy in the second quarter of 2024. But that never happened.
Instead, GDP growth Rapid increaseInflation rejectionbusiness investment Increasedand consumer confidence Rose.
Even as interest rates remained high, consumer spending increased and businesses built up inventories at a strong pace. Best of all, the new orders from businesses weren’t just an attempt to stockpile for anticipated disasters or to replace inventory lost to supply line disruptions. Businesses made bigger purchases because their sales were also growing.
Economists have spent the last four years They are underestimating the policies of the Biden-Harris Administration and predicting a recession, not because they dislike Joe or Kamala, but because they are acting on what they have seen in the past. 1990s and after The much-vaunted soft landing was a success.
What has made this possible is an incredibly robust economy in many ways. American Rescue Plan, Bipartisan Infrastructure Bill, Inflation Control Lawand the CHIPS Act Working together like the legs of a chair, they empowered the nation’s economy to weather the effects of the pandemic – and not just survive, but thrive.
The policies of this Administration and legislation enacted by the White House have produced a long period of very low unemployment while stimulating economic growth. American Manufacturing It’s still early days, but momentum is moving in the right direction.
“Today’s GDP report made it clear that we now have the strongest economy in the world,” Biden said. said in a statement on Thursday.“The Vice President and I will continue to fight for America’s future — a future full of hope and possibility, where ordinary Americans can achieve amazing things.”
All that remains is to ensure that the next president continues the policies that have lifted America out of this storm and lead the country further into growth and prosperity. There is one suitable candidate for the job..
Economists weren’t expecting strong economic news on Thursday, but after four years of seeing what the current administration can accomplish, you’d think they might have a little more faith.
Donate $10 to Kamala Harris’ campaign and help get America on the right track.
