While Trump Makes Headlines for Legal Issues, Biden Economy Surpasses Expectations
Local & National News | July 27, 2023
While Trump Makes Headlines for Legal Issues, Biden Economy Surpasses Expectations
Local & National News | July 27, 2023
Explore the key areas where the Biden economy is outperforming expectations, including declining inflation, rising worker productivity, and increased investment
Inflation Falls, Worker Productivity Increases, and Investment Picks Up
The Biden economy has been surpassing expectations in several key areas, including a decrease in inflation, an increase in worker productivity, and a boost in investment.
Inflation Declines
Inflation has been a significant concern during Biden's presidency, but recent data shows a considerable decrease. In June, consumer-price inflation fell to an annual rate of 3%, down from its rate a year ago. This decline in inflation has been attributed to the Biden administration's economic policies and the easing of supply chain issues.
Worker Productivity on the Rise
Despite some claims of a decline in labor productivity, the Biden economy has seen a steady increase in job growth. Since Biden took office, the economy has created more than 13 million jobs, which is more than any president has created in a four-year term. The unemployment rate has remained below 4% for 17 months in a row, and the share of working-age Americans who have jobs is at the highest level in over 20 years.
Investment Picks Up
Under the Biden administration, investment in the U.S. economy has been on the rise. Private business investment has been strong, and investment in manufacturing facilities has contributed more to growth than it has in 40 years. This growth is consistent with Biden's "Investing in America" agenda, which aims to boost the economy through targeted public investment in key sectors such as infrastructure, semiconductors, and clean energy.
Overall, the Biden economy has shown promising signs of growth and stability, with inflation falling, worker productivity increasing, and investment picking up. These positive developments are expected to continue as the administration focuses on implementing policies that promote economic growth and equity.
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