President Joe Biden said despite predictions of doom and gloom, the U.S. economy is back from the brink, and recovering from a historic pandemic with record growth, record job creation and workers getting hard-earned breaks.
Addressing the nation on the eve of him completing six months in office, Biden explained about the economic recovery and the remarkable progress that the United States made under his Administration.
Biden claimed that in six months, the U.S. economy has experienced the highest economic growth rate in nearly 40 years.
“The economy was sputtering before I got here, adding only 60,000 jobs per month for the three months before I was sworn in. But now, six months later, we’ve changed that. We’ve gone from 60,000 jobs per month to more than 600,000 jobs per month. More than 3 million new jobs all told. That’s the fastest growth, I’m told, at this point in any administration’s history.”
Biden said his administration launched a war-time effort to get the country vaccinated and pass a powerful American Rescue Plan. “We did both those things. And now, the forecasters have doubled their projections for growth this year in the economy to 7 percent or higher. In fact, the U.S. is the only developed country in the world where growth projections today are stronger than they were before the pandemic hit.”
Companies across the country are giving workers a raise, and the number of new unemployment claims has been cut by more than half since he took office, according to him.
The President reminded that as demand returns, there’s going to be global supply chain challenges. The global shortage in semi-conductors has slowed vehicle production, creating a temporary spike in car prices. Biden said that his administration is doing everything possible to address it. But these disruptions are temporary, in the opinion of the President.
“Raising wages without raising prices won’t increase inflation. It will take away the pressure of inflation, give a boost to our workforce, which leads to lower prices in the years ahead,” according to Biden.
He pointed out that independent experts who have analyzed his plans have found that they would expand output and enable millions of Americans to enter the labor workforce now, and for decades in the future.
A wide range of independent forecasters project that the investments he is proposing will have an incredibly significant impact on GDP and jobs.
The largest American corporations and the very wealthiest Americans pay their fair share by conforming to minimum global tax, Biden said.
He called for unity for passage of the Bipartisan Infrastructure Framework and his Build Back Better agenda to sustain the growth in the years to come.
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