In 2023, with the results of the (Biden) investment in the United States falling into place, it is clear that those policies justified Biden’s faith in them. The U.S. economy is stronger than that of any other country in the Group of Seven (G7)—a political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with the European Union—with higher growth and faster drops in inflation than any other G7 country over the past three years.
Heather Long of the Washington Post said yesterday there was only one word for the U.S. economy in 2023, and that word is “miracle.”
Rather than cooling over the course of the year, growth accelerated to an astonishing 4.9% annualized rate in the third quarter of the year while inflation cooled from 6.4% to 3.1% and the economy added more than 2.5 million jobs. The S&P 500, which is a stock market index of 500 of the largest companies listed on U.S. stock exchanges, ended this year up 24%. The Nasdaq composite index, which focuses on technology stocks, gained more than 40%. Noah Berlatsky, writing for Public Notice yesterday, pointed out that new businesses are starting up at a near-record pace, and that holiday sales this year were up 3.1%.
Unemployment has remained below 4% for 22 months in a row for the first time since the late 1960s. That low unemployment has enabled labor to make significant gains, with unionized workers in the automobile industry, UPS, Hollywood, railroads, and service industries winning higher wages and other benefits. Real wages have risen faster than inflation, especially for those at the bottom of the economy, whose wages have risen by 4.5% after inflation between 2020 and 2023.
Meanwhile, perhaps as a reflection of better economic conditions in the wake of the pandemic, the nation has had a record drop in homicides and other categories of violent crime. The only crime that has risen in 2023 is vehicle theft.
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@phranny saidHow does he do it……
In 2023, with the results of the (Biden) investment in the United States falling into place, it is clear that those policies justified Biden’s faith in them. The U.S. economy is stronger than that of any other country in the Group of Seven (G7)—a political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along ...[text shortened]... cides and other categories of violent crime. The only crime that has risen in 2023 is vehicle theft.
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@averagejoe1 saidIn the first two years of his administration, when Democrats controlled both chambers of Congress, lawmakers set out to do what Biden asked. They passed the $1.9 trillion American Rescue Plan to help restart the nation’s economy after the pandemic-induced crash; the $1.2 trillion Infrastructure Investment and Jobs Act (better known as the Bipartisan Infrastructure Law) to repair roads, bridges, and waterlines, extend broadband, and build infrastructure for electric vehicles; the roughly $280 billion CHIPS and Science Act to promote scientific research and manufacturing of semiconductors; and the Inflation Reduction Act, which sought to curb inflation by lowering prescription drug prices, promoting domestic renewable energy production, and investing in measures to combat climate change.
How does he do it……
This was a dramatic shift from the previous 40 years of U.S. policy, when lawmakers maintained that slashing the government would stimulate economic growth, and pundits widely predicted that the Democrats’ policies would create a recession.
But in 2023, with the results of the investment in the United States falling into place, it is clear that those policies justified Biden’s faith in them. The U.S. economy is stronger than that of any other country in the Group of Seven (G7)—a political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along with the European Union—with higher growth and faster drops in inflation than any other G7 country over the past three years.
Heather Long of the Washington Post said yesterday there was only one word for the U.S. economy in 2023, and that word is “miracle.”
Rather than cooling over the course of the year, growth accelerated to an astonishing 4.9% annualized rate in the third quarter of the year while inflation cooled from 6.4% to 3.1% and the economy added more than 2.5 million jobs. The S&P 500, which is a stock market index of 500 of the largest companies listed on U.S. stock exchanges, ended this year up 24%. The Nasdaq composite index, which focuses on technology stocks, gained more than 40%. Noah Berlatsky, writing for Public Notice yesterday, pointed out that new businesses are starting up at a near-record pace, and that holiday sales this year were up 3.1%.
Unemployment has remained below 4% for 22 months in a row for the first time since the late 1960s. That low unemployment has enabled labor to make significant gains, with unionized workers in the automobile industry, UPS, Hollywood, railroads, and service industries winning higher wages and other benefits. Real wages have risen faster than inflation, especially for those at the bottom of the economy, whose wages have risen by 4.5% after inflation between 2020 and 2023.
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@phranny saidDespite all the gaslighting attempts from the right.
In the first two years of his administration, when Democrats controlled both chambers of Congress, lawmakers set out to do what Biden asked. They passed the $1.9 trillion American Rescue Plan to help restart the nation’s economy after the pandemic-induced crash; the $1.2 trillion Infrastructure Investment and Jobs Act (better known as the Bipartisan Infrastructure Law) to rep ...[text shortened]... at the bottom of the economy, whose wages have risen by 4.5% after inflation between 2020 and 2023.
@Suzianne
Don't worry, the ultrarightwingnuts will figure a way to spoil it all. Like the next government shut down quickly approaching.
We have traitors in our midst and there seems little we can do about them.
I just hope we survive with democracy intact once again as it has before but that is not guaranteed this time.
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@sonhouse saidYou are right, the border being open and all. Marauder says they will support themselves! Many articles such as this say we support them. So Marauder is screwed up or the article is. If the article is right, which is most likely, we might not survive the democracy you speak of.
@Suzianne
Don't worry, the ultrarightwingnuts will figure a way to spoil it all. Like the next government shut down quickly approaching.
We have traitors in our midst and there seems little we can do about them.
I just hope we survive with democracy intact once again as it has before but that is not guaranteed this time.
Open borders cannot coexist with a welfare state. Goodbye democracy. You are a great American with your concerns.
@averagejoe1 saidAt least he is an American. You apparently live near Lake Como, Italy where you work at McDonald's and live with your granny and daughters.
You are right, the border being open and all. Marauder says they will support themselves! Many articles such as this say we support them. So Marauder is screwed up or the article is. If the article is right, which is most likely, we might not survive the democracy you speak of.
Open borders cannot coexist with a welfare state. Goodbye democracy. You are a great American with your concerns.
@sonhouse saidSeriously SHouse Has not the USA been spoiled big time over the spiral of the last 3 years? Already? Is it not spoiled now?
@Suzianne
Don't worry, the ultrarightwingnuts will figure a way to spoil it all. Like the next government shut down quickly approaching.
We have traitors in our midst and there seems little we can do about them.
I just hope we survive with democracy intact once again as it has before but that is not guaranteed this time.
Sonhouse? What else can go wrong? Millions….millions of aliens will continue to enter our country. They will drag us down. Marauder says these uneducated people will greatly enhance the USA. Is he saying that we need them, that we will not survive with them ? They will pick our lettuce, they can handle a wrench? Is he saying there is No Need to regulate their influx? I had to show a passport on entry in October, but they don’t? Sonhouse, if you were president, with marauder VP, wouldn’t you require a passport if I have to have a passport?
Are you faeries blind?
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@athousandyoung saidBOO!
At least he is an American. You apparently live near Lake Como, Italy where you work at McDonald's and live with your granny and daughters.
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346d
@phranny saidso glad Americans are so well off and not living paycheck to paycheck, credit cards maxed out. So glad biden and wapo told us this…for a minute there I thought folks were struggling….oh wait!
In 2023, with the results of the (Biden) investment in the United States falling into place, it is clear that those policies justified Biden’s faith in them. The U.S. economy is stronger than that of any other country in the Group of Seven (G7)—a political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, along ...[text shortened]... cides and other categories of violent crime. The only crime that has risen in 2023 is vehicle theft.
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@mott-the-hoople saidBiden told us the polls are wrong, but does not tell us which ones are right. He is like the pitiful debaters here, who do not close their posts.
so glad Americans are so well off and not living paycheck to paycheck, credit cards maxed out. So glad biden and wapo told us this…for a minute there I thought folks were struggling….oh wait!
He said the 'polls are wrong!', and just as someone was going for a follow-up question, he turned away and did not complete his point. Demonstrative evidence before our very eyes. Did Trump (sorry) EVER turn his back on inquisitive reporters?
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@averagejoe1 saidI don't think the polls are wrong. First, due to volatility, unlike the EU, the US does not add gas or food prices to the inflation index. We should figure out how to do this. Due to high interest rates compared to the near zero recent rates, people cannot buy homes despite the increase in wages. With a limited rental market, rents are skyrocketing. It's a supply/demand scenario. Over the past 40 years, the middle class in the US has been shrinking. This is primarily due to the adoption of Regan's Top Down economic theory which has made the rich richer and the middle class shrink. The cost of post secondary education has put college out of bounds for many. That's depressing. It's complex. I assure you, Trump and the current GOP are not the answer to any of our woes in the US.
Biden told us the polls are wrong, but does not tell us which ones are right. He is like the pitiful debaters here, who do not close their posts.
He said the 'polls are wrong!', and just as someone was going for a follow-up question, he turned away and did not complete his point. Demonstrative evidence before our very eyes. Did Trump (sorry) EVER turn his back on inquisitive reporters?
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@phranny saidThat's wrong; the Bureau of Economic analysis does include the prices of gas, food and other volatile items in their inflation measures. https://www.bea.gov/resources/learning-center/what-to-know-prices-inflation
I don't think the polls are wrong. First, due to volatility, unlike the EU, the US does not add gas or food prices to the inflation index. We should figure out how to do this. Due to high interest rates compared to the near zero recent rates, people cannot buy homes despite the increase in wages. With a limited rental market, rents are skyrocketing. It's a supply/demand scen ...[text shortened]... 's complex. I assure you, Trump and the current GOP are not the answer to any of our woes in the US.
Media does often report what is called "core inflation" (which strips out monthly changes in the food and energy sectors) but for most purposes, like adjustment for inflation of tax brackets and government benefits, the standard measures are still used. https://www.thebalancemoney.com/core-inflation-rate-3305918
The Fed unnecessarily raised interest rates to much higher levels than desirable in the past two years which has had some deleterious effects particularly on housing markets and consumer debt. Hopefully, they've learned their lesson and rates will soon start going down. https://www.aol.com/fed-cut-rates-economists-timing-204029742.html?ref=biztoc.com
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345d
@phranny said"That's depressing. It's complex. I assure you, Trump and the current GOP are not the answer to any of our woes in the US.'
I don't think the polls are wrong. First, due to volatility, unlike the EU, the US does not add gas or food prices to the inflation index. We should figure out how to do this. Due to high interest rates compared to the near zero recent rates, people cannot buy homes despite the increase in wages. With a limited rental market, rents are skyrocketing. It's a supply/demand scen ...[text shortened]... 's complex. I assure you, Trump and the current GOP are not the answer to any of our woes in the US.
Its gonna be hard convincing people of that when with Trump people had money in their pocket, food on the table and gas in their cars..
You are parroting what wapo (a leftist state run source} is propagating.
gaslighting is hard to pull off when you tell people they are doing good then they reach their hand in an empty pocket. even the dumbest people see through this.