Dark Brandon’s Stimulus Saved the Economy: Boosting Biden Day 6


I remember a Republican friend of mine arguing to me that inflation was due to the stimulus bill.  Lots of people were arguing that putting money in the hands of ordinary Americans (as the stimulus did), was ruining the economy by leading to inflation

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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.

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Biden was bold and decisive and went big when America needed it.  The stimulus saved our economy.

One day short of his first 100 days in the White House, on April 28, 2021, President Joe Biden spoke to a joint session of Congress, where he outlined an ambitious vision for the nation. In a time of rising autocrats who believed democracy was failing, he asked, could the United States demonstrate that democracy is still vital?

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“Can our democracy deliver on its promise that all of us, created equal in the image of God, have a chance to lead lives of dignity, respect, and possibility? Can our democracy deliver…to the most pressing needs of our people? Can our democracy overcome the lies, anger, hate, and fears that have pulled us apart?”

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America’s adversaries were betting that the U.S. was so full of anger and division that it could not. “But they are wrong,” Biden said. “You know it; I know it. But we have to prove them wrong.”

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“We have to prove democracy still works—that our government still works and we can deliver for our people.”

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In that speech, Biden outlined a plan to begin investing in the nation again as well as to rebuild the country’s neglected infrastructure. “Throughout our history,” he noted, “public investment and infrastructure has literally transformed America—our attitudes, as well as our opportunities.”

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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 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.

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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.

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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.”

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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%.

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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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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.  

Biden knows that top down economics doesn’t work. He knew that a stimulus that lifted the working class and middle class was the way to go.  And history has proven him correct.

Is there still more work to be done?  100%!  Lots more work. But Biden did more than many people guessed could be done.  And he deserves a lot of credit.  AND he deserves to be re-elected.

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This article was originally published by a www.dailykos.com . Read the Original article here. .