President Biden’s economy has shown remarkable growth and progress, despite some misconceptions that it was better under Trump. National polls have revealed that there are individuals who believe the economy is not as “Great” under Biden, but the facts tell a different story.
One of the significant achievements of Biden’s administration is the US’s economic recovery from the pandemic, which was better than many major economies. Under Biden, jobs were added at a faster rate than his predecessors, including Trump. The passage of various legislations like the Infrastructure Law and Inflation Reduction Acts led to a 6.5% increase in manufacturing jobs, higher than the 3.4% increase seen under Trump.
Unemployment has dropped below 4%, a statistic not seen in 50 years, and wages are rising faster than prices. The stock market, specifically the S&P 500, has reached an all-time high under Biden, benefitting approximately 61% of Americans, including middle-class investors and retirees. Additionally, under Biden’s leadership, Medicare now has the ability to negotiate with drug companies to lower prescription drug costs, resulting in significant reductions already seen in insulin’s cost.
However, there is still work to be done as Trump’s 2017 tax law primarily benefits the wealthy class. Households in the top 1% received a much larger tax cut compared to those in lower brackets. It is crucial for everyone to research and understand that Biden’s economy has brought about many positive changes and made these “Good Old Days” for economic prosperity.
Kenneth Peterson emphasizes this point by stating that we must acknowledge and appreciate President Biden’s advancements in our economy from Buchanan.
In conclusion, it is clear that President Biden’s economy has been successful in bringing growth and progress to our country despite some misconceptions that it was better under Trump. We must continue to acknowledge and appreciate these advancements while working towards creating an even more prosperous future for all Americans.
