The U.S. economy is a colossus and trying to get it to move is a massive undertaking. The U.S. remains by far the largest economy in the world with a GDP (in 2019) of $21.43T or 24.42% of the entire globe. The previous administration saddled the U.S. with massive deficit spending. By the end of his term, President Trump was estimated to have added $6.6 trillion in deficits, a 33% increase.
Our economy has undoubtedly been in a time of painful adjustment from trillions of dollars spent to offset the fearsome effects of the pandemic, a long-term switch from low-cost to high-cost renewable energy, and the supply disruptions brought on by the Russia-Ukraine war including oil and grain. It takes time to turn such a huge behemoth as the U.S. economy, but the signs now show Biden’s economic policies are working for the American people.
Against all predictions, employers continue add hundreds of thousands of jobs monthly and the unemployment rate continues to edged downwards to the lowest levels since the COVID-19 pandemic began more than two years ago. Wages are up across the board and wholesale prices fell for the fourth month in a row, a sign that inflation is easing for Americans. The White House attributes this to the steady decreases in energy and food prices as well as housing and car prices. Gas prices have continued to drop.
Biden has invested historic amounts of money into America’s infrastructure, into U.S. manufacturing, into helping to lift families out of poverty, and into cleaner air for a better environment. And finally, those of us whose only investments come in the form of a savings account are finally seeing an increase in interest payments, thanks to rising rates.
The U.S. economy isn’t there yet, but signs show it is heading in the correct direction thanks to the policies put in place by President Biden and the Democrats when they controlled both houses of Congress.