Inflation, a major concern for the GOP, may not be as big of an issue anymore.
Recent data shows that inflation is significantly down across the entire economy.
High inflation has been detrimental to the American consumer’s buying power and has contributed to President Biden’s low poll numbers. (Trending: It’s Time For Donald Trump To Drop Out)
However, the good news for Biden is that inflation is now around 3 percent, close to the Federal Reserve’s goal before the pandemic.
“Our economy has added more than 13 million jobs—including nearly 800,000 manufacturing jobs—and we’ve unleashed a manufacturing and clean energy boom,” the Biden White House says.
“There were more than 10 million applications for new small businesses filed in 2021 and 2022—the strongest two years on record.”
If the economy remains stable and the American consumer feels more confident, Biden could have a good chance of winning in 2024.
While GOP colleagues may argue about Biden’s cognitive decline and the potential for a Kamala Harris presidency, average Americans prioritize stable prices, a growing economy, and a sense of security.
This could lead them to give Biden another chance instead of opting for Donald Trump. (Trending: Judge Declines To Recuse From Trump 2024 Ballot Case)
“The U.S. economy improved more during President Joe Biden’s first year in office than in the first 12 months of any other president in the past 50 years,” Democrat Rep. Don Beyer writes.
Job growth, economic growth, retail sales and business creation are all up, while unemployment and unemployment insurance claims are down significantly. While there have been challenges, President Biden’s bold leadership has continued to meet them, and across all of these metrics, conditions not only improved but exceeded expectations as the United States continues its robust recovery from the pandemic recession,” Beyer added.
“The economy grew at the fastest rate in nearly 40 years Gross domestic product (GDP) growth in 2021 reached 5.7%—the highest annual growth since 1984—after rebounding from a decrease of 3.4% in 2020,” he continued.
“The U.S. continues to lead among its peer countries in its pandemic recovery, and GDP growth exceeded 6% in three out of the last four quarters. The rate of annual growth surpassed both the Federal Reserve’s projection of 4.2% growth and the Congressional Budget Office’s projection of 4.6% growth before passage of the American Rescue Plan,” Rep. Beyer concluded.
