President Joe Biden’s promises to restore the economy, create jobs, and avoid tax increases for those earning less than $400,000 annually are under scrutiny.
While millions of jobs have been added and the unemployment rate has improved, inflation has surged, impacting worker pay and causing dissatisfaction.
The administration’s economic policies, including pandemic relief and tax proposals, have faced criticism. (Trending: Judge Announces Historic Ruling In Jeffrey Epstein Case)
President Joe Biden’s campaign promise was “to restore the soul of the nation, rebuild the middle class, and unite the country.”
Brian Riedl, a budget expert at the right-leaning Manhattan Institute said, “Worker pay is still down under President Biden as measured by median real compensation.”
“Pay has not kept up to inflation,” he continued.
“We’ll create millions of good-paying American jobs and get the job market back on the path to full employment,” Biden promised.
Predicting, “This will raise income, reduce drug prices, advance racial equity across the economy, and restore the backbone of this country, the middle class.”
“It’s not hard to temporarily reduce the unemployment rate to really low levels if you don’t care about the long-term effects of overheating the economy, which is what happened,” Riedl said.
William McBride, vice president of federal tax policy at the Tax Foundation, said, “Thinking about who ultimately pays the burden of those tariffs, that’s by most accounts, that largely falls on U.S. consumers.”
“That’s independent of income, of course,” he explained.
Despite expressing confidence in avoiding a recession, some forecasters predict a potential downturn, posing a challenge for Biden’s already low economic approval ratings as the 2024 election approaches.
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