While some Republicans have claimed that the U.S. economy is suffering under the administration of President Joe Biden, the Commander-in-Chief clapped back at them Wednesday.
“All we hear from our friends on the other side of the aisle is what they claim is what’s wrong with America,” he said. “Well, let me tell you – let – let me tell you: They’re telling us America is failing – failing? They’re dead wrong. They’re dead wrong. America isn’t failing; America is winning,” he said during remarks on the anniversary of the Inflation Reduction Act.
GOP critics include House Speaker Kevin McCarthy (R-Calif.), Rep. David Schweikert (R-Ariz.) and Rep. Bob Latta (R-Ohio).
“Just one year after President Biden signed the so-called ‘Inflation Reduction Act’ into law, he openly admits that the bill didn’t actually reduce inflation,” said Schweikert in an X post. “Meanwhile, hardworking Americans are poorer today than when Biden took office.”
According to the most recent Consumer Price Index report from the Bureau of Labor Statistics, inflation did in fact rise in July, continuing a trend that’s lasted for more than a year. This month, Fitch Ratings also downgraded America’s long-term ratings in part due to political squabbling over the debt ceiling.
Late last month, the Federal Reserve Bank also announced it would continue a recent string of interest rate increases in an effort to bring down inflation, making money even tighter for many Americans. However, this announcement also noted some positives regarding the nation’s economy.
“Recent indicators suggest that economic activity has been expanding at a moderate pace. Job gains have been robust in recent months, and the unemployment rate has remained low,” it said. Although inflation was high, the Fed said the “U.S. banking system is sound and resilient.”
In two press releases this week, the U.S. Treasury also touted successes linked to the administration’s “Bidenomics” plan. These included an analysis that found “investments in the clean energy economy are disproportionately benefitting communities that have been left behind and are in greater need of initial public investment to unlock private capital,” and improvements to processing at the Internal Revenue Service.
“Bidenomics is… anchored in what’s always worked best for the country: investing in America, investing in Americans. Because when we invest in ourselves, when we strengthen the middle class, we see stronger economic growth. It benefits everybody,” said Biden Wednesday.
A Thursday report in Reuters also said that the “U.S. economic growth may actually be accelerating in the second half of 2023 – upending bond and stock markets scrambling to reprice long-term inflation and interest rate assumptions.”
It cited a Tuesday report from the U.S. Census Bureau that showed retail spending was up in July compared to June, and up more than 3% compared to July 2022. This news was “followed yesterday by news of a surprising surge in U.S. industrial output and housing starts last month, third quarter U.S. gross domestic product estimates are ratcheting higher,” said Reuters. MarketWatch also said this week that there’s little indication a recession is coming anytime soon.
CBS News poll results released Monday indicate views of the U.S. economy vary greatly from party to party. More than half (52%) of Democrats said the economy is good, compared to just 15% of Republicans.
“It’s never been a good bet to bet against America, and it’s still not a good bet today,” Biden said in his Wednesday comments. “This is still a country that believes in honesty, decency, and integrity. We’re still a country that believes in hard work. We’re still a country that believes that each and every one of us is created equal. We’ve never fully lived up to it, but we never walked away from it.”
He also said “America’s best days aren’t behind us; they’re ahead of us.”
Related
Related
