The Daily
The Economy is on an Upswing. Should Biden Get Credit for It?
Aug 7, 2023
Jim Tankersley, a White House correspondent for The New York Times specializing in economic policy, discusses the positive economic signs during President Biden's tenure. He examines the transition from recession fears to growth, noting job creation and declining inflation. Despite these achievements, public perception remains tricky, with Biden's approval ratings lagging. Tankersley also explores how Bidenomics aims to help the middle and lower classes, yet faces challenges due to the disconnect between economic success and voter awareness, especially with the upcoming election looming.
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Quick takeaways
- The US economy has shown signs of avoiding a recession, with strong growth and job creation exceeding expectations, attributed to government stimuli and targeted investments.
- The improvement in people's standard of living, with rising wages outpacing prices, indicates a positive outlook for the economy, despite challenges like inflation and uncertain future growth.
Deep dives
Positive economic data suggests avoidance of recession
Recent economic data indicates that the US may have successfully avoided a recession, with strong growth and job creation exceeding expectations. The economy expanded at a 2.4% annual rate in the second quarter, and despite expectations of job growth slowing down, hundreds of thousands of jobs continue to be added. Furthermore, inflation is decreasing, with a current rate of 3%, down from 7% a year ago. This positive economic performance is attributed to a combination of government stimuli, including the American Rescue Plan and targeted investment in infrastructure and clean energy. While caution remains regarding future economic fluctuations, the current data suggests a potential soft landing for the US economy.
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