Biden-Harris Year-End Review: A Prosperous Year for Middle Class
President Biden’s economic plan, centered around growing the economy from the middle out and bottom up, has reportedly resulted in millions of job creations, the lowest annual inflation level in over two years, and a decrease in costs for American citizens, according to an article by the Biden-Harris 2024 Spokesperson. The piece cites several sources such as The Philadelphia Inquirer, Washington Post, The Economist, Forbes, and Bloomberg, all testifying to the success of Biden’s economic policies in 2023 and the boost it has provided to workers and middle-class families. However, the article warns that such progress could be at risk if MAGA Republicans return to power, as their trickle-down policies could potentially increase costs, offshore American jobs, and provide tax benefits to corporations and the wealthy, based on past policies enacted during President Trump’s term.
Biden’s Economic Policies Yielding Positive Results
Biden’s economic plan, which focuses on growing the economy from the middle out and bottom up, is positively impacting the American economy, defying expectations and creating jobs. In addition to annual inflation being at its lowest in over two years, costs have been significantly reduced for Americans.
Biden-Harris 2024 Spokesperson Shea Necheles said:
“Leadership matters, and Americans will choose the leader who has consistently supported the middle class. This is a stark contrast to Trump’s and MAGA Republicans’ failed ‘Trickle-down’ economic model, which led to job losses abroad, damaged local businesses, and inflated the national deficit.”
Although there’s more work to be done, 2023 was a favorable year for American workers and middle-class families. Several external sources also confirm this:
- The Philadelphia Inquirer dubbed 2023 “the year of the American worker,” due to Biden’s policies;
- The Washington Post declared that “workers won big in 2023,” and Biden’s economic policies exceed expectations;
- The Economist reported that America likely grew by 3%, on par with 2005;
- A Forbes contributor claimed that the U.S. started building big again in 2023 due to Biden’s Inflation Reduction Act;
- And according to Bloomberg’s Steve Dennis, inflation is falling, consumer confidence is surging, and stocks are near record highs.
Impressive Economic Achievements Under Biden
Under Biden’s leadership, the economy has seen numerous improvements:
- Annual inflation dropped to a 2.5 year low;
- Incomes rose by 3.7%, accounting for inflation;
- Grocery and energy prices decreased, and gas prices fell by $1.85 from their peak;
- Over 14 million jobs were created, including around 800,000 manufacturing jobs, and unemployment remained below 4% for 22 consecutive months.
Despite the progress, the November elections may pose a risk if MAGA Republicans revert to their failed trickle-down policies. Such a shift could lead to increased costs and job outsourcing, while benefiting corporations and the ultra-rich.
Trump’s term as president was marked by the worst jobs record since the Great Depression, a massive deficit due to tax cuts for the ultra-wealthy and big corporations, and incentives for companies to ship jobs overseas.
If MAGAnomics were to return, there could be damaging implications for working families, including raised health insurance premiums, increased costs due to reduced middle-class investments, and more giveaways to the wealthy and big corporations.
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