COVID Economic Recovery

The United States has the number 1 economy in the world. Inflation is worse everywhere else in the globe. The COVID recovery has been incredible. The country has added almost 700,000 manufacturing jobs and that companies are continuing to invest in new industries, at the same time that we are rebuilding our roads, airports, bridges, and ports.

Job growth is breaking records. Biden added 10 million jobs in 2 years. Unemployment dropped to 3.5%, a 50-year low. 17 states have unemployment rates under 3%. 11 states have unemployment at all-time lows.

Biden’s investment in the nation has not increased the federal deficit. Indeed, the opposite is true. The deficit is the gap between what the government takes in through taxes and other revenue sources and what it pays out. The deficit this year fell by $1.4 trillion. This was the largest-ever decline in the federal deficit. Last year’s drop was $350 billion.

Of course, the deficit climbed every year of the Trump presidency. Trump and the Republicans added $400 billion to the annual deficit, primarily because of their $2 trillion tax cut for the wealthy and for corporations.

According to Politifact, Republican presidents since Ronald Reagan have exploded deficits. Reagan sent the deficit from $70 billion to $175 billion. George H.W. Bush took it to $300 billion.

Democrats actually reduce deficits. Bill Clinton got the deficit to zero. George W. Bush took it back up to $1.2 trillion with unfunded wars. Barack Obama cut that back to $600 billion.

“The election is not a referendum,” Biden said, “it’s a choice.”