WASHINGTON (AP) — President Joe Biden underscored the differences between his economic policies and those of the last Republican administration on a vacation at a Wisconsin brewery on Thursday, the same day new insights showed the U. S. economy grew 3. 1% last year.
Biden, who appears likely to face former President Donald Trump in the November elections, detailed legislation enacted during the past three years, including investments in roads and bridges, rural broadband, semiconductor chip manufacturing and climate change.
Biden argued those initiatives have helped the middle class far more than the tax cuts and other legislation approved during Trump’s term in office.
“This is our economic plan: invest in America, invest in American products, build in America. That’s what we call bidenomy,” Biden said. My predecessor chose another path: economic benefits, tax cuts for the rich and large corporations, thus significantly widening the deficit.
Biden spoke just minutes after Treasury Secretary Janet Yellen wrapped up remarks at the Economic Club of Chicago on the nation’s growth and low unemployment rate.
“Overall, the Biden administration has put in place the most extensive set of policies and investments to benefit the middle class and grow the economy that our country has seen in my lifetime,” Yellen said. “Our economic plan is improving lives and laying the foundation for a new future for middle-class families and communities across the country.”
Biden is running for re-election in November and will most likely face Trump in the general election after the former president won the Iowa caucuses and New Hampshire primary.
Former South Carolina Gov. Nikki Halley continues her crusade for the GOP presidential nomination, saying those two states can’t be every American’s nominee.
But Biden’s crusade and several Republicans in Congress have said Trump is the presumptive nominee and have begun protecting him or looking for tactics to defeat him in the November election.
Biden, speaking from Earth Rider Brewery in Superior, Wisconsin, said that since the presidency, Americans have submitted a record 16 million new business applications.
“When someone files for a new business, it’s an example of hope, something they believe in,” he said.
Biden also noted that economic data released Thursday morning showed the expansion was beating the odds.
“As soon as I was elected, the pundits were insisting that a recession was imminent,” Biden said. “Well, you know, we have very strong growth. “
Biden also criticized Trump for saying during the election campaign that he hoped the U. S. economy would “collapse” before the election to gain advantage from the Republican quest for the Oval Office.
“My predecessor said recently that he really expected a collapse of the economy,” Biden said. “Can you? Well, he said he hoped it would happen soon while I was still president. That’s what he’s hoping for. “
Yellen, speaking in Chicago, laid out economic insights into the country’s recovery, adding the fact that the unemployment rate has been below 4% for just two years.
“Simply put, this is the fairest recovery ever recorded,” Yellen said. “We see this in gains not only for middle-class Americans, but also across all demographics, such as declining unemployment rates for Black and Hispanic Americans. »
“There is progress across the country as well,” Yellen added. “Before the pandemic, the unemployment rate was only 20% higher in rural areas than in metropolitan areas. This vital hole has been closed.
Yellen acknowledged, however, that many Americans don’t necessarily feel the economy is for them, especially after record inflation and because housing costs are particularly high.
The Biden administration’s goal, Yellen said, is for middle-class Americans to be better off in the short and long term.
“It’s still very difficult to be a candidate parent,” Yellen said. “We want to make it imaginable for American families to have access to affordable child care and other supports for their children. As those young people get older, they deserve to be able to get a smart education, adding a flexible network university, and getting an education that prepares them for smart jobs.
These adjustments will take some time, Yellen said, stressing that “the barriers that the middle class has faced for decades will disappear overnight. “
by Jennifer Shutt, Nebraska Examiner January 25, 2024
WASHINGTON (AP) — President Joe Biden underscored the differences between his economic policies and those of the last Republican administration on a vacation at a Wisconsin brewery on Thursday, the same day new insights showed the U. S. economy grew 3. 1% last year.
Biden, who is likely to face former President Donald Trump in the November election, detailed the law passed over the past three years, adding investments in roads and bridges, rural broadband, semiconductor chip production and climate change.
Biden has argued that those projects have helped the average elegance far more than the tax cuts and other laws passed during Trump’s tenure.
“This is our economic plan: invest in America, invest in American products, build in America. That’s what we call bidenomy,” Biden said. My predecessor chose another path: economic benefits, tax cuts for the rich and large corporations, thus significantly widening the deficit.
Biden spoke just minutes after Treasury Secretary Janet Yellen wrapped up her remarks to the Economic Club of Chicago about the country’s expansion and low unemployment rate.
“Overall, the Biden administration has put in place the most extensive set of policies and investments to benefit the middle class and grow the economy that our country has seen in my lifetime,” Yellen said. “Our economic plan is improving lives and laying the foundation for a new future for middle-class families and communities across the country.”
Biden is running for re-election in November and will most likely face Trump in the general election after the former president won the Iowa caucuses and New Hampshire primary.
Former South Carolina Gov. Nikki Halley continues her crusade for the GOP presidential nomination, saying those two states can’t be every American’s nominee.
But Biden’s crusade and several Republicans in Congress have said that Trump is the presumptive nominee and have begun protecting him or seeking tactics to defeat him in the November election.
Biden, speaking from Earth Rider Brewery in Superior, Wisconsin, said that since the presidency, Americans have submitted a record 16 million applications for new business.
“When someone applies to start a business, it’s an example of hope, whatever it is,” he said.
Biden also noted that economic data released Thursday morning showed the expansion was beating the odds.
“As soon as I was elected, the pundits were insisting that a recession was imminent,” Biden said. “Well, you know, we have very strong growth. “
Biden also criticized Trump for saying during the election campaign that he expected the U. S. economy to “collapse” before the election to gain an advantage in the Republican crusade for the Oval Office.
“My predecessor said recently that he really expected a collapse of the economy,” Biden said. “Can you? Well, he said he hoped it would happen soon while I was still president. That’s what he’s hoping for. “
Yellen, speaking in Chicago, laid out economic insights into the country’s recovery, adding the fact that the unemployment rate has been below 4% for just two years.
“Simply put, this is the fairest recovery ever recorded,” Yellen said. “We’re seeing this in gains not just for middle-class Americans, but across all demographic groups, such as declining unemployment rates for Black and Hispanic Americans. “
“There are gains across the country, too,” Yellen added. “Before the pandemic, the unemployment rate was nearly 20% higher in rural than in metropolitan areas. That large gap has been eliminated.”
Yellen acknowledged, however, that many Americans don’t necessarily feel the economy is for them, especially after record inflation and because housing costs are particularly high.
The Biden administration’s goal, Yellen said, is for middle-class Americans to be able to fare better in both the short term and the long term.
“It is still too hard to be a working parent,” Yellen said. “We need to get American families access to affordable child care and other support for their children. As these children get older, they should be able to get a good education, including through free community college, and receive training that prepares them for good jobs.”
These adjustments will take some time, Yellen said, stressing that “the barriers that the middle class has faced for decades will disappear overnight. “
Nebraska Examiner is part of States Newsroom, a network of news bureaus supported by grants and a coalition of donors as a 501c(3) public charity. Nebraska Examiner maintains editorial independence. Contact Editor Cate Folsom for questions: [email protected]. Follow Nebraska Examiner on Facebook and Twitter.
Jennifer covers the nation’s capital as a senior reporter for States Newsroom. Their policy spaces come with congressional policies, political and legal challenges, with health care, unemployment, housing, and assistance to families.
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