The House could help but they are busy showing pictures of Hunter's weiner.
Biden is ready to take credit for what could prove to be a sea change in American politics and economic life. Say goodbye to Reaganomics and hello to Bidenomics.
I hope the middle class understands how much Joe has done for them by next year election time
Bidenomics, as the president and his administration tell it, puts the government back in the driver’s seat through the direction of industrial policy in key sectors deemed important to national and economic security. And it prioritizes worker empowerment and competition through the reinvigoration of labor unions and antitrust enforcement.
The changes sweeping across government and the economy can be seen from almost every angle, from the unprecedented public investment happening through the Inflation Reduction Act, bipartisan infrastructure law and the CHIPS and Science Act, to the reversal of decades of pro-monopoly antitrust policy or the rewriting of the regulatory review process.
Private companies, spurred on by the government’s public investments in the economy, have already announced
more than $500 billion in investments in factories across every single state. Manufacturing construction is
booming. Unemployment has
remained under 4% for the longest stretch in 50 years. The lowest-wage workers have
seen significant wage gains, leading to a
decrease in overall inequality. And, most importantly, as inflation has fallen over the past year,
real wage growth finally outpaced the rate of price growth for the first time since the early months of Biden’s presidency.
“We have seen a skyrocketing in investment in construction for manufacturing facilities that’s off the charts. That is very exciting to see,” said Heather Boushey, a member of Biden’s Council of Economic Advisers and the chief economist for his Investing in America agenda. “And that alongside the statistics that we’re already seeing like good jobs being created, how many of the wage gains have been at the bottom end of the wage distribution. This is exactly where the president wanted us to be by now.”
With his speech in Chicago, Biden is betting big that this good economic news will continue and allow him to run for reelection on the paradigm shift that is already underway. Finishing the shift will require successfully selling its start to the American public and contrasting it to the one his Republican opponents would put in place. Will the good news trickle down in time?
Biden's Infrastructure Investment and Jobs Act is "driving a boom in large-scale infrastructure," wrote Morgan Stanley's chief U.S. economist.
www.cnbc.com
Real wages are 3% lower
www.dailysignal.com
