President Joe Biden is working to suck middle- and working-class Americans’ profits back out of mega-rich corporations for the people of our great nation. The Republican legislators, ultra-conservative think tanks, and presidents began draining off most Americans’ money, their security, and their hopes in the middle-1980s They call it “trickle-down economics,” which really means people’s lifestyle was trickling away.
The sitting president and his assembled Clydesdale-like administration have taken on revamping nearly every system in the U.S. government. He has even changed the way people think of the Republican Party. For him, the American people not the GOP’s elected officials are the party. On the eve of his 100th day in office, President Biden gave his first speech to the nation with remarkable news.
During his speech, President Biden announced that his unprecedented efforts to vaccinate 200 million people with the coronavirus vaccine were integral in growing the U.S. economy “at an annualized rate of 6.4 percent in the first quarter of 2021.” Biden’s Commerce Department released this data on Thursday.
In Biden’s first quarter, the U.S. economy rose 4.3 percent. But in the second quarter the country grew to a remarkable figure, 6.4 percent. With these figures, we saw an early indicator that the American economy could reach annual growth levels in 2021 not seen since the 1980s.
The $900 billion coronavirus relief bill and Biden’s $1.9 trillion relief bill elevated personal income and consumption. When the government has given money to the wealthiest people and companies, they reinvested it. When they gave it to regular Americans, it went toward groceries and other necessities, NBC News reported.
- Personal income dropped $351.4 billion (6.9 percent) this last quarter.
- The current quarter saw an increase of $2.4 trillion. That was a 59 percent increase.
- Personal consumption topped out at an annual rate of “10.7 percent, with goods up 23.6 percent and durable goods up 41.4 percent.”
- Personal savings shot up to $4.12 trillion in the first quarter, almost twice the fourth quarter’s $2.25 trillion.
This was not the end but more like the beginning of prosperous times returning to Americans. It will look different because the world has changed. But President Biden promised “Jobs. Jobs. Jobs.” in his speech Wednesday.
Economic forecasters expect the economy to quickly ramp up during the recovery from the COVID-19 pandemic. They said it could leap from six percent up to eight percent, which is completely unprecedented.
The Labor Department reported that weekly jobless claims fell to an all-time pandemic low of 553,000. Unfortunately, that number was still twice that of the level prior to the pandemic.
Corporate Economist at Navy Federal Credit Union Robert Frick said:
‘We’re still probably a couple years away from pre-pandemic employment levels, but based on the powerful economic momentum built up in the first quarter, we should return close to a fully-functioning economy in the second quarter.’
The Bureau of Economic Analysis (BEA) just released its data on Thursday, according to The Washington Post:
‘As Americans have begun to emerge from isolation and started spending again, construction surged and businesses invested in expectation of future growth. It appears likely that all coronavirus-era economic losses will be recovered by the middle of this year.’
The Mueller Report Adventures: In Bite-Sizes on this Facebook page. These quick, two-minute reads interpret the report in normal English for busy people. Mueller Bite-Sizes uncovers what is essentially a compelling spy mystery. Interestingly enough, Mueller Bite-Sizes can be read in any order.