Anyone listening to GOP lawmakers and Fox News TV personalities would think that the American economy had been devastated by Joe Biden. Inflation, they say, is destroying the middle class, the supply chain crisis was sure to ruin Christmas, and low-income families are suffering the crushing costs.
#BREAKING: US unemployment claims drop to 198,000 https://t.co/ox1HoKbQiF pic.twitter.com/MGJRRBZb7g
— The Hill (@thehill) December 30, 2021
Unsurprisingly, the facts do not bear the GOP’s dramatic warnings and declarations out. Biden’s economy is recovering from the massive hit it took during COVID quite well, and new jobless claims reflect that. Unemployment claims last month dropped by 8,000 points to 198,000, the lowest it’s been since 1969.
The Associated Press reports that:
‘Jobless claims dropped by 8,000 to 198,000, the Labor Department reported Thursday. The four-week average, which smooths out week-to-week volatility, fell to just above 199,000, lowest level since October 1969…Altogether, 1.7 million Americans were collecting traditional unemployment aid the week that ended Dec. 18, lowest since March 2020 and down by 140,000 from the week before.’
Here’s where we stand one year in:
– Nearly 6 million new jobs — a record for a new president
– Unemployment down to 4.2% — three years ahead of predictions
– Applications for new small businesses up 30%
– The fastest economic growth in nearly 40 yearsAmerica is on the move.
— President Biden (@POTUS) December 28, 2021
The GOP refuses to recognize Biden’s claims and their messaging depends upon convincing voters that the economy is in shambles, just as they did when President Obama was in office overseeing the longest period of job growth in history. Fox News hosts like Sean Hannity and Laura Ingraham have spread dire warnings about the Biden economy, and they’re not backing down despite facts that debunk all of those claims.
Matthew Winkler of Bloomberg News writes that:
‘GDP growth in every incoming administration during the past four decades never exceeded 2.74% until 2021. Biden is now positioned to surpass Carter (5.01%) as the GDP champion of presidents since 1976. Much of the credit goes to The American Rescue Plan, which poured $66 billion into 36 million households and reduced the child poverty rate by 50%, helping the U.S. recover faster from the pandemic than most other nations.’
Opinion by Dana Milbank: Christmas sales boomed. Unemployment stays low. Companies are profitable. But Fox News is still complaining about the Biden economy. https://t.co/fRJFR21jRq
— The Washington Post (@washingtonpost) December 30, 2021
No better evidence than Christmas sales and deliveries exists for proving those disastrous warnings wrong. Despite a global rise in inflation and issues earlier in the year with the shipping of retail products, Christmas sales were historically high and consumer confidence was shown to be high, as well.
The Washington Post writes that:
‘Holiday retail sales were the highest ever, jumping 8.5 percent from last year and nearly 11 percent from pre-pandemic 2019, as “consumers splurged throughout the season,” Mastercard reported Sunday. Stores were stocked. Package deliveries were overwhelmingly on time. Inflation, though a serious concern, clearly didn’t deter shoppers, and holiday motorists found gas prices 14 cents a gallon lower than in November.’
There is more to do, but we are making progress—real progress—on the economy:
—reduced unemployment to 4.2%
—created over 6 million jobs
—weekly unemployment claims down 74% since last year— Vice President Kamala Harris (@VP) December 28, 2021
