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  • Writer's pictureNorth Shore Democrats of Travis County

Bidenomics works! Administration & Democratic allies pull economy out of Trumpian morass


History has demonstrated that the US economy fares better under Democratic than Republican Administrations (1, 2), and President Biden and his team have continued the trend under the most difficult conditions (3). (See separate blog for comparison of Dems vs GOP.)


The Biden Administration has clawed the economy back from the Trump Recession, just as President Obama brought about a steady recovery from the Bush Recession. (A recovery whose trajectory continued into the Trump years, and which the Orange president took unwarranted credit for.)


While Trump and his cronies focused on demonizing anyone unlike them and tax cuts for the wealthy, Biden/Harris focuses squarely on the best interests of working families. Working against obstinate Republicans, Biden/Harris and Congressional Democrats passed the Inflation Reduction Act. This sweeping legislation aims at lowering costs for families, combatting the climate crisis, reducing the deficit, and at last making the largest corporations pay their fair share (4).


For the first time, Medicare is able to negotiate the price of certain high-cost drugs, a month’s supply of insulin for seniors is capped at $35, Medicare beneficiaries pay $0 out of pocket for recommended adult vaccines, and seniors’ out of pocket expenses at the pharmacy will be capped at $2,000 a year. And thanks to the President’s actions, including a historic release from the Strategic Petroleum Reserve, gas prices are down more than $1.60 from their summer 2022 peak (4).


Overall, the country added 13 million jobs since Biden took office — more than in any president’s entire four-year term, let alone in just over two years. During Donald Trump’s calamitous one term, 3 million jobs were lost (5), and the unemployment rate early in the pandemic reached a whopping 14.7% (6).


Under Biden/Harris, the unemployment rate has remained low (4%) for the longest period in 50 years.


Meanwhile inflation has fallen to a 4% annual rate during May. Inflation is at the lowest level in two years, and in May was half the inflation rate from 2022 (6, 7, 8).


Bidenomics is transformative for the USA. Check it out, and tell every MAGA you know!


Links:


6 https://www.bls.gov/opub/ted/2020/unemployment-rate-rises-to-record-high-14-point-7-percent-in-april-2020.htm#:~:text=The%20unemployment%20rate%20in%20April,available%20back%20to%20January%201948)


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