BIDEN BOOM: Economy Beginning To Roar Back Despite Republicans’ Best Efforts to Stop It
April 29, 2021
Thanks to President Biden and the leadership of Democrats who helped to speed up vaccine distribution and put money in the pockets of Americans to keep businesses open, put food on the table and pay the bills, our economy is beginning an incredible comeback, despite every effort from congressional Republicans to block it.
Under President Biden’s leadership, the economy is recovering quickly and is expected to grow at a historically high rate thanks to the American Rescue Plan.
Associated Press: “Powered by consumers, the U.S. economy grew at a brisk 6.4% annual rate last quarter — a show of strength fueled by government aid and declining viral cases that could drive further gains as the nation rebounds with unusual speed from the pandemic recession.”
Wall Street Journal: “Households, armed with hundreds of billions of dollars in federal stimulus money, drove the first-quarter surge in output by shelling out more for cars, bicycles, furniture and other big-ticket goods, the Commerce Department said on Thursday. The recovery accelerated in the first quarter as more people received a Covid-19 vaccine, states and cities lifted business restrictions, and stimulus payments landed in bank accounts.”
Associated Press: “Economists say that widespread vaccinations, the reopening of more businesses, a huge infusion of federal spending and healthy job gains should help sustain steady growth. For 2021 as a whole, they expect the economy to expand close to 7%, which would mark the fastest calendar-year growth since 1984. A major reason for the brightening expectations is the record-level spending that is poised to flow into the economy. A $1.9 trillion package that President Joe Biden got through Congress in March provided, among other rescue aid, $1,400 stimulus payments to most adults.”
For the third successive week, jobless claims hit a pandemic-era low last week as more and more Americans are getting back to work.
Associated Press: “The number of Americans applying for unemployment benefits dropped by 13,000 last week to 553,000, the lowest level since the pandemic hit last March and another sign the economy is recovering from the coronavirus recession.”