Not Everyone Is Feeling The Economic Recovery — But All The Evidence Shows It’s In Progress
Republicans keep trash-talking the Biden Administration over the increasing cost of consumer goods, and making references to struggling families (despite simultaneously opposing many of the social safety nets that are intended to help those same families), but experts are citing statistics that demonstrate economic recovery is underway after the disastrous effects of the COVID-19 pandemic.
The pandemic isn’t over, and the current supply chain issues demonstrate that it’s still affecting American consumers, but that doesn’t mean a lack of progress.
Months ago, the Wall Street Journal covered the beginning of economic recovery under Joe Biden, citing consumers with trillions in extra savings, businesses eager to hire and enormous policy support.”
While Republicans have complained about workers leaving jobs where they’re underpaid and underappreciated, continuing to blame boosts to unemployment payments long after those have ceased, the WSJ argues that workers leaving their jobs in high numbers actually demonstrates a high level of trust in the job market. In fact, they also explain how the recovery is linked to supply shortages:
The speed of the rebound is also triggering turmoil. The shortages of goods, raw materials and labor that typically emerge toward the end of an expansion are cropping up much sooner.
Also, despite right-wing claims that people are refusing to work, stats show that unemployment claims are down — so far down that White House Chief of Staff Ronald Klain is calling it “the strongest jobs recovery in decades.”
New unemployment claims are down seven weeks in a row – and unemployment claims are the lowest since the pandemic began.
That’s progress. pic.twitter.com/avxD0t2krz
— President Biden (@POTUS) November 18, 2021
The strongest jobs recovery in decades. https://t.co/cfgs9AWWXi
— Ronald Klain (@WHCOS) November 18, 2021
The international Organisation for Economic Co-operation and Development(OECD) shows an economic snapshot for the United States that is also hopeful and positive.
The organization has tracked growing GDP throughout 2021, and predicts further growth in 2022, crediting the COVID-19 vaccination campaign and financial stimulus bonuses for a significant boost. In May, it predicted exactly what we’ve been seeing: falling unemployment, and some initial inflation that can hopefully be kept limited.
The unemployment rate will continue to fall, even as more discouraged workers are enticed back into the labour market. Rising wages, combined with government transfers and accumulated household savings, will propel consumption. Core price inflation will rise, but should remain under control.
All in all, people are still suffering and struggling from the economic ravages of a global pandemic and more than half a million deaths in the U.S. alone, but all the financial data shows this as a stage in recovery — not things getting worse.
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