President Joe Biden hails the country's economic growth in a recent statement, praising the strides taken since his tenure began. The President pointed to a 12.6% growth in the economy, a historic low in unemployment rates, and the creation of 16 million jobs, as per the latest GDP report. "Today’s GDP report shows how far we’ve come since I took office—from the worst economic crisis since the Great Depression to the strongest economy in the world," Biden said, in a statement accessible on the White House's official website.
Biden also drew attention to the average 3% yearly economic growth matched with a decrease in inflation, to levels seen just before the pandemic. This counters the grim forecasts that predicted a recession would be required to effectively manage inflationary pressures. Noteworthy in the President's statement is the $4,000 income rise that supposedly overshadows the climbing inflation. However, Biden warned that Congressional Republicans are scheming to potentially rapidly increase the cost of living for families with their tariffs plan that is said could "cost families nearly $4,000 a year, reignite inflation, and kill hundreds of thousands of jobs," as reported by the White House.
Setting the contrast to the Republican proposals, Biden emphasized his and the Vice President's commitment to reduce the cost of daily necessities for Americans, including "housing and groceries to health care and child care." The President criticized his opponents for pushing for more tax breaks favoring the wealthy and large corporations, stating, "The best way to grow the economy is from the middle out and the bottom up, not the top down," as per the White House.
Amid this back-and-forth, Americans are left to parse through the political rhetoric to understand how policy proposals will ultimately affect their wallets. With both parties aligned in their aim to improve the economic state of the union, they stand divided on the approach to get there—Biden's administration promises to continue striving to lower costs for the average citizen, whereas the Republican tariff policies, as cautioned by Biden, might just opposite to unleash a cascade of financial stress on families across the nation.
