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Opinion Biden is succeeding in building the economy from 'bottom up, middle out'
This makes me smile
Link to tweet
https://www.washingtonpost.com/opinions/2023/02/13/biden-economy-wages-increasing-inflation/
Youve probably heard President Biden say that he wants to build the economy from the bottom up and the middle out. Since hes been elected, he used that phrase more than 150 times in public appearances. In the past week alone, he repeated it not only in his State of the Union address, but also in speeches in DeForest, Wis., and in Tampa.
Theres ample evidence that its happening. Last August, the Dallas Federal Reserve found that over calendar year 2021, nominal earnings grew 7.7 percent [for low-earners], compared with 4.8 percent for mid-earning workers and 3.6 percent for high-earning workers. While lower-wage workers were disproportionately affected when covid-19 shut down the economy, when it started to reopen, the job market was tight, so employers had to pay more to attract workers. Lower-income workers benefited the most.
As Jared Bernstein, a member of the White House Council of Economic Advisers, tells me, When the economy sniffles, folks at the bottom catch pneumonia. Now, he says, the opposite is happening: Those at the bottom are getting an extra boost.
It didnt happen by accident. Bidens American Rescue Plan kept businesses from going under and prevented families from being evicted or going hungry. That meant employers were ready to hire when, thanks to the coronavirus vaccination program, people felt safe returning to work.
Disproportionate gains for lower-income workers continued throughout 2022. And at the end of the year, the Wall Street Journal reported, the median weekly earnings for all workers were 7.4 percent higher than they were compared to a year before. Wage growth outpaced the year-to-year inflation rate by the end of 2022.
Theres ample evidence that its happening. Last August, the Dallas Federal Reserve found that over calendar year 2021, nominal earnings grew 7.7 percent [for low-earners], compared with 4.8 percent for mid-earning workers and 3.6 percent for high-earning workers. While lower-wage workers were disproportionately affected when covid-19 shut down the economy, when it started to reopen, the job market was tight, so employers had to pay more to attract workers. Lower-income workers benefited the most.
As Jared Bernstein, a member of the White House Council of Economic Advisers, tells me, When the economy sniffles, folks at the bottom catch pneumonia. Now, he says, the opposite is happening: Those at the bottom are getting an extra boost.
It didnt happen by accident. Bidens American Rescue Plan kept businesses from going under and prevented families from being evicted or going hungry. That meant employers were ready to hire when, thanks to the coronavirus vaccination program, people felt safe returning to work.
Disproportionate gains for lower-income workers continued throughout 2022. And at the end of the year, the Wall Street Journal reported, the median weekly earnings for all workers were 7.4 percent higher than they were compared to a year before. Wage growth outpaced the year-to-year inflation rate by the end of 2022.
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Opinion Biden is succeeding in building the economy from 'bottom up, middle out' (Original Post)
LetMyPeopleVote
Feb 2023
OP
Key fact: "Wage growth outpaced the year-to-year inflation rate by the end of 2022."
SunSeeker
Feb 2023
#7
crickets
(26,146 posts)1. Love it, because it's true. 💙
republianmushroom
(17,175 posts)2. like it
betsuni
(27,254 posts)3. K&R
RussBLib
(9,633 posts)4. Nice to see "good news" once in a while
Bad news is sooooo fashionable.
pazzyanne
(6,593 posts)5. Absolutely!!! nt
DFW
(56,316 posts)8. Tell me about it
I think there is some requirement that a quota of posts about "the rich" and "billionaires" have to appear every week, as if no one else lived in the USA, and thus nothing needs to said about them (other than they are not billionaires).
appalachiablue
(42,731 posts)6. Thanks! K/R
SunSeeker
(53,445 posts)7. Key fact: "Wage growth outpaced the year-to-year inflation rate by the end of 2022."
That's more money in workers' pockets!