It seems like a distant memory now, but one of Donald Trump’s favorite pastimes as president used to be tweeting about how great the stock market was doing – thanks to the economy that he inherited. This, of course, was all before the COVID pandemic turned things upside down, but Republicans still like to promote themselves as being “good for the economy.” That means you can probably expect to hear this nonsense for a while, especially as we go into the 2022 midterms and they try to take back Congress.
The biggest problem with this is that it’s far from the truth, since Trump’s economy was going to crash with or without COVID, and the manufacturing sector of the economy was already in recession before 2020. The good news is that under President Biden’s leadership, things are poised to turn around fairly quickly.
With half of Americans vaccinated against the virus by May, the gross domestic product is expected to rise up to 7% and unemployment levels to drop below 4.1%, according to a recent projection made by Goldman Sachs, something that will happen in large part because of the American Rescue Plan. That would mean economic growth under Biden would be almost triple what it was under Trump, when the GDP fell to -3.7% just before he left office. Already, President Biden is ahead of the curve with administering vaccinations and is making good on his campaign promise to help America build back better.
James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making