As we rebuild from COVID-19, it’s clear from the economic data that President Biden’s economic plan is working. Here at the ever-helpful Majority Leader Press Shop, we’ve recapped how personal income rose in all 50 states last quarter and economic growth is up while unemployment continues to decrease, thanks to the American Rescue Plan championed by House Democrats that provided direct payments to American workers, families, and support for small businesses to help them recover from COVID-19 and promote consumer activity.
The news doesn’t end there – economists believe that 2021 may be the strongest year for the American economy in nearly seven decades due to expanded access to vaccinations and direct economic relief funded by the American Rescue Plan. That would mean the strongest economic growth for Americans since….I Love Lucy premiered, the first direct-dial coast to coast telephone call was made, and Joe DiMaggio announced his retirement from baseball. The data shows it: under President Biden and the Democratic-controlled Congress, America’s economy is back and we will continue to build back better.
Take it away, Associated Press:
“The U.S. economy grew at a solid 6.4% rate in the first three months of the year, setting the stage for what economists believe may be the strongest year for the economy in about seven decades.”
“Economists believe that economic growth has continued to accelerate in the current quarter, which ends this month, as vaccinations become widespread and Americans eager to get outside are being welcomed by newly re-opened businesses. Surging activity from consumers is being fueled in part by nearly $3 trillion in financial support that the government has approved since December.”
“[Lydia] Boussour [lead U.S. economist for Oxford Economics] forecast that GDP growth in the current April-June quarter will surge to an annual rate of 12% and growth for the entire year will come in at 7.5%. That would be the best annual performance since 1951.”
“The number of Americans applying for unemployment benefits dropped last week as the job market continues to heal…weekly claims have fallen steadily this year from about 900,000 in January.”
“Consumer spending, which accounts for more than two-thirds of economic activity, grew at a sizzling annual rate of 11.4% in first three months of the year, the Commerce Department said Thursday.”
The news doesn’t end there – economists believe that 2021 may be the strongest year for the American economy in nearly seven decades due to expanded access to vaccinations and direct economic relief funded by the American Rescue Plan. That would mean the strongest economic growth for Americans since….I Love Lucy premiered, the first direct-dial coast to coast telephone call was made, and Joe DiMaggio announced his retirement from baseball. The data shows it: under President Biden and the Democratic-controlled Congress, America’s economy is back and we will continue to build back better.
Take it away, Associated Press:
“The U.S. economy grew at a solid 6.4% rate in the first three months of the year, setting the stage for what economists believe may be the strongest year for the economy in about seven decades.”
“Economists believe that economic growth has continued to accelerate in the current quarter, which ends this month, as vaccinations become widespread and Americans eager to get outside are being welcomed by newly re-opened businesses. Surging activity from consumers is being fueled in part by nearly $3 trillion in financial support that the government has approved since December.”
“[Lydia] Boussour [lead U.S. economist for Oxford Economics] forecast that GDP growth in the current April-June quarter will surge to an annual rate of 12% and growth for the entire year will come in at 7.5%. That would be the best annual performance since 1951.”
“The number of Americans applying for unemployment benefits dropped last week as the job market continues to heal…weekly claims have fallen steadily this year from about 900,000 in January.”
“Consumer spending, which accounts for more than two-thirds of economic activity, grew at a sizzling annual rate of 11.4% in first three months of the year, the Commerce Department said Thursday.”