At the risk of sounding like a broken record, we wanted to share more data that shows America’s economy is back under President Biden and Congressional Democrats. As a reminder, we’ve already seen consumer confidence rise for four straight months, economists predict 2021 may be the strongest year for the American economy in nearly seven decades, and personal income rise in all 50 states last quarter. But the impact of President Biden’s Build Back Better Agenda doesn’t end there:
- Today, the Bureau of Economic Analysis released data showing that GDP grew at an annual rate of 6.5% in the second quarter of 2021. The Wall Street Journal has the latest:
- “U.S. gross domestic product grew at a 6.5% annual rate in the second quarter, up slightly from earlier in the year, pushing the economy’s size beyond its pre-pandemic level.”
- “The economy has come roaring back faster than people expected,” said Jay Bryson, chief economist at Wells Fargo Corporate and Investment Bank… Economists expect growth to remain strong, fueled by job gains, pent-up savings and continued fiscal support.”
- Data from the Urban Institute estimates that the American Rescue Plan will lead to a nearly 45% decline in the number of Americans in poverty and reduce child poverty by 81%. More from the New York Times:
- “While poverty has fallen most among children, its retreat is remarkably broad: It has dropped among Americans who are white, Black, Latino and Asian, and among Americans of every age group and residents of every state.”
- “The number of poor Americans is expected to fall by nearly 20 million from 2018 levels, a decline of almost 45 percent. The country has never cut poverty so much in such a short period of time, and the development is especially notable since it defies economic headwinds — the economy has nearly seven million fewer jobs than it did before the pandemic.”