During Joe Biden’s recent remarks on Thursday about the economic progress of the United States since he took office, he mentioned, “And, by the way, in case you were wondering, I’ve been saying this for the last 400 years I’ve been in office.”
This isn’t the first time the President has said something like this. In the past, he stated that he’d joined the Senate 180 years ago.
The President went on to say, “Just this morning, we got some very good news about the American economy…I’m not sure if the news could have been any better. Economic growth is up, stronger than experts expected; at 2.9 percent, we’re growing…Wages are up, and they’re growing faster than inflation. Over the past six months, inflation has gone down every month…Manufacturing jobs continue to go up, stronger than at any time in the last 40 years. And I don’t think it’s unfair to say that this is all evidence that the Biden economic plan, because of you all, is actually working.”
On Sunday, Biden took to Twitter to express his satisfaction with his administration’s achievements, saying, “With unemployment at a record low and the two strongest years of job creation in our history, I know America’s best days are ahead.”
Despite this optimism, many Americans may not see things this way as they continue to struggle to make ends meet during a period of rising prices and economic downturn.
Many individuals face job losses as a slew of layoffs has affected workers at both big and small businesses.
According to a report on global trends by the International Labor Organization, it is projected that the global unemployment rate will increase by 3 million, reaching a total of 208 million in 2023.
ResumeBuilder.com reports that one in three companies expects to lay off 30% or more of their employees, while six out of ten companies anticipate laying off employees in 2023.
After conducting a study of 1,000 business leaders, ResumeBuilder.com found that a whopping 61% of business leaders expect layoffs in 2023, and 70% of companies are looking to execute a hiring freeze in the same year.
Many people also continue having difficulties affording basic necessities such as food and housing.
The cost of living has increased significantly compared to last year, with the headline consumer price index rising by 6.5% as of December, according to the Labor Department.
Some items, such as eggs, have more than doubled in price.
Despite some prices falling, the overall trend is that prices are not falling, but rather the rate of increase is slowing.
Overall, the economy has yet to fully recover from the impact of the disease outbreak, and concerns about a potential recession remain prevalent. The World Bank has warned that the global economy may be headed toward a recession, and the ongoing issues of stagflation, job losses, and bankruptcies in the U.S. paint a bleak picture for the country’s economic growth prospects.