Third Way Statement on the Economy and Latest Inflation Numbers: AMERICA IS BACK!
WASHINGTON — Third Way released the following statement from Jim Kessler, Executive Vice President for Policy:
"The release of new economic data this week, including monthly inflation figures, leads to one conclusion: America is back. That may be hard for some people in one particular political party to accept, but it is undeniable.
"America has added more than 3 million jobs in 2021 after losing 9.4 million jobs in 2020. The Unemployment rate has fallen to 5.8% in 2021 after rocketing to 13.3% in 2020. Wages this year are rising at among the highest rates in decades. The stock market hit 25 record highs since Joe Biden took office and is up 12% since Inauguration Day. IRAs, 401Ks and other retirement accounts that people hold are growing. And economic growth in the United States is expected to exceed an astounding 7%, the highest US economic growth in decades and far higher than growth rates in Europe and other advanced nations.
"Yes, inflation has jumped during the recovery and particularly during the last several months. And of course we have to keep an eye on it. But most non-partisan, non-political, non-I-have-an-axe-to-grind-against-Biden experts believe it is temporary as the economy wakes up from COVID. For example, gas prices have leveled off. Lumber prices have been nearly halved since early June. And the 10-year Treasury Note (a key forecaster of future inflation) sits at a placid 1.4% and is below pre-pandemic levels. Meanwhile, inflation in such things as new and used cars, rents, and airfares could continue for a while as supply increases to meet demand.
"It must be tough for Republicans who presided over the botched handling of COVID and the disintegration of our economy to see the success of the Biden-Harris Administration. But the numbers don’t lie: America is back."