Deceptively Good Economy

Rising gas prices, war in Europe, and constant political disagreements. These are just a few of the issues we are facing right now. However, the economy is doing the best it has in a while; how is that  possible? In March alone, the economy added 431,000 new jobs, according to U.S.News. Biden’s presidency has actually been very successful for American Citizens and has brought a lot to people in need. A lot of people blame the Biden Administration for gas prices and other issues happening right now, however, gas is a free market. When resources are scarce the price of said resource increases, because of supply and demand. Currently, fossil fuels are scarce due to international conflicts. Other than gasoline, inflation and the price of other goods have remained right on track. 

As of the end of March 2022, the unemployment rate reached 3.6 which is almost a 50 year low. Biden stated,  “Americans are back to work, which means our economy has gone from being on the mend to on the move.” An AP survey in late March says that sixty-four percent of people believe that the economy is in bad shape and only thirty-one percent believe it is in good shape, the rest neutral. The same survey also says that sixty-one percent of people disapprove of the way Biden is handling the economy. “Under my predecessor the federal deficit went up each year.” Biden added  this remark directed at former president Donald Trump in an interview.

Throughout his presidency Biden has already created 7.9 million new jobs, yet people still disapprove of the way he is handling the country. Probably due to the way conservative media presents this presidency. We are also currently experiencing the fastest drop in unemployment in any presidency. When he first took office in January of 2020 the unemployment rate was at 6.4 percent and in fourteen months it has dropped to just 3.6 percent. According to a Moody Analytics report, the national deficit is on track to drop 1.3 trillion this year. Biden has made questionable decisions, and made  mistakes, but not with the economy. Right now the economy is booming and will hopefully be staying that way.