President Joe Biden appeared to take a shot at the economy that his predecessor, former President Donald Trump had built prior to the pandemic in a tweet today.
This may not be a very wise move, considering even the Wall Street Journal admitted last year that the economy was doing well under Trump.
Data from the Federal Reserve show that the pre-pandemic economy was reaching unrivaled heights of prosperity for Americans across all walks of life.
The Wall Street Journal summarized the Federal Reserve report, “U.S. families’ income and wealth rose in the years heading into the coronavirus pandemic, with those in lower-income and lower-wealth categories reaping relatively large gains.”
The report continued, “As property and stock prices increased, households’ median net worth, or wealth, rose 18% to $121,700 from 2016 to 2019. Median household income—the level at which half are above and half are below—rose 5% to $58,600, before taxes and adjusted for inflation. The rise in incomes came as the economy grew 2.5% a year on average, inflation remained low and the unemployment rate fell.”
According to the Journal, “While the median net worth of white, non-Hispanic households rose 3% from 2016 to 2019, the wealth of Black households and Hispanic or Latino households increased at much faster paces: 33% and 65%, respectively.”
And don’t forget that before the COVID-19 pandemic, the African American unemployment was at a record-low, with Hispanic unemployment also very low.
Biden however, apparently doesn’t agree that any of that was a good thing and that he will be able to do it in a more equitable way.
“We can’t just build back to the way things were before the pandemic. We have to build back better. We’re building an economy where everyone has a fair shot — not just those at the top,” Biden declared in the tweet.
We can’t just build back to the way things were before the pandemic. We have to build back better.
We’re building an economy where everyone has a fair shot — not just those at the top.
— President Biden (@POTUS) September 25, 2021
Biden is likely feeling pressure from the left, as he recently took some indirect heat from climate activist Greta Thunberg over his “Build back better” plan.
Yahoo News! reported:
Speaking at a climate rally in Berlin on Friday, Greta Thunberg mocked President Biden’s attempt to address climate change through his “Build Back Better” agenda.
“As we move out of the pandemic, many are talking about using this as an opportunity for a green sustainable recovery, whatever that means,” the 18-year-old Swedish activist said. “And world leaders are talking about ‘building back better,’ promising green investments and setting vague and distant climate targets in order to say that they are taking climate action.”
In his address to the United Nations General Assembly on Tuesday, Biden announced that the United States would double its financial contributions to help developing nations combat and adapt to climate change.
In his speech, Biden touted his “Build Back Better” agenda, which includes an array of domestic initiatives designed to reduce U.S. greenhouse gas emissions, and said it could be expanded to include “sustainable investment in projects” abroad.
“That’s the idea behind the Build Back Better World,” Biden said.
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Author: David Caron
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