{"id":2128658,"date":"2023-12-19T06:22:04","date_gmt":"2023-12-19T11:22:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oath-of-office-did-biden-fulfill-his-promise-to-restore-the-economy\/"},"modified":"2023-12-19T06:26:38","modified_gmt":"2023-12-19T11:26:38","slug":"oath-of-office-did-biden-fulfill-his-promise-to-restore-the-economy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oath-of-office-did-biden-fulfill-his-promise-to-restore-the-economy\/","title":{"rendered":"Did Biden deliver on his promise to revive the economy?"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foath-of-office-did-biden-fulfill-his-promise-to-restore-the-economy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2128658&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Investigating \u2063Biden&#8217;s Promises:\u200d Restoring the \u200cEconomy<\/h2>\n<p>President Joe Biden ran\u2062 for\u2064 office with a mission to \u200drestore the soul of the\u200d nation, rebuild the middle \u200dclass, and unite the\u2064 country. As we approach 2024, it&#8217;s time to\u200b assess\u200c whether he has delivered on \u2062his promises.\u200c In this Washington Examiner series, Oath of Office, we will delve into Biden&#8217;s performance. Part Two focuses on his pledge\u2064 to revive the economy \u2062after \u200dthe pandemic recession.<\/p>\n<h3>The State of the \u200dEconomy<\/h3>\n<p>When President Joe Biden took office, the economy was still \u2062reeling from the effects of the pandemic, and uncertainty loomed. Let&#8217;s take a look at how \u2063the economy has fared\u2064 as we\u2062 approach 2024.<\/p>\n<p>During the \u20622020 elections, Biden\u2063 vowed to restore the \u2063economy \u2062from the pandemic-induced slump and generate millions of jobs. While significant sectors of \u200dthe economy have rebounded and the labor market remains \u2062strong, there is a new \u200bchallenge: the worst inflation in generations, which has undermined \u2062some of the economic gains.<\/p>\n<h3>What Did Biden Promise as President in 2020?<\/h3>\n<p>Currently, Biden&#8217;s economic \u2062performance is receiving low ratings. The \u200cWhite House has tried to highlight the \u200cpositive aspects of the economy, branding them \u2064as \u2063&#8221;Bidenomics.&#8221; However, factors \u2064like inflation have overshadowed these achievements, leading to widespread discontent.<\/p>\n<h3>The Inflation Challenge<\/h3>\n<p>The elephant in the room is inflation. \u200bIt has affected almost every aspect of\u200c the economy, \u200ccausing hardships\u200d for workers and families \u2063struggling\u200d to make ends meet. During Biden&#8217;s campaign, inflation was not a major concern. However, voters have now linked it, rightly or wrongly, to\u2063 his tenure in \u2062office.<\/p>\n<p>In November, inflation, as measured by the\u200d consumer price \u2063index, reached\u2064 3.1%, surpassing the Federal Reserve&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/vivek-ramaswamy-touts-america-comes-first-foreign-policy-plans-at-nixon-library\/\" title=\"Vivek Ramaswamy promotes 'America first' policy at Nixon Library.\">long-term\u200c goal<\/a> of 2%. Although this rate\u2064 is more manageable than the peak of\u2063 9% in June \u200dof the previous year, it still poses a significant challenge.<\/p>\n<h3>Who is to Blame\u200c for Inflation?<\/h3>\n<p>Assigning blame for inflation is difficult.\u200b Republicans point to\u200c the pandemic-era relief measures pushed through by Biden and Democrats in early 2021, known as the\u2063 American \u2063Rescue Plan, as a \u200bcause \u200cof inflation. However, there were also coronavirus stimulus packages\u200d under former President Donald Trump that contributed to the excess cash \u200band consumer demand.<\/p>\n<p>The Federal Reserve also shares some responsibility. During the pandemic, the central\u200d bank kept interest rates near zero for an\u200b unprecedented period. \u2063These cuts stimulated demand \u2064and led to a surge in economic output, driving \u200binflation higher. While Biden respects the Fed&#8217;s\u2062 authority to set interest rates, he reappointed\u2062 Fed Chairman Jerome Powell, who was\u200c in charge during the pandemic when rates were\u2062 slashed.<\/p>\n<p>According to Brian Riedl, a budget \u200cexpert at\u200d the \u200dright-leaning Manhattan \u2063Institute, wages have not kept pace with inflation. Median real compensation for \u2064workers has declined under President Biden, exacerbating the impact of inflation.<\/p>\n<h3>Job \u2062Creation<\/h3>\n<p>In December 2020, shortly after \u2064winning the election, Biden\u2063 pledged to \u2062add \u200bmillions of jobs to \u2064the economy and restore the labor market&#8217;s health after the pandemic.<\/p>\n<p>On the surface, Biden has delivered\u2062 on this\u2063 promise. Since taking office, \u2064over 14 million jobs have been added to the economy on a seasonally adjusted basis. Biden has touted this as record\u2064 job growth, surpassing his predecessors.<\/p>\n<p>However, \u200cit is crucial to consider\u2062 the context. When Biden assumed office, the economy \u200bwas \u200bstill millions \u2063of jobs short of pre-pandemic \u200dlevels due to widespread business shutdowns. Many of the jobs Biden claims to have added are simply positions that were lost and then\u2062 regained during the reopening phase. Therefore, a significant portion of the\u2063 14 million employment \u2064figure should \u200cbe seen as job recovery rather than genuine job growth.<\/p>\n<p>The unemployment rate has\u2062 also returned to pre-pandemic levels, currently \u200bfluctuating between 3.4% and 3.9%. \u2063However, critics argue that achieving low unemployment rates by\u2064 overheating the economy can have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/young-americans-must-lead-the-way-in-opposing-additional-covid-shutdowns\/\" title=\"Young Americans Must Lead The Way In Opposing Additional COVID Shutdowns\">long-term consequences<\/a>.<\/p>\n<h3>Tax Policies<\/h3>\n<p>During his campaign, Biden \u2064promised not\u200d to increase \u2063taxes for those earning less \u2063than $400,000 annually.\u2063 Although he faced opposition from\u2063 Congress, Biden attempted major tax changes, including raising \u2064the corporate tax rate and increasing taxes for high earners. However, these proposals were\u2064 blocked.<\/p>\n<p>Biden did manage to enact a corporate minimum income tax as part of the 2022 Inflation Reduction Act. \u2062Critics argue that while there hasn&#8217;t been a\u2063 direct tax levy on those earning less than \u200c$400,000, \u2062the burden \u2062of\u2062 various taxes on businesses indirectly \u200caffects the middle class. Additionally, Biden maintained several \u200dtariffs implemented under Trump, which also\u200d impact\u200b consumers.<\/p>\n<h3>The Recession Outlook<\/h3>\n<p>So far, the\u200d United States has avoided\u200c a recession due to the Federal Reserve&#8217;s interest rate policies. Biden \u2062and his\u200d administration express confidence in achieving a \u2062&#8221;soft landing,&#8221; where inflation will\u200c subside without triggering a recession.<\/p>\n<p>However, some forecasters \u2062predict at least a\u200d mild recession in the\u2064 coming year. This scenario does not bode well for \u200dBiden, especially considering his\u200c already low \u2064economic approval ratings during an election year.<\/p>\n<p><em>Click here to read more from \u2062the Washington Examiner.<\/em><\/p>\n<p> <\/p>\n<h2> How crucial is the passage of President Biden&#8217;s infrastructure plan for the\u200c success of his economic agenda and what potential benefits can it bring\u200d in terms of job creation and economic growth<\/h2>\n<p><span>  To note that the \u2064majority of \u2062these job gains can be attributed to the reopening \u2063of the economy following the pandemic-induced lockdowns. While the job market has\u2064 shown signs of recovery, certain sectors, \u200csuch as hospitality \u2063and leisure, continue to struggle.<\/p>\n<p>Moreover, the quality of these \u2064jobs is a point of concern. Many of the \u2063new jobs\u2063 created are low-wage\u200b or part-time positions, which \u200bmay not offer the \u200cstability and benefits that workers need. In addition, the labor force participation \u200crate remains below pre-pandemic levels, indicating that \u2063many \u200dindividuals are still \u200dnot actively seeking employment.<\/p>\n<h3>Infrastructure and Investment<\/h3>\n<p>An important aspect of Biden&#8217;s economic \u200dagenda is his proposed infrastructure plan. The Build Back Better plan aims to invest in \u200cphysical infrastructure, \u2063such as roads, bridges, and \u200bbroadband,\u2063 as well as human infrastructure, including education and healthcare.<\/p>\n<p>While the infrastructure plan\u2063 has garnered bipartisan support in some areas, finding common ground on \u2063funding and implementation remains a\u200c challenge. Republicans have expressed concerns about the size and scope of the plan, suggesting that it could lead to further inflation and increased taxes.<\/p>\n<p>The success of Biden&#8217;s economic agenda relies heavily\u200b on the passage of the infrastructure plan. If implemented effectively, \u2062it has the potential to create jobs, stimulate economic growth, and address long-standing infrastructure issues in the country.<\/p>\n<h3>Conclusion<\/h3>\n<p>As we evaluate Biden&#8217;s performance in restoring the economy, it\u2063 is evident that challenges remain. While the labor market has shown\u2064 signs of improvement, inflation and the quality of jobs\u2064 created are points of concern. Addressing these issues will\u200b be crucial in ensuring long-term economic stability and prosperity.<\/p>\n<p>Moving forward, it is essential for policymakers to strike a balance between stimulating economic \u2064growth and controlling inflation. Implementing \u2064effective\u2062 measures to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-economic-report-mentions-gender-40-more-times-than-inflation\/\" title=\"Biden\u2019s Economic Report Mentions Gender 40 More Times than Inflation\">address rising prices<\/a> and ensuring that workers have \u200daccess\u2062 to stable and well-paying jobs should be top priorities.<\/p>\n<p>As President Biden&#8217;s term progresses, it will be interesting to see\u200c how his economic agenda plays out and \u200dwhether he \u2062can deliver on\u200c his promise to restore the\u200b economy\u200b and build a stronger \u200cmiddle class.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden&#8217;s pledge to restore the nation&#8217;s soul, rebuild the middle class, and unite the country during his campaign is now under scrutiny as 2024 approaches. The Washington Examiner&#8217;s series, Oath of Office, will examine the promises he made and his actions while in office<\/p>\n","protected":false},"author":1,"featured_media":2128659,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2128658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2128658","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2128658"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2128658\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2128659"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2128658"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2128658"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2128658"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}