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By Jim Ball
Productivity in the US economy grew 2.3 percent in the second quarter of this year, more than many economists predicted, another positive sign that the Biden-Harris pro-family economy continues to hum along. When combined with a continued drop in inflation, rising wages, strong economic growth, and nearly 16 million jobs added and counting, these facts demonstrate that the Biden-Harris economy is the envy of the world.
Overall, this year productivity growth is at 2.7 percent, far exceeding the Trump years. Businesses and workers are producing more efficiently, getting a bigger bang for the buck, thanks in part to the policies of Biden-Harris, including the bipartisan infrastructure law, investments in clean energy, manufacturing, and the computer chip industry, and job training.
In addition, inflation continues to come down, as a key indicator is at 2.5 percent.
So here are the facts about the Biden-Harris pro-family economy:
Inflation is down more than 6 percent.
Biden-Harris beats Trump every year on job creation, even excluding 2020 when the pandemic hit.
Such a wealth of jobs has led to low unemployment during the Biden-Harris presidency and the longest stretch of unemployment below 4% in over 50 years.
This includes the lowest unemployment numbers in history for Hispanics, Blacks, and persons with disabilities.
This long stretch of low unemployment has led to wage increases for the average worker, adding $1,400 to the yearly family budget.
Young adults have seen their wages rise 12 percent.
The economy has grown 22% under Biden-Harris, compared to 14% for Trump.
Growth averaged 3.4% in Biden-Harris’s first three years, while Trump managed 2.6% in his first three before the pandemic.
Productivity growth is at 2.7% this year, continuing a Biden-Harris trend.
So who has created a better pro-family economy? The facts are clear: Biden-Harris.
Who will create a better economy in the next four years? Kamala Harris.
A recent analysis by Moody Analytics concludes that a continuation of the Biden-Harris policies will do a superior job on the economy, including inflation, compared to Mr. Trump. Harris’s policies “are better for the economy. They lead to more growth and less inflation,” said Mark Zandi, Moody’s chief economist. Trump’s would lead to both higher inflation and a recession, the analysis concluded.