The media, Right-Wing, & Centrists are misinforming about the economy. Ezra Klein points out that Americans are generally better off, quicker but ill-informed.
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As stated by Ezra Klein, the Biden administration made sure they did not repeat the mistake of underfunding a recovery bill, as did the Obama administration. They were going to go big and fast. They did that, and it worked. The economy recovered much quicker than expected.
“You got to think about what the Biden administration did on two levels,” Ezra Klein said. “One, they tried to not allow the mistakes of 2009 and 2010 to repeat. So when they came in building on the Cares Act, which passed before them. They passed the American Rescue Plan then later the Infrastructure Act. That was a huge infusion of demand into the economy, Huge transfers, the stimulus, a child tax credit, a ton more in those bills. And so you put that together with a very, very hot labor market they helped create alongside the Federal Reserve, and you get these numbers, very low unemployment, very high ability to wait and get another job, higher asset levels. The thing they did not anticipate is pretty high inflation, and so the danger that actually does truly darken the economic outlook for them.”
Ezra Klein points out that the danger to the economy comes from inaction by Congress. Much needed support was not renewed with the failure of Build Back Better.
It will become clear that Joe Manchin, Kyrsten Sinema, and Right-Wing Republicans will be responsible for any strains in the economy.