Steven Rattner details the success of the Biden economy. When Fox News can no longer hide from the good news, it should be probative.
Fox News was unable to run away from Biden’s record
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In a recent segment that caught the attention of many, including those usually critical of mainstream media outlets, Fox News inadvertently highlighted the economic successes under President Joe Biden‘s administration. Economic analyst Steven Rattner took to MSNBC to meticulously detail the achievements of what has been coined as “Bidenomics,” providing a stark contrast to the narrative often pushed by conservative outlets. This unexpected acknowledgment from a Fox News host, Sandra Smith, underscores a grudging recognition of Biden’s effective economic stewardship.
Under President Biden’s watch, the United States has seen remarkable economic growth and improvements in various sectors. Notably, the unemployment rate has significantly dropped, with more people entering the workforce, a promising indicator of economic health. Since Biden assumed office, the economy has added an impressive 15 million jobs, marking a 10% increase. Moreover, wages have seen a substantial rise of 15%, a boon for American workers. The stock market has been hitting record highs, and new home sales prices have appreciated, benefiting homeowners significantly.
However, it’s essential to acknowledge the hardships many Americans face regarding food costs, gas, and credit card debt. These issues, while real and pressing, do not overshadow the broader economic progress made during Biden’s tenure. The Biden-Harris administration, aware of these accomplishments, seized the moment to thank Fox News for the coverage, highlighting the rare agreement across the political divide.
Steven Rattner’s analysis extended beyond just jobs and wages. He pointed out that since Biden took office, the U.S. economy has seen a cumulative GDP growth of 88.6% in his first three years, a figure only second to Bill Clinton’s presidency in recent history. This growth is significant, considering the economic turmoil inherited due to the COVID-19 pandemic. Furthermore, Rattner emphasized the reduction in income inequality under Biden’s leadership, with the poorest Americans seeing a 6.3% increase in income, compared to a mere 0.2% increase among the wealthiest.
Despite the inflation challenges at the beginning of his term, inflation rates have stabilized largely due to the reopening of the post-pandemic economy. The Biden administration has implemented measures to address these challenges, resulting in a projected inflation rate below 3% by election day. Additionally, the administration’s focus on legislation like the Inflation Reduction Act, the CHIPS Act, and efforts to lower prescription drug prices have contributed to economic resilience and optimism.
Yet public perception and approval ratings have not always reflected these economic achievements. While initially declining, consumer sentiment has seen a substantial recovery, suggesting a lag in the acknowledgment of economic improvements. According to Real Clear Politics data, the approval rating for Biden’s handling of the economy has shown an upward trend.
This scenario highlights the complexities of economic recovery and the challenges of translating macroeconomic success into widespread public sentiment. The Biden administration’s economic policies have undoubtedly made significant strides in job creation, wage growth, and reducing income inequality. Still, it also underscores the need for continued efforts to address the cost of living concerns that affect many Americans daily.
Fox News’ unexpected acknowledgment of Biden’s economic successes offers clarity in the often polarized political discourse. It serves as a reminder that, despite ideological differences, acknowledging factual achievements is crucial for a balanced understanding of the nation’s economic health. As the United States continues to navigate the post-pandemic recovery, it will be essential for both political leaders and media outlets to present an accurate picture of the economic landscape, fostering informed and constructive dialogue among the populace.
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