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US Economy Strongest in the World [1]

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Date: 2023-10-26  

I don’t want to let the day go by without highlighting an important news item.

The US economy is the strongest in the world.

As reported this morning, GDP grew by 4.9% last quarter, the strongest growth in the developed world.

There is inflation, but the US economy is making the strongest progress on curtailing inflation in the developed world. Today’s core PCE price index increased a less-than-expected 2.4%

The last time the US had this many months of unemployment below 4% was more than 50 years ago--in the late 1960s (when a war absorbed much of the labor force).

Today’s good news about economic progress has been completely overshadowed by Republican infighting about who gets to try to destroy the functionality of our government, threaten to default on obligations to pay for spending we agreed upon, or to shut down the government. We cannot let that happen.

I am grateful for the leadership of President Biden, our Treasury Secretary Janet Yellen, and the progress made to improve our economy and environment during the two years when Democrats controlled both legislatures.

I know things could be better. They always could be, and it’s important to talk about how we can make more progress.

But it’s also important to realize what we have, and express gratitude for our good fortune. Good governance makes a difference in our lives.

If we work hard in 2024, we can make things even better.

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[1] Url: https://www.dailykos.com/stories/2023/10/26/2201753/-US-Economy-Strongest-in-the-World?pm_campaign=front_page&pm_source=more_community&pm_medium=web

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