For those who support the US economy, it has been a tremendous week. Initial jobless claims fell to a 15-month low; the Congressional Budget Office raised its projection for economic growth from 2021 to 7.4%; and the economy created 850,000 new jobs in June, well ahead of expectations. The same report showed an increase in the wages of American workers.
With data like this in mind, it wasn’t too surprising to see President Joe Biden spending some time celebrating this morning.
In remarks Friday morning, Biden credited his vast coronavirus relief program with fueling job growth in the country, after the release of a report showing 850,000 jobs were created in June. âNone of this happened by accident,â Biden said. âAgain, this is a direct result of the US bailout. And at the time, people were wondering whether or not we should do it, even though we didn’t have bipartisan support. Well, that has worked.”
The President added: “The last time the economy grew at this rate was in 1984, and Ronald Reagan told us it was ‘morning in America’.”
Biden’s boasting is rooted in the facts and creates a challenge for his Republican critics.
As we discussed earlier, it was only last month that Parliamentary Minority Leader Kevin McCarthy (R-Calif.) Insisted that the President’s economic policies “have blocked our recovery.” adding: “Bidenomics is bad for America”. A month earlier, Representative Jim Banks (R-Ind.) argued that the White House’s economic program was sending the economy into a “free fall”.
Around the same time, Republican House Conference Speaker Elise Stefanik (RN.Y.), highlighting the April Jobs Report, said that “far-left radical socialist policies de Biden had led to the “worst jobs report in over 20 years.”
Stefanik’s rhetoric was just plain stupid – the economy created more than a quarter of a million jobs in April – but the Republican leader’s absurd claims were part of a larger partisan gamble: the more the economic recovery appeared in the dark. spring, the more aggressive the GOP was. officials would blame Biden, his party, and their ambitious US stimulus package.
It was a bad bet, however: Republicans who said Democratic policies were directly tied to the health of the economy inadvertently attributed to Biden and his party a strengthening recovery.
And so, it’s time for the GOP to come up with some new talking points. Take Sen. Chuck Grassley’s (R-Iowa) latest pitch, for example.
The Republican of Iowa, who has a reputation for posting deeply bizarre content online, wrote on Twitter this morning, “The best pre-pandemic economy in 50 [years] started with Trump’s tax cut comes back in full force after a virus interlude. “
To the extent that reality still makes sense, the idea that the pre-pandemic economy was the best in 50 years is patently ludicrous. It is not a matter of opinion; there are fundamental facts which cannot be escaped.
Moreover, the idea that the Republicans’ 2017 tax relief package for the rich created an economic boom is also spectacularly flawed. Again, this is an objective truth, not a subjective one.
But let’s not miss the forest for the trees: After Republicans spent May and June arguing that the economy was bad because of Biden, Grassley now wants the public to think the economy is good and that Trump deserves the job. credit.
If GOP officials – each of whom rejected the US bailout that is helping fuel the recovery – want to be taken seriously, they will have to do much better than that.