By Senator Lena C. Taylor
Recently, on the floor of the Senate, my republican colleagues spoke robustly about the “one-time” surplus of money that we had in the state coffers. During the recent budget debates, they lined up, to talk about how their districts would receive additional aid. The only thing they couldn’t bring themselves to say was “Thank you, President Biden.” In that lack of manners, the Wisconsin GOP is not alone.
According to a Reuters/Ipsos poll, Biden’s public approval rating continues to hold at about 40%. Lowering Costs of Families’ Everyday Expenses. Yet more people are working than at any point in our nation’s history. The latest jobs report from the Bureau of Labor Statistics, puts the unemployment rate at about 3.6%. Yet depending on who you listen too, we are still waiting for the great recession. I’m not saying that it will never happen, but it’s not happening today.
However, the talking heads, political naysayers, (aka Haters), and folks who just live for bad news, can’t bring themselves to say that things are going well. In fairness, I am not an economist. So let me tell you what some of them are saying.
In a June 12, 2023 article, a reporter in the USA today posed the following question: Will there be a recession in 2023? The author of the piece responded by saying “Most economists still expect a recession in the second half of the year. They say the Fed’s high interest rates eventually will be felt more profoundly by consumers and businesses.” The answer also included the following, “Perhaps the most reliable indicator of a coming recession is an inverted yield curve. Normally, interest rates are higher for longer-term bonds than shorter-term ones because investors need to be rewarded for risking their money for a longer period.”
Did that just go over your head? For many of us, the answer is probably yes. The word recession, though, usually means awful, scary, and trouble. At the same time, Americans are making more money, the economy has been brought back from the brink after the recession, and more people are getting health insurance.
A May 2023 report from the Biden-Harris administration, has shown that in just the first year of the infrastructure awards, more than 70 projects are in construction. However, in the first six months after the signing of the infrastructure package, 4,300 projects were already underway. Across the spectrum, Biden/Harris have made significant progress in an array or areas that have made significant difference in the lives of Americans.
It’s because of the administration’s policies and investments that inflation has been falling. Truth be told it’s been declining for almost a year. At some point, we have to give POTUS and the V.P. the credit they deserve. We need to search out the facts, be willing to challenge what we are being told, and in the words of rap icons, Public Enemy, “Don’t believe the hype!”