Going into Tuesday’s State of the Union address, President Joe Biden sees a nation with a glowing economic future. But Republicans take a far gloomier view. They say the nation is saddled wit…
By Josh Boak | Associated Press
Based on past speeches, Biden believes the policies adopted under his watch can fill the U.S. with new factories and protect against climate change. Roads, bridges, sewer systems, ports and internet service would be improved. The middle class would be more financially secure. So would America’s place in the global economy’s hierarchy.
Biden can celebrate the low jobless rate even as Republicans bemoan inflation that is still running dangerously hot. Most people in the U.S. assume the nation is already in a recession, even if they personally feel fine. “Without price stability, the economy does not work for anyone,” Powell told reporters after the Fed board’s most recent meeting.Ever since the 2008 financial crisis, the U.S. central bank had held its benchmark rate near historic lows to bring back growth. That made it easier for tech start-ups because cheap money meant investors expected them to focus on growth instead of profits. Consumers got use to historically cheap rates for mortgages and auto loans.
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