President Biden talks about the Blue-Collar Blueprint and bipartisan victories and failures.
While 2023 is barely two months old, the economy is showing signs of a slight recovery after a tumultuous couple of years. Inflation was at its highest point between March and June of last year, according to the Bureau of Labor Statistics, reaching its highest level in 40 years.
The overwhelming feelings of worry from 2022 have still carried over into 2023. Mortgage rates have risen over the past year, raising more concern about how the economy is faring. Home prices have yet to come down significantly, which makes even a decent interest rate seem like home ownership is impossible for many homebuyers.
In general, consumers view inflation as much higher than it really is, making it a difficult environment for any political leader to promote his economic achievements.
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Biden’s blue collar model
While President Joe Biden Touts an unemployment rate of 3.4%, the lowest in 50 years, and job creation, there is still uncertainty about the economy ahead due to inflation and higher mortgage rates. Biden spoke last week before the International Brotherhood of Electrical Workers, IBEW, in Lanham, Maryland, regarding his Blue-Collar Blueprint to Rebuild America, a plan to create good-paying jobs for workers such as electricians, plumbers, pipe fitters, carpenters, masons workers, and more.
Today’s infrastructure must be first class. “There is no chance, there is no chance that we will be the leading country in the world with second-tier infrastructure. I’m not kidding. It is literally true. It’s literally true.” Biden said. He said that there is a “$4 billion investment to replace the 150-year-old Baltimore and Potomac Tunnel,” going on to say that, “instead of traveling through that tunnel at 30 miles per hour, they will go 110 miles per hour.” .”
Not just working on transportation, but also providing affordable internet, Biden said, “We’re also making high-speed internet available across the country. We’ve already made affordable high-speed Internet access, we’ve done it, available to 175,000 Maryland households that didn’t have it before. And we’re just getting started.”
The workers’ plan to rebuild America calls for the construction products used to rebuild America to also be made in the United States. Biden “announced new standards to require that all construction material used in a federal infrastructure project be material made in the United States. Made in America. And that includes wood, glass, steel, drywall, fiber optic cable. American roads, bridges and highways made with American products”.
Biden spoke of the bipartisan success of passing the CHIP and Science Act. Which is meant to ensure that America leads the world in innovation.
“It has attracted $300 billion in investment, sparking a boom in semiconductor manufacturing. And these are the little computer chips, as small as my fingertip. They power everything in our lives, from cell phones to cars, refrigerators, artificial intelligence. The list goes on,” Biden said.
Biden’s thoughts on the economy
Biden fired a few shots at the Republicans in the House of Representatives.
“They say that unless you agree to their economic plans, which is totally irresponsible, they are not going to pay off the national debt, which took 200 years to accumulate: Biden said. “This is not this year’s debt or last year’s debt. We cut debt by $1.7 billion (trillion) in the last two years. This is a 200-year obligation that has accumulated. And I made that clear in the Statement of the Union I will not negotiate whether or not we pay our debt. I will not allow this nation to default.”
“Under the previous administration, the US deficit increased every year, four years in a row. And because of those record deficits, no president added more to the national debt, that’s a 200-year debt, he never added more to the national debt than my predecessor. Nearly 25 percent of all the national debt accumulated in 200 years was accumulated as a result of this last administration’s tax cuts and other spending,” the President said.
“Here is the bottom line: my economic plan is working. It has reduced the… reducing the deficit. It is fiscally responsible. We have more work to do, but we are making a lot of progress.” Biden said.
