July 29, 2021
Joe Biden’s Economic Recovery Is ‘Well Below Expectations’
The country’s economic recovery continued to falter due to the Biden-Harris administration’s failed agenda. Economists had expected the country’s GDP to grow by 8.4 percent last quarter, but the Department of Commerce reported that it grew by just 6.5 percent.
The bad news didn’t end there. Initial unemployment claims were higher than expectations, and continuing claims, which were expected to drop, actually grew.
CNBC: In a separate report Thursday, the Labor Department said 400,000 people filed initial claims for unemployment benefits for the week ended July 24. That level is nearly double the pre-pandemic norm and was above the 380,000 Dow Jones estimate. . . Continuing claims edged higher to 3.27 million, according to data that runs a week behind the headline number. The total of those receiving benefits rose by nearly 600,000 to 13.16 million, according to data through July 10.
Republican governors, however, are finding ways to move their economies forward despite the Biden-Harris administration’s anti-growth policies. Red states that ended incentivized unemployment programs saw their economies improve.
Forbes: A new FGA report released on July 22 finds that governors who have ended federally-boosted unemployment payments have been vindicated in a number of key ways. This FGA report documents how job searching has picked up faster in states that have opted out of enhanced unemployment payments, how unemployment has declined faster in opt-out states, and how unemployment claims continue to rise in states maintaining federally enhanced unemployment payments.
Bottom Line: Months of disappointing national economic news should force the Biden-Harris administration to change course and follow red states leading strong recoveries.