ICYMI: NOBEL PRIZE WINNER: U.S. ECONOMY MADE A HISTORIC RECOVERY IN 2021 UNDER BIDEN
Nobel Laureate Paul Krugman: “2021 Was a Banner Year for Economic Recovery”
WASHINGTON, D.C. — In 2021, the United States saw one of the strongest economic recoveries in history, as unemployment reached historic lows in December and the American Rescue Plan helped everyday Americans get back to work. Americans should know that the American economy returned to strength during President Biden’s first year, according to an op-ed written by Nobel Laureate Paul Krugman.
Yes, by this measure (and many others) we’re in the middle of another morning in America, despite the drag caused by a lingering pandemic and supply-chain disruptions.
So, about those disruptions: Can we talk for a moment about the Grinch that didn’t steal Christmas? There was a lot of skepticism a couple of months back, when major retailers said that despite supply issues, they expected to be able to meet consumer demand. But I’ve seen almost no reports of empty shelves and frustrated shoppers. And in this case absence of evidence really is evidence of absence, because you know that some media organizations would have loved to hype stories of holiday woe if they could find them.
So why are people still so downbeat? There continues to be a huge divergence between people’s negative views about “the economy” — a perception based in part on partisan attitudes, in part on media coverage — and their mostly favorable reporting on their own financial situation.
One thing is clear: 2021 was a banner year for economic recovery. And people should know that.
Read the full article here.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.