Biden touts economic progress, but data paints different picture

Joe Biden highlighted economic achievements during a speech at the Democratic National Convention in Chicago, emphasizing job creation and inflation reduction. However, a closer examination of economic indicators reveals a more nuanced reality of the U.S. economy under the Biden-Harris administration.

Biden proclaimed, "We've had one of the most extraordinary four years of progress ever, period," citing 16 million new jobs and a record-high stock market. While job growth has indeed occurred, experts note that many of these positions represent a natural recovery from pandemic-related job losses rather than entirely new economic expansion, the Daily Wire reports.

The unemployment rate, which has decreased since the height of the COVID-19 pandemic, stood at 4.3% in July. This figure, however, remains higher than the pre-pandemic rate of 3.5% in February 2020.

On wages, the President's claim of increases is accurate, with average hourly earnings rising 17% under his administration compared to 15% under former President Trump. However, analysts point out that wage growth during the Trump era outpaced inflation more significantly, allowing for greater purchasing power.

Inflation, a key economic concern, has indeed cooled from its peak of 9.1% in June 2022 to 2.9%. Nevertheless, it remains higher than average rates during most of the previous administration.

The cost of living continues to be a pressing issue for many Americans. Vice President Kamala Harris acknowledged this challenge, stating, "Prices are still too high," and noting significant increases in food prices since the pandemic began.

Additionally, the housing market has seen substantial changes, with mortgage interest rates rising from 2.78% when Biden took office to 6.49% currently, according to Freddie Mac data.