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White House Economic Impact Briefing

In early November, the White House hosted several briefings on how recent policy decisions have impacted the United States Economy. We know full well many people in our community are struggling, making decisions between impossible things like medications and fresh vegetables. And also, there are some hopeful points of progress, like these facts shared by the White House:

  • The unemployment rate now matches its lowest level in 50 years at 3.5%, down from 6.4% when Biden took office.

  • The economy has created 10 million jobs since the President took office, including almost 700,000 manufacturing jobs.

  • 17 states are below 3% unemployment.

  • America has now more than recovered all of the jobs lost during the pandemic and more, as a result of actions from the President and Congress like the American Rescue Plan and the unprecedented vaccination effort.

  • We’re seeing the best economy for American workers in decades, with people getting higher wages, better benefits, and better jobs across the board.

  • When the President took office, over 18 million Americans were receiving unemployment benefits, today that’s down by more than 90%, the lowest number in decades.

  • We are also seeing progress in the fight against global inflation. Inflation has been basically flat over the past three months, and real wages have gone up.

  • The American people are getting some relief from high prices, and the Inflation Reduction Act that the President signed will also help bring prices down from prescription drugs to energy costs.

  • Gas prices have declined by an average of $1.20 per gallon over the past few months, now at a national average of $3.82 per gallon, with the most common price at gas stations being $3.39.

The graphic below shows some of the impacts brought on by the Inflation Reduction Act:

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