![]() ![]() Social Security won’t be able to pay full benefits as early as 2034. It would also prove to the world that American leaders are still capable of fixing tough problems. Addressing these would set up the United States for stronger growth in coming decades. At the top of the list are the $32 trillion national debt and immigration. Beyond economics, the ongoing GOP assaults on abortion, LGBTQ+ rights and basic facts about slavery are another reminder of how far from normal some aspects of life remain.Įven so, the country’s late good fortune offers its leaders an opportunity to take a breath and address some long-term national problems. Owning a home remains out of reach for many, and credit card debt is at a record high. Lower-income households still feel higher costs, a reminder that the inflation battle isn’t over. That doesn’t mean the country lacks problems. It’s a similar story for middle-class wages, which are close to the pre-pandemic trend even after adjusting for the recent inflation shock. In the United States, the comeback has been so strong that growth is nearly back to its pre-pandemic trend. China’s economy is sluggish, Germany’s is barely out of a recession, and Britain still has inflation near 8 percent. It’s especially pronounced how much the United States bounced back vs. ![]() ![]() This is the summer of Taylor Swift, friendship bracelets, European vacations and “Barbie” movie laughs. People are finally putting the pandemic behind them and allowing themselves to embrace fun and optimism again. Powell used the words “normal” or “normalization” nine times in his news conference Wednesday to characterize everything from supply chains to the job market.Īmericans are starting to notice the improvement. But the largest factor of all appears to be an economy returning to normal after three years of turmoil. The Federal Reserve’s aggressive battle against inflation has played a bigger role. The latest data show government investments in infrastructure and manufacturing are helping, but they are modest so far in a $25 trillion economy. Biden is eager to take credit for this Goldilocks economy. The nation might be able to achieve what many experts deemed impossible: bringing down inflation without triggering mass layoffs and a downturn. Even housing appears to be turning around. Wall Street banks no longer predict an imminent recession. UPS workers are not going to strike after the company gave them a large raise. Wages are now rising faster than inflation. Unemployment remains near half-century lows. Inflation is cooling off faster than anticipated. Growth was better than expected this spring. economy - and nearly all have been worth cheering lately. This is an ideal moment for President Biden and Congress not just to take a victory lap but also to start tackling the United States’ long-running challenges. economyįor the first time in a while, the nation - and its policymakers - can step out of crisis mode. The Washington Post on the “humming” U.S. Excerpts from recent editorials in the United States and abroad: ![]()
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