Economic Report fo the President 2023

"Our Nation has faced tremendous challenges in recent years. A deadly pandemic and unprovoked war in Ukraine have tested our economy unlike any time since the Great Depression. When I was sworn into office, COVID-19 was raging and our economy was reeling. Millions of workers were out of a job, through no fault of their own. Hundreds of thousands of businesses had closed, our supply chains were snarled, and many schools were still shuttered. Families across the country were feeling real pain.

Today, two years later, 230 million Americans have been vaccinated, and COVID no longer controls our lives. We have created a record 12 million jobs, which constitute the strongest two years of job gains on record. Unemployment is at a more than 50-year low, with near-record lows for Black and Latino workers, and manufacturing jobs have recovered faster than in any business cycle since 1953. Growth is up, wages are up, and inflation is coming down. At the same time, a record 10 million Americans have applied to start small businesses—each of their applications an act of hope. More Americans have health insurance today than ever before in our history, and real household wealth is 10 percent above what it was before COVID.

It is safe to say: Our economic plan is working, and American families are starting to have a little more breathing room. It is important to remember, however, that the economic anxiety so many have felt did not start with the pandemic. For decades, the backbone of America, the middle class, has been hollowed out. Too many American jobs have been shipped overseas. Unions have been weakened. Once-thriving cities and towns have become shadows of what they used to be, robbing people of hard-earned pride and self-worth.."
Economic Report of the President