Letter from Sherwood Guernsey

Economy Good, Thanks to Biden

Thanks to Joe Biden, you have to marvel at America’s economic recovery.

Not long ago it was widely thought to be on the brink of recession. Instead, the economic recovery since the pandemic has been amazing.

The gross domestic product has grown so much that 2023 was one of the “boomiest” years on record.

And it continues to defy expectations. At the start of this year, economists had been forecasting annualized growth in the first quarter of 1 percent; that prediction has since doubled.

The labor market is in great health, too. The unemployment rate has been below 4 percent for 25 consecutive months, the longest such spell in over 50 years.

Thousands of new, well paying, manufacturing jobs, particularly in central and upstate New York, are returning to rural areas for the first time in several decades!

Inflation has already come down dramatically from 9 to 10 percent right after the recession to just above 3 percent, with more progress to come.

No wonder Uncle Sam is putting the rest of the world to shame. Since the end of 2019, the economy has grown by nearly 8 percent in real terms, more than twice as fast as the euro zone’s and 10 times as quickly as Japan’s. Britain’s has barely grown at all.

The state of our economy is good. The recovery unbelievable. Thanks, Joe.

Sherwood Guernsey
Williamstown, MA
(Schoharie born)