Looking back at 2022, I feel more confident about America than ever

Joe Biden

President Biden speaks at the White House before signing legislation to end the strike against railroad workers. (Chip Somodevilla/Getty Images)

Editor’s note: The following op-ed was submitted by Joe Biden, the 46th President of the United States.

The American people have been through a difficult few years, but I am optimistic about our nation’s economy. The resilience of the American people has helped us recover from the economic crisis caused by the COVID-19 pandemic, families are starting to find a place to rest, and my economic plan is making the United States a place of innovation and creativity.

We entered this year with inflation still very high and families affected by prices. Addressing inflation and giving families breathing room was and is a key economic priority. We are making significant progress from the past recovery to sustainable, sustainable growth. For the past few months wages have been increasing faster than prices, gas prices are the lowest since last summer, and year-over-year inflation has slowed.

As I said, it will take time for inflation to return to normal levels, and we may see bumps along the way. The Federal Reserve has a major responsibility to control inflation, and I have chosen the most qualified people to lead the agency, because of the importance of its dual powers of multitasking and stable prices. But the American people must have confidence that my plan is working.

Joe Biden at the Houston Food Bank

President Biden greets a volunteer during a visit to a food bank in Houston. (Mandel Ngan/AFP via Getty Images)

We are seeing the results. The economy has created more than 10 million jobs since I took office, and unemployment is near a 50-year low. The unemployment rate for Black Americans and Hispanic Americans is near record lows. The number of Americans saving is half of what it was before the crisis. 2021 and 2022 are on track to be the best and second best years for small business listings.

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I ran for office not only to address the economic crisis we faced in January 2021, but to rebuild the middle class and grow the economy from the ground up. middle outside. At the heart of my economic strategy to strengthen the middle class is rebuilding the backbone of our economy – the industrial strength of our country. To be a country where we make things, where we are constantly innovating, and helping to innovate at lower costs for our economy and the world. Bringing back forgotten places to this country are jobs that pay good wages and not all of them require a four-year college degree. To make everyday living cheaper, because if Americans have a little wiggle room, the middle class can grow and build the most powerful economy in the world.

Joe Biden

President Biden on a visit to a natural resource center in Menlo, Iowa. (Photo: Scott Olson/Getty Images)

For too long, we’ve been told that the best way to improve our economy is for the government to cut taxes for the rich and cut regulations for big business. This low vision did not apply to working people; it made our economy uneven and our supply chains vulnerable to disruption.

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I have a different vision for our economy. A vision based on the simple idea that, if we expand our economy from the bottom to the bottom to the middle, not only the poor and the middle class have a ladder, the rich too.

The financial bill I have signed into law since I became President proves that when we invest in America — especially in our infrastructure, clean energy and high-tech industries that are critical to our economic and national security — we can make this vision a reality, grow our economy, and create better-paying jobs. can raise children and reduce expenses.

Manufacturing in the US infographic

Infographic courtesy of the White House

Thanks to the fiscal policy I signed into law, Americans will get to work rebuilding our roads and bridges, connecting every home to ultra-low-cost Internet and removing pipelines across the country. American workers are building fiber-optic cable and steel for construction projects from coast to coast. We are tackling the climate crisis and creating high-paying manufacturing jobs for a clean energy future. We are investing in semiconductor manufacturing, bringing back supply chains from overseas, and lowering prices for everything from cars to dishwashers. Businesses are investing billions of dollars across the country in new ways of manufacturing, creating thousands of good-paying jobs.

Thanks to our hard work over the past year, we are reducing costs for American families. We’re cutting health care premiums and prescription drug costs — including a new $35 cap on the cost of insulin that goes into effect next month. We’re eliminating fees that increase the cost Americans pay for everything from airfare and hotel rooms to banking and concert tickets, saving people money and making it easier for startups to bring new business models to market. We are making hearing aids available over the counter, saving families up to $3,000 per unit.

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We have achieved this right asking the wealthiest and most profitable corporations to pay their fair share, and making sure that no one making less than $400,000 a year pays another penny in taxes.

President Biden is in charge of a semiconductor manufacturing plant in Phoenix

President Biden is in charge of a semiconductor manufacturing plant in Phoenix. (Jonathan Ernst/Reuters)

I recently went to Phoenix, where the Taiwan Semiconductor Manufacturing Company announced that it is building another factory to make more chips for tech companies like Apple. TSMC’s investment is one of the largest in the history of the United States – what policymakers call foreign investment – and it is a direct result of my economic policies, and because companies around the world know that American workers can do the work. While in Phoenix, I met with the workers who will build the new TSMC facility and the engineers who will be employed there when the new factory opens. And I contacted Paul Sarzoza, the owner of a cleaning business whose main client is TSMC. It currently employs more than 100 Americans and, thanks to the semiconductor deal, plans to hire more people in the new year. Economists call it “multiplying the effect.” I call it my financial plan at work.

There’s no denying that it’s been a tough few years, with the global pandemic and global inflation lasting longer than anyone expected. But as we look back to 2022 — and look forward to what’s to come — I’ve never been more confident in what the American people and the American economy can achieve.

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