Thanks in part to President Biden and Democrats’ economic plan, Georgia unemployment is down, incomes are rising, and our country is in a good position to fight inflation – no thanks to Republicans, who voted against the American Rescue Plan and are more focused on helping their ultra-rich friends than working towards solutions.
Here are five key points about the current economy and how we got here:
1. President Biden and Democrats have delivered one of the strongest job markets in Georgia history.
When President Biden took office, the unemployment rate was 4.8% in Georgia. Many Georgians were relying on unemployment insurance to feed their families and keep a roof over their heads.
Thanks in large part to President Biden and Democrats, Georgia’s economy has since added 287,000 jobs, recovering 116% of the jobs lost between February 2020 and April 2020. Today, the unemployment rate in Georgia is down to 3.1%, and initial claims for unemployment insurance have fallen by 96%. After the pandemic put so many out of a job, Georgians are getting back to work thanks to the American Rescue Plan – and no thanks to congressional Republicans who opposed the critical relief package.
2. After shrinking in 2020, Georgia’s economy is growing fast.
In the fourth quarter of 2021, Georgia’s real GDP grew 7.5% at an annual rate – a substantial acceleration compared with 2020, when Georgia’s GDP decreased by 2.9%, and compared with 2019, when Georgia’s GDP grew by just 3.2%.
3. Democrats are helping small business owners get started while Republicans have a plan that could raise their taxes.
Residents of Georgia applied to start more new businesses during President Biden’s first year in office than in any other year since the series started in 2005. Congressional Republicans’ tax plan would raise taxes on 58.3% of small business owners in Georgia, and 84.8% of small business owners earning less than $50,000 per year. The typical affected small business owner would see their taxes increase by $2,000.
4. Since President Biden and Democrats’ American Rescue Plan, poverty was projected to decrease in Georgia.
Thanks in large part to Democrats’ American Rescue Plan – which passed without any support from congressional Republicans – poverty in Georgia was projected to decrease from 14% in 2018 to 7.8% in 2021, and for children under 18, from 14.8% in 2018 to 6.4% in 2021.
5. Democrats are taking action to address inflation.
To help drive down costs, President Biden has authorized unprecedented releases from the U.S. oil reserves and House Democrats have passed legislation that would prevent price gouging on gas – which all Republicans voted against. Meanwhile, President Biden’s Bipartisan Infrastructure Law and the American Rescue Plan are helping to lower costs on everything from child care to high-speed internet, and helping to bolster supply chains to make it easier for goods to get where they’re going.
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