How Biden’s Economic Plan is Working for Tennessee
Thanks in part to President Biden and Democrats’ economic plan, Tennessee 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 and trying to grab power than work towards solutions.
Here are five key points about the current economy and how we got here:
- President Biden and Democrats have delivered one of the strongest job markets in Tennessee history
When President Biden took office, the unemployment rate was 5.2% in TN. Thanks in large part to President Biden and Democrats, the TN economy has added 152,400 jobs, the unemployment rate has dropped to 3.2%, and initial claims for unemployment insurance have fallen by 88%. Many Tennesseeans were relying on unemployment insurance to feed their families and keep a roof over their heads.
- After shrinking in 2020, Tennessee’s economy is growing fast
In the fourth quarter of 2021, TN’s real GDP grew 9.9% annually – a stark contrast with 2020 when the state’s GDP actually decreased by 1.4%. In particular, in TN’s largest sector, financial services and real estate, real GDP grew by 7.8% in the fourth quarter of 2021.
- Democrats are helping small business owners get started while Republicans have a plan that could raise their taxes
During President Biden’s first year in office, Tennesseeans applied to start more new small businesses than any other year since 2005. Meanwhile, Republicans have a plan that could raise taxes on 56.5% of all TN small business owners, and 81.9% of small businesses owners making less than $50,000 per year. On average, the small businesses owners affected by this plan could see their taxes go up by $1,800.
- Since President Biden and Democrats’ American Rescue Plan, poverty was projected to decrease in Tennessee
Thanks in large part to Democrats’ American Rescue Plan – which passed without any support from congressional Republicans – poverty in TN was projected to decrease from 13.8% in 2018 to 7.7% in 2021, and for children under 18, from 15% in 2018 to 6.1% in 2021.
- 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 – no thanks to the Republicans who all voted against it. 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.
Source: TNDP Press Release, June 7, 2022.