President Biden, Biden And President Biden discussed on The Last Word with Lawrence O'Donnell


Well it just one hundred one days into president biden's term six months after his election. The new president has already proven that the trump republican claims about a biden economy. Were total lies ahead. A headwind on the stock market. Because if he gets in the market will crash not only is the economy booming under biden. But we're at a transformational moment for the american economy. A moment that could improve the course of the nation for generations to come in one hundred and one days president biden has overseen a really strong start to our economic recovery as more americans get vaccinated and a return to pre pandemic life is in sight household incomes increased in march by twenty one point one percent the largest monthly increase since one thousand nine hundred fifty nine largely due to the stimulus checks in president. Biden's american rescue plan in the first three months of this year the gross domestic product. Gdp increased at an annual rate of six point four percent that's the second largest quarterly increase since two thousand and three and the stock market is performing the best that it has performed during the first one hundred days of a presidency going back to at least the nineteen fifties and the eisenhower administration. But of course lots of people don't benefit from a rising stock market poverty has deepened. in america it's expanded for many during the pandemic the inequality gap grew especially for black and brown communities. Women have been disproportionately affected by job loss. So as this recovery takes shape and builds the important question becomes what those at the bottom of the economic ladder will be left behind. Will the post cova dichotomy benefit. Those who have been traditionally marginalized. Well that's at the core of biden's proposals which he detail during his address to congress this week president biden wants to use the incredible power of the presidency to share the financial prosperity that usually benefits the rich particularly in the wake of a recession. That's the complete opposite of what trump and republicans gave us the last four years. Many voters supported trump. Because they thought that he would do wonders for the economy which was turns out based on reality show gimmicks phony business credentials credentials and some straight up lies. It didn't do that. He just wrote the successes that president obama had laid out for along the way he did. Help top earners corporations through some massive tax cuts which increased inequality for most americans. The first real test of trump's ability to manage economic troubles was the coronavirus pandemic and that's when the world saw what many of us already knew. He wasn't up to the job and his failure to manage the pandemic meant that the economic of covert would last far longer and hurt many more americans than it would have now instead of injecting bleach. President biden and democrats are injecting cash into the economy to help it grow to better the lives of average americans. That's why he's proposing to reduce the cost of childcare to ensure paid family and medical leave to extend the child tax credit to expand access to care for older and disabled people and to offer free universal preschool and two years of free community college. Twi the president just raised the minimum wage for federal contractors to fifteen dollars an hour. Which is interesting. You can be a federal employee and earn less than that is creating a roadmap for tangible long-term economic progress for working people just like fdr did with the the new deal and after the great depression. President biden is america to understand. The government can adapt and respond to the economic needs of a nation that is emerging from a once in a generation. Recession biden's economic vision is bold but boldness is what this country needs right now to ensure that all americans not just the top one percent or the top five percent or the top ten percent recover and flourish leading off our discussion tonight. Mark zandi chief economist for moody's analytics markets. Good to see you. Thank you for being with us. I want you to give us some sense of this economy that we are in right now and why it's happening. Why the stock market is performing as well as it is why. Gdp growth was as strong as it was. How much of that has to do with biden. How much of it has to do with the end in sight of corona virus alley

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