Facts about the US economy from the State of the Union Speech by President Biden

Here are some facts about the US economy that I learned from President Joe Biden's State of the Union Address. I just wanted to learn about the progress made by the US economy so I copied and pasted the portions of the speech relating to the economy from the text of the speech into this blog. If you would like to read the entire speech you can find it in WH.gov. The speech is full of info about several topics. "America’s comeback is building a future of American possibilities, building an economy from the middle out and the bottom up, not the top down, investing in all of America, in all Americans to make sure everyone has a fair shot and we leave no one behind! I inherited an economy that was on the brink. Now our economy is the envy of the world! 15 million new jobs in just three years – that’s a record! Unemployment at 50-year lows. A record 16 million Americans are starting small businesses and each one is an act of hope. With historic job growth and small business growth for Black, Hispanic, and Asian-Americans. 800,000 new manufacturing jobs in America and counting. More people have health insurance today than ever before. The racial wealth gap is the smallest it’s been in 20 years. Wages keep going up and inflation keeps coming down! Inflation has dropped from 9% to 3% – the lowest in the world! And trending lower. And now instead of importing foreign products and exporting American jobs, we’re exporting American products and creating American jobs – right here in America where they belong! And the American people are beginning to feel it. Consumer studies show consumer confidence is soaring. Buy American has been the law of the land since the 1930s. Past administrations including my predecessor failed to Buy American. Not any more. On my watch, federal projects like helping to build American roads bridges and highways will be made with American products built by American workers creating good-paying American jobs! Thanks to my Chips and Science Act the United States is investing more in research and development than ever before. During the pandemic a shortage of semiconductor chips drove up prices for everything from cell phones to automobiles. Well instead of having to import semiconductor chips, which America invented I might add, private companies are now investing billions of dollars to build new chip factories here in America! Creating tens of thousands of jobs many of them paying over $100,000 a year and don’t require a college degree. In fact my policies have attracted $650 Billion of private sector investments in clean energy and advanced manufacturing creating tens of thousands of jobs here in America! Thanks to our Bipartisan Infrastructure Law, 46,000 new projects have been announced across your communities – modernizing our roads and bridges, ports and airports, and public transit systems. Removing poisonous lead pipes so every child can drink clean water without risk of getting brain damage. Providing affordable high speed internet for every American no matter where you live. Urban, suburban, and rural communities — in red states and blue. Record investments in tribal communities. Because of my investments, family farms are better be able to stay in the family and children and grandchildren won’t have to leave home to make a living. It’s transformative. "