President Joe Biden sees a nation with its future aglow. Republicans take a far bleaker view — that the country is beset by crushing debt and that Biden is largely responsible for inflation.
WASHINGTON — Going into Tuesday's State of the Union address, President Joe Biden sees a nation with its future aglow.
On Friday, the president said the proof was in the January employment report. It showed 517,000 jobs were added as the unemployment rate fell to 3.4%, making it “crystal clear” that his “chorus of critics” were wrong. “It’s the best of times and the worst of times for the U.S. economy, to borrow a phrase,” said Mark Zandi, chief economist at Moody's Analytics. “The economy is full of contradictions as it struggles to get beyond the massive global shocks of the pandemic and the Russian invasion of Ukraine.”
Only 24% of adults call the national economy good and 76% say conditions are poor, according to a poll by The Associated Press-NORC Center for Public Affairs Research. At the same time, 57% say their personal financial situation is good. That’s unchanged since December, but it has eroded slightly since earlier last year when 62% felt positively about their finances.
The past year's rate jumps produced a sudden whiplash. The stock market fell. Prominent tech companies such as Google and Microsoft recently announced layoffs. Even as computer chip companies began building new plants and crediting Biden's policies, the world economy swung from a dearth of semiconductors to a glut. Mortgage rates initially doubled to over 7%, before falling back a bit to 6% last week.
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