Editorial note: The following op-ed was submitted by Joe Biden, the 46th president of the United States.
Americans have been through a tough few years, but I am optimistic about our country’s economic prospects. Americans’ resilience has helped us recover from the economic crisis created by the COVID-19 pandemic, families are finally getting more breathing room, and my economic plan is making the United States a powerhouse for innovation and manufacturing once again.
We are seeing the results. The economy has created more than 10 million jobs since I took office, and the unemployment rate is near a 50-year low. The unemployment rate for Black Americans and Hispanic Americans is near historic lows. The number of Americans filing for bankruptcy is half its pre-pandemic rate. 2021 and 2022 are on track to be the best and second-best years for small business applications on record.
For too long, we were told that the best way to grow our economy was for government to cut taxes for the wealthy and cut regulations for big corporations. That trickle-down vision never worked for working peopleI have a different vision for our economy. A vision based on the simple idea that, when we grow our economy from the bottom up and the middle out, not only do the poor and the middle class have a ladder up, the wealthy do too.
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