U.S. Economy Continues to Boom
In 2022, the U.S. economy continues to grow at unprecedented rates.
More than 6 million jobs were created last year, the largest number in history.
Unemployment was cut in half since last year, with jobless claims at the lowest level since the 1960s.
The past year is the first time this century that the United States is growing faster than China.
The US is experiencing the highest rate of economic growth since Regan's first term.
Largest drop in people claiming unemployment benefits in US history.
Since Biden took office, 1.36 million small business jobs have been created.
Part of the reason the United States has been able to sustain major growth is because the Biden Administration has been proactive in dealing with inflation caused by factors outside the U.S. 's control.
To manage inflation and high gas prices caused by Putin’s invasion of Ukraine and high-demand post-pandemic, President Biden authorized the release of 1 million barrels per day for the next six months from the Strategic Petroleum Reserve. Increasing the gas supply has caused gas prices to decline.
The Biden Administration has also made plans to increase domestic food production and lower the cost of groceries, which have been largely affected by the lack of exports from Ukraine and Russia, the largest and sixth-largest producer of wheat in the world.