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The purchasing power for American households has surpassed pre-pandemic levels, according to an analysis published by the U.S. Department of the Treasury. In 2023, the median American worker can afford the same goods and services as they did in 2019, plus an additional $1,000 to spend or save because median earnings rose faster than prices, the analysis says.
The 4.9 percent increase in GDP is a great headline for “Bidenomics” at a time when voters just aren’t buying what the president has done for their bank accounts.
Economists predict this may be as good as it gets for the near future.
From Bloomberg: The factory-building boom that's sweeping the U.S. is not happening in other advanced economies, the Treasury Department said, highlighting a gap that's opening up as the Biden administration plows cash into incentives to spur domestic manufacturing.