The American people are getting vaccinated and spending their stimulus checks as retail sales grew by 9.8% in March.
Advance retail sales rose 9.8% for the month, the Commerce Department reported Thursday. That compared to the Dow Jones estimate of a 6.1% gain and a decline of 2.7% in February.
A separate report showed that first-time filings for unemployment insurance plunged, with the Labor Department reporting 576,000 new jobless claims for the week ended April 10. That was easily the lowest total since the early days of the Covid-19 pandemic and represented a sharp decline from the previous week’s total of 769,000.
Democrats knew that the key to jumpstarting the economy was giving working-class Americans the money that they needed when they needed it. The US is a consumer economy, so the stimulus was needed to get consumer spending moving again, which also helped to put people back to work.
The other critical element is the successful vaccine rollout by the Biden administration. As more Americans get vaccinated, they are starting to go out to restaurants and bars.
The Republican plan to give more money to rich people and corporations while resisting more stimulus for the rest of America was a recipe for long-term recession and economic suffering.
Biden and congressional Democrats knew what they were doing and are on pace to build an economy that blows Trump‘s fake “greatest economy in the history of the world” out of the water.
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Mr. Easley is the managing editor. He is also a White House Press Pool and a Congressional correspondent for PoliticusUSA. Jason has a Bachelor’s Degree in Political Science. His graduate work focused on public policy, with a specialization in social reform movements.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association