PENNSYLVANIA — In just a little over 10 months, the positive impact President Biden has had on Pennsylvania’s economy is impossible to miss. Thanks to his American Rescue Plan, his continuing tax cut for working families and the historic investments set to come from the Bipartisan Infrastructure Law, Pennsylvania’s economy is roaring back.
Just in time for the holidays, President Biden’s economic plan is working for families and small businesses across the commonwealth. Gus Faucher, the chief economist for PNC Financial Services Group, reports consumer demand is strong, retail sales are up, and thousands across Pennsylvania are back to work.
Thanks to President Biden and the Democrats, the stimulus payments from the American Rescue Plan and the historic child tax credit: households have an extra $2.5 trillion in savings compared to before the pandemic, which gives them plenty of cash to buy presents.
Another positive for holiday spending this year, Faucher notes, is the recovering labor market. The economy has added almost 6 million jobs over the past year, and the average hourly wage is up almost 6% from 2020. Not only is that good news nationally, but President Biden’s plan can be seen working right here in Pennsylvania. Local employment is up by about 30,000 over the past year.
“As we head into the holiday season and working families across the commonwealth have more money in their pockets, they are reminded of what so many Pennsylvanians have felt since the start of Joe Biden’s presidency: Democrats are delivering,” said Rosie Lapowsky, PA Dems Spokesperson.
“From providing needed relief to local communities, to delivering a middle class tax cut to working parents, President Biden’s agenda has been crucial to Pennsylvania’s recovery. Thanks to the Build Back Better agenda, retail sales are soaring, jobless claims are hitting pandemic era lows, and small businesses are able to stay open thanks to pandemic relief grants.”
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