The State of the Union Review
An economy college students can thrive on
February 17, 2023
The State of the Union Address is the annual speech that the president delivers to Congress required by the Constitution. The address captures the issues and accomplishments that currently presided over the nations. The president also informs Congress about what his plans are for the future.
President Joe Biden’s State of the Union Address last week made a focal point of America’s economy as he addressed manufacturing jobs to inflation. Why the economy? Interestingly enough, according to the Pew Research Center, the economy is the primary concern among voters. Here’s a highlight of the nation’s economic status.
Made in America
Biden addressed the computer chip shortage in cars and how Americans were unable to buy cars due to the issue. The consensus was that more items need to be made in America. More manufacturing jobs is Biden’s solution to the computer chip issue and other future shortages.
Making everything in America might not be feasible in the long-run. America is losing the biggest part of the workforce with baby boomers retiring. Millennials and Gen Z do not make up enough of the population to sustain the production expectations of the future. On top of that, there’s a substantial number of millennials and members of Gen Z who are unwilling to perform manufacturing jobs.
Unemployment rate at 3.4%, a 50-year low. Near record low unemployment for Black and Hispanic workers.
Our unemployment rate is as low as it’s been in the modern era. During Biden’s first year in office, he “created 800,000 good-paying manufacturing jobs.” Incentivizing people to work in manufacturing jobs. But the so-called “blue collar blueprint” Biden refers to might not be effective as it once was. Due to the fact that inflation determines whether the jobs provided are “good-paying.”
Inflation has fallen every month for the last six months while take home pay has gone up.
Biden reported that inflation on gas and food was going down. Although there is a downward trend, the rates of inflation are still very high. The inflation rate on real wages appears to be quite complicated. Real wages today appear to be less than a year ago.
Let’s finish the job, connect students to career opportunities starting in high school and provide two years of community college, some of the best career training in America, in addition to being a pathway to a four-year degree.
Education in America is directly related to wealth. Those who earn college degrees are more likely to have well-paid jobs. Career searching can be hard. Biden has provided jobs for Americans to give people the option. Regardless of education, people should have a job they are proud of.
…we’re building an economy where no one is left behind.
In the past few years, there has been notable social polarization between different types of people. Hopefully a strong economy can bridge the social gaps between the classes.
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