ICYMI: President Biden's Economic Plan is Working as Economy Rebounds from Pandemic's Effects

This morning's Axios newsletter highlights the President Biden's economic plan is working, stating "America's economy is emerging from the pandemic with more well-paying jobs for those who want them, less hunger, less poverty, higher wages, less inequality, and more wealth for everyday Americans."

• Stimulus checks lifted nearly 12 million Americans out of poverty, according to new census data this week. Government programs also saved millions of people from losing their health insurance, even as millions lost their jobs.
• The average wage now stands at $30.73 per hour, up 8% from $28.51 in February 2020.
• Household wealth for the bottom 50% of the population stood at a record $2.62 trillion at the end of the first quarter — up 30% from the end of 2019.

Per the Wall Street Journal reporting on the U.S. economy's resurgence in the face of the Delta variant, economists are optimistic that the economy will continue to enjoy a boom "as more Americans become vaccinated and feel safe again to venture out, and as product shortages ease."

In addition, the reporting highlights:

• "The U.S. economy is proving resilient in the face of the Delta variant. Americans briskly increased spending at retailers last month, while employers have largely resisted the urge to lay off workers, the government reported Thursday, both signs of strong demand in the economy."
• Ian Shepherdson, chief economist at Pantheon Macroeconomic Advisers, said in a note to clients. In an interview, he added that clients have asked whether Delta spelled the end of the recovery. "Absolutely not," he said. "It's an external shock that's denting it temporarily."
• "Broader forces are lifting the retail sector and economic recovery: a historically high level of savings, strong job growth and rising wages...Retail sales—including spending on restaurant meals, cars, cellphones and computers—are a big slice of consumer spending, which itself is the largest source of economic demand in the U.S."