June 7, 2022/Media, Press

How Biden’s Economic Plan Is Working for North Carolina

Thanks to President Biden, Governor Cooper and Democrats’ economic plan, North Carolina’s unemployment is down, incomes are rising, and our country is in a good position to fight inflation – and no thanks to North Carolina Republicans, including GOP U.S. Senate candidate Ted Budd, who voted against the American Rescue Plan and are more focused on helping their ultra-rich friends and trying to grab power than working towards solutions. 

“As President Biden remains laser-focused on tackling inflation and lowering costs for North Carolina families, our economy is on a steady path to recovery under the president, Governor Cooper and Democrat’s leadership. In North Carolina, the unemployment rate is down, job creation is up, and small business owners are getting back on their feet. Republican control of our economy would mean tax hikes for nearly 40 percent of North Carolinians and the potential end to our seniors’ hard-earned benefits,” said NCDP Spokesperson Ellie Dougherty

Here are five key points about the current economy and how we got here:

  • President Biden, Governor Cooper and Democrats have delivered one of the strongest job markets in North Carolina’s history
    1. When President Biden took office, the unemployment rate was 5.5 percent in North Carolina. Thanks in large part to President Biden, Governor Cooper and Democrats, North Carolina’s economy has added 235,400 jobs, the unemployment rate has dropped to 3.4 percent, and initial claims for unemployment insurance have fallen by 86 percent.
  • After shrinking in 2020, North Carolina’s economy is growing fast
    1. In the fourth quarter of 2021, North Carolina’s real GDP grew 7.6 percent annually – a stark contrast with 2020 when the state’s GDP actually decreased by 1.3 percent. In particular, in North Carolina’s largest sector, financial services and real estate, real GDP grew by 5.3 percent in the fourth quarter of 2021.  
  • Democrats are helping small business owners get started while Republicans have a plan that could raise their taxes
    1. During President Biden’s first year in office, North Carolinians applied to start more new small businesses than any other year since 2005. Meanwhile, Republicans have a plan that could raise taxes on 56.3 percent of all North Carolina small business owners, and 83.1 percent of small businesses owners making less than $50,000 per year. On average, the small businesses owners affected by this plan could see their taxes go up by $1,800.  
  • Since President Biden and Democrats’ American Rescue Plan, poverty was projected to decrease in North Carolina
    1. Thanks in large part to Democrats’ American Rescue Plan – which passed without any support from congressional Republicans – poverty in North Carolina was projected to decrease from 13.8 percent in 2018 to 7.2 percent in 2021, and for children under 18, from 15.0 percent in 2018 to 5.6 percent in 2021.  
  • Democrats are taking action to address inflation
    1. To help drive down costs, President Biden has authorized unprecedented releases from the U.S. oil reserves and House Democrats have passed legislation that would prevent price gouging on gas – no thanks to the Republicans who all voted against it. Meanwhile, President Biden’s Bipartisan Infrastructure Law and the American Rescue Plan are helping to lower costs on everything from child care to high-speed internet, and helping to bolster supply chains to make it easier for goods to get where they’re going.