Ambrose is wrong. Biden’s economy works

Jay Ambrose's Mar. 19 syndicated column would have made Tennessee Williams scream mendacity. In it, Ambrose spouts typical right-wing nonsense, ignoring obvious factual information. To correct:

First, economic analyst Steven Rattner reported that according to The Economist, since the end of 2019, the American economy has grown about 8% while the European Union has grown about 3%, Japan 1%, and Britain not at all. Rattner and economist Brendan Duke reported that entrepreneurship in the U.S. is booming, with 5.2 million “likely employer” business applications filed between January 2021 and December 2023, more than a 33% increase over those filed between 2017 and 2019.

Economists Justin Wolfers and Arin Dube noted that, as Wolfers wrote, “[f]or the first time in forever, real wage gains are going to those who need them most.” Wages have gone up for all but the top 20% of Americans, whose wages have fallen, reducing inequality.

Furthermore, Ambrose blathers about the tax rate the wealthy pay is the highest in the First World. But because most of the pay is untaxed as stock options the wealthy do not pay the highest taxes in the First World. It is estimated that since 1980 around $50 trillion dollars has shifted from the lower and middle class population to the top 1% of the population.

Want to see the end result of what the Republicans and their anti-government program will lead to, visit Haiti.

There is nothing wrong with the Biden economy — it works for everyone.

David Huddle

Cedar Rapids