For Immediate Release
Wednesday, June 8, 2022
Contact: Aida Ross, aross@azdem.org
 
How Biden’s Economic Plan is Working for Arizona
 

Thanks to President Biden and Democrats’ economic plan, Arizona’s unemployment is down, incomes are rising, and our country is in a good position to fight inflation. This growth is despite Republican efforts to block the American Rescue Plan as the GOP continues to focus on helping their ultra-rich friends and gaining power as they continue to leave Arizonans hanging. 

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

1. President Biden and Democrats have delivered one of the strongest job markets in Arizona history

When President Biden took office, the unemployment rate was 6.1% in Arizona. Thanks in large part to President Biden and Democrats, the Arizona economy has added 152,500 jobs, the unemployment rate has dropped to 3.2%, and initial claims for unemployment insurance have fallen by 81%.
 
Many Arizonans were relying on unemployment insurance to feed their families and keep a roof over their heads. Today, thanks in large part to Democrats’ American Rescue Plan, the unemployment rate in Arizona is down to 3.2%. After the pandemic put so many out of a job, Arizonans are getting back to work thanks to the American Rescue Plan – and no thanks to congressional Republicans who opposed the critical relief package. 
  
2. After shrinking in 2020, Arizona’s economy is growing fast

In the fourth quarter of 2021, Arizona’s real GDP grew 6.2% annually – a stark contrast with 2020 when the state’s GDP only increased by 0.8%. In particular, in Arizona’s largest sector, financial services and real estate, real GDP grew by 7.5% in the fourth quarter of 2021.  
 
3. Democrats are helping small business owners get started while Republicans have a plan that could raise their taxes

During President Biden’s first year in office, Arizonans applied to start more new small businesses than any other year since 2005. Meanwhile, Republicans have a plan that could raise taxes on 55.1% of all Arizona small business owners, and 83.7% 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 $1,600. 
 
4. Since President Biden and Democrats’ American Rescue Plan, poverty was projected to decrease in Arizona

Thanks in large part to Democrats’ American Rescue Plan – which passed without any support from congressional Republicans – poverty in Arizona was projected to decrease from 14.5% in 2018 to 8.3% in 2021, and for children under 18, from 15.6% in 2018 to 6.5% in 2021. 
 
5. Democrats are taking action to address inflation

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. 
 

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