Steve Corbin is emeritus professor of marketing at the University of Northern Iowa and a freelance writer who receives no remuneration, funding, or endorsement from any for-profit business, nonprofit organization, political action committee, or political party.
Before we get too far into the new year, let’s review the immediate past, present, and future of America’s political, economic and social fabric.
Although many analysts predicted a recession would occur in 2023, U.S. Treasury Secretary Janet Yellen reported in December: 1) Federal Reserve actions brought inflation down from 9.1 percent in 2022 to 3.1 percent, 2) 2023 annualized growth averaged around 3 percent, 3) new business startups were at a record pace, 4) the unemployment rate fell below 4 percent, and 5) the typical middle-income households had higher earnings, more wealth, and more purchasing power than before the pandemic.
Research reveals four economic measures payed off handsomely for Americans: 1) the $1.9 trillion American Rescue Plan, enacted in 2021, 2) the $1.75 trillion Infrastructure Investment and Jobs Act, also from 2021, 3) the $1.2 trillion Inflation Reduction Act, enacted in 2022, and 4) the $280 billion CHIPS and Science Act, also from 2022. Amother other benefits, the American economy produced more goods and services (up 2.6 percent), and wage gains outpaced inflation and will be even more significant in 2024.
Other notable trends from 2023: 1) the crime rate went down, 2) U.S. carbon emissions continued to fall, and 3) all three major stock indexes soared, boosting the retirement savings of more than 150 million Americans.
For the first time in decades, Americans could earn around 5 percent from their savings and money-market accounts in 2023, which increased the financial well-being of tens of millions of people.
Presently, we’re witnessing a boom in cleaner energy, and the cost of metals used to make batteries will remain low in 2024. Additionally, strong oil-production growth in North America and increasing global refining capacity should keep gasoline prices down this year.
Since Congress raised the U.S. debt ceiling last June, the GOP-controlled House of Representatives has only passed seven of the twelve appropriation bills they promised to approve in the fall. National debt remains a critical problem; it grew $8.2 trillion (40.43 percent increase) during Donald Trump’s presidency and $1.8 trillion (6.33 percent) since Joe Biden has been president.
For the future, CRINK is the new acronym patriotic and democracy-loving Americans should remember: China, Russia, Iran and North Korea. The CRINK’s show no signs of easing up on cyberattacks nor infiltrating Americans with disinformation, misinformation, social media propaganda, artificial intelligence interference and fake political ads in 2024 similar to the 2016 presidential election. CRINK’s implicit and explicit war against Ukraine, Taiwan, Israel-Hamas-Gaza and United States – to name a few — will continue. A strong president who opposes CRINK dictators versus honoring their autocratic leaders is paramount.
The U.S. Supreme Court is poised to decide some important matters this year, including: 1) what presidential immunity means, 2) what defines interfering with the counting of electoral votes, 3) do states control the election process, 4) is a president an “official” of the government (Article I, Section 3 of the Constitution), 5) was Trump engaged in re-election activities or presidential duties when he did nothing for 187 minutes during the Jan. 6, 2021 Capitol attack and 6) was the January 6 attack a normal tourist visit or a planned insurrection?
Although the Supreme Court overturned Roe v. Wade in the June 2022 Dobbs decision, Pew Research Center polling shows 62 percent of Americans’ support legal abortion. Besides women’s reproductive rights, immigration reform will also be on the November 5, 2024 ballot.
Bipartisan deals on immigration have eluded lawmakers and presidents for three decades. Knowing Congress is so divisive and the asylum law is complicated, politicians will most likely kick the can down the road and claim the 300,000/month migrant issue will be settled on November 5. Common sense knows better. For the record: Trump only had 517 immigration judges on the bench in 2020, and Biden has increased that number by 42 percent to 734 judges.
There are 8.75 million indigenous Native Americans and Alaska Natives in the US (around 2 percent of the total population). Since the remaining 98 percent of Americans are descendants of an immigrant family, it is ironic—and sad—when the benefits of immigration are questioned and our elected delegates can’t resolve the issue.
Finally, after the 2024 general election, Americans will know whether they remain in a democracy or have reverted to living in a populist authoritarian country.
Issues to be resolved are plentiful, and there were many I didn’t touch on in this column. 2024: here we come, ready or not.
Top image of American flag is by Noah Wulf and available via Wikimedia Commons.