Ahead of President Joe Biden’s election-year State of the Union address to Congress, here’s a look at the data behind some of the topics and policies he could bring up Thursday evening.
Economy is solid, but prices remain sky-high
After inflation rose in 2021 and soared for most of 2022, it cooled to more reasonable levels by the end of 2023 and without triggering a recession.
In January, the unemployment rate held steady at just 3.7%. And stock markets have been rallying since October. The S&P reached a new all-time high and notched its best showing in a year.
Still, Americans are feeling the effects of rising home prices and mortgage rates, putting home ownership and the “American Dream” out of reach for many.
The Biden administration has forgiven $138 billion in student loan debt for 3.9 million borrowers through a variety of programs.
The president’s broad, one-time student debt cancellation plan, which would have erased $430 billion in total federal debt for borrowers, was struck down by the Supreme Court last year.
Abortion is currently banned or restricted in 21 states, concentrated in the southeastern quadrant of the country. The Supreme Court’s June 2022 ruling in Dobbs v. Jackson Women’s Health Organization, which eliminated a constitutional right to abortion nationwide, has created a patchwork of state laws and an increasingly fragmented abortion landscape.
The Supreme Court also reentered the abortion debate late last year and is slated to review a Texas lower court’s decision regarding access to medication abortion later this month. The high court could choose to protect full access to the abortion pill, or enforce restrictions such as revoking mail order access.
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