Rhett Buttle Looks Ahead to State of the Union Address, Shares Economic Outlook for 2024

March 7, 2024

WASHINGTON, D.C. – This evening, President Biden will deliver the State of the Union Address and is expected to discuss the economy and the strength of small businesses as a critical part of America’s economic resurgence.


Ahead of the President’s address, Rhett Buttle, Founder, Public Private Strategies & President, Public Private Strategies Institute, released the following statement:


“Three years ago, the American economy was on the brink. We were in the midst of a deadly pandemic. Small businesses across the country were struggling with the fallout from COVID. Attacks on the foundation of American democracy had rattled consumer and investor confidence. 


“The past three years have been defined by America’s historic economic resurgence thanks to bipartisan investments in infrastructure, manufacturing, workers, and small businesses. The provisions of the American Rescue Plan, Bipartisan Infrastructure Law, CHIPS and Science Act, and the Inflation Reduction Act are generating impressive economic growth that is fueling a small business boom and benefiting Americans across the economy.


“The proof is in the data. Consumer sentiment is approaching the highest levels we’ve seen since the onset of COVID. Inflation has cooled to 3.1%. Wage growth has been steadily above 5% for the past two years, with most of the wage gains benefitting middle-income and low-income households. The stock market continues to hit record highs. There have been 16 million new small business applications in the past 3 years, the strongest period on record. And unemployment remains well below 4%. 


“Despite these successes, there is so much work to be done at home and abroad to defend democracy and strengthen the economy. We need to continue to focus on protecting our democracy, the foundation of a strong economy. We must continue investing in economic policies like tax fairness and lowering healthcare costs that help small businesses thrive. And we must continue targeting investments to historically disadvantaged small businesses to create a fair economy full of Good Jobs and strong growth. 


“The Administration has indicated that they are ready to double down on its investment in American jobs and American businesses by promoting competition, slashing junk fees and price gouging, and building a business environment with a level playing field. Small business and the private sector must be at the center of this work, and we at Public Private Strategies look forward to working with the President and all policymakers -- across any affiliation -- to do this work.”


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