Biden’s Strongest Economic Recovery

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Biden's Strongest Economic Recovery Worldwide

Economists predicted a recession after the covid pandemic. 

They are shocked at how strong our economy has come back and how much better our economy is compared to most countries worldwide, including the European Union.

Under Biden, we did what many, possibly most, economists thought impossible: lowering inflation a lot without a recession or a big rise in unemployment.  Now:

  • Job satisfaction is at its highest level in 36 years.
  • Household net worth is growing.
  • Over the last 4 years, incomes in the US rose almost 3% beyond inflation, while most other leading countries had declining incomes.
  • For example, Italian incomes declined 9% and German incomes declined 7.2%.

Biden’s Record Job Creation & Unemployment

In his first 3 years, Biden created 14.8 million new jobs, more jobs than created under any other president in a full 4-year term in all our history. 

  • In contrast, Trump was the first president since Herbert Hoover to end his presidency with LESS Americans working than when he became president.

Biden gave us record low unemployment. 

  • In just 3 years, Biden got unemployment to the lowest it has ever been since 1969.
  • Unemployment has been below 4 percent for the longest time in over half a century.

Biden’s Economic Growth

Under Biden, our growth in GDP (gross domestic product) is 3 times the average growth under President Donald Trump.

  • Our GDP is 7% larger than it was before the pandemic.
  • In the same period, Germany has barely any growth at all: 0.3%.

After the highest inflation in 40 years because of covid, supply chain issues and price gouging by corporate monopolies, inflation plummeted to at or very near the Fed’s goal rate of 2% for 6 months in 2023 but now has gone up a little above the target again, yet still below the inflation at similar points when Clinton and Reagan were the presidents. 

Biden lowered the budget deficit by $1.7 trillion, from 15.6% of GDP at the end of the Trump presidency all the way down to 5.5% of GDP. 

Biden’s Manufacturing Boom

Biden has created an explosion of manufacturing construction, mostly involving jobs that don’t require college degrees, even throughout red states in America.

  • Biden gave us “the most concentrated burst of public and private investment since the 1960s.”
  • Under Biden, the construction of manufacturing facilities has nearly tripled and we have 800,000 new manufacturing jobs.
  • Under Biden, the US is producing more oil and gas than any other country in history, even Saudi Arabia or Russia.
  • Biden passed major bills to promote manufacturing in both semiconductors and green energy.
  • Under Biden in 2023, private investment in manufacturing structures was the highest ever recorded!
  • Under Biden, companies have announced $650 billion in investments in advanced manufacturing and clean energy in the United States.
  • Biden invested more in infrastructure than we have in decades, resulting in 46,000 new projects to modernize our roads, bridges, ports, airports, and public transit systems.
  • Biden’s Chips and Science Act is investing more in research and development than ever before.
  • Some of Biden’s seed money for new jobs requires companies to pay good wages or provide child care for workers.

Trump Mostly Neglected Manufacturing

  • As president, Trump declared “Infrastructure Week” several times but never passed anything to build infrastructure.
  • Trump’s tariffs on steel, aluminum, washing machines, etc. raised consumer prices, made US manufacturing less competitive, and destroyed jobs.
  • During Trump’s 4 years as president, we lost 75,000 manufacturing jobs.
  • Trump hasn’t learned anything from this.
  • He still wants more and bigger tariffs.
  • Trump wants to end China’s favored nation status, which would raise tariffs on many Chinese goods 40%.
  • Trump even wants to ban Chinese products like electronics, steel and medicines, which would be hard to replace and surely cost us more.
  • In the four years of Donald Trump’s administration, spending on manufacturing facilities only grew 5%. 

Biden’s Great Stock Market

Our 2024 stock market has hit record highs in both the Dow Jones Industrial Average and the S&P 500. 

  • The S&P 500 is up 34% since Biden’s inauguration.
  • At the same point in Trump’s presidency, the S&P 500 only rose 6% since Trump’s inauguration.

Historic Wage Growth For Regular Americans

For the first time in decades, pay for those in the middle class and lower classes is consistently growing more than pay for the richest Americans.

Wages are now growing faster than the cost of living.