Biden’s economy is thriving by all traditional markers.
According to the Joint Economic Committee:
“The U.S. economy improved more during President Joe Biden’s first year in office than in the first 12 months of any other president in the past 50 years. Job growth, economic growth, retail sales and business creation are all up, while unemployment and unemployment insurance claims are down significantly” [Source]
Moreover, the economy always does better under Democratic presidential administrations than Republican administrations.
In particular, the report finds that since 1949:
- Annual real GDP growth is 1.2 percentage points faster during Democratic administrations than Republican ones (3.79% versus 2.60%).
- Total job growth has averaged 2.5% annually during Democratic administrations, while it is barely over 1% annually during Republican administrations. Applied to today’s total workforce, this would imply nearly 2.4 million more jobs created every year under Democratic administrations.
- The Democratic advantage is even larger in private job growth than it is for total job growth. Notably, business investment is higher during Democratic administrations, with investment growth running at more than double the pace than it does during Republican ones.
- Average rates of inflation—both overall and “core” measures that exclude volatile food and energy prices—are slightly lower during Democratic administrations.
- Families in the bottom 20% of the income distribution experience 188% faster income growth during Democratic administrations.
“Economic performance is much stronger when Democrats hold the White House,” said Josh Bivens, EPI chief economist and author of the report. “But it is our sense that the simple facts on real-time economic performance during Democratic and Republican administrations aren’t particularly well known. These facts constitute important information people should have during this time of rampant misinformation.”
Full contextual analysis of Section 3.4: Environmental Protection Agency here.