Although the news rings negative chimes all over America according to The Wall Street Journal, the actuality is that President Joe Biden has all sorts of major accomplishments. One of the best is his economic performance. Let us take a closer look.
According to The Bloomberg News, our president’s news in this department is “unbeatable.” Surprised? In fact, our financial markets are running rings around the rest of the world. Our economy has done better in President Biden’s first year than any president in the last 50 years. This is in spite of the coronavirus variants’ pandemic.
The S&P 500 Index shows “record-low debt ratios enabling companies to reap the biggest profit margins since 1950.” Business is doing great due to the White House’s coronavirus vaccination program plus the president’s $1.9 trillion American Rescue Plan. Joblessness is down to 4.2 percent in November. In February, that percentage was 6.2 percent:
- ‘Real, or inflation-adjusted, gross domestic product surged at an average annual rate of 5.03% in each of the first three quarters of 2021
- [It] is poised to expand 5.6% for the year based on the average estimate of more than 80 economists surveyed Bloomberg.
- [I]t would be more than 2.8 times the average between 2000 and 2019 and double the average since 1976.’
“[No] one comes close to matching Biden’s” combination of No. 1 and No. 2 rankings for each of these measures:
- ‘Gross domestic product (1)
- Profit growth (1)
- S&P 500 performance (2)
- Consumer credit (1)
- Non-farm payrolls (2)
- Manufacturing jobs (2)
- Business productivity (2)
- Dollar appreciation (2)
- S&P 500 relative performance (2).’
The GDP growth never went above 2.74 percent until 2021. It appears that Biden will beat President Jimmy Carter’s 5.01 percent in 1976.
How did he accomplish this? His American Rescue Plan stimulated the economy by giving 36 million American homes $66 billion. As important, he “reduced the child poverty rate by 50 percent.”
Our economy will likely expand by as much as 5.5 percent for the president’s first year, based on 80 economists Bloomberg interviewed.
America’s companies have profited 15 percent, which is the most since 1950, the Bureau of Economic Analysis indicated:
‘Non-financial profit increased 39.3%, making Biden No. 1 among eight presidents with Obama a distant second at 21.6%….companies to reduce net debt as a percentage of earnings before interest, taxes, depreciation and amortization to the lowest since data was compiled in 1990 for Companies in the S&P 500. All this helps explain why the stock market under Biden is second only to George H.W. Bush of any incoming president since Carter.’
And contrary to the news, credit for Americans went to $196 billion in just 10 months, an increase of 27 percent under this president. Donald Trump trailed at $154 billion in second place.
Not only that, American factories are returning. Businesses need employees, workers have been increasing productivity by 4.4 percent. Only Carter beat President Biden with 6.25 percent. CEO confidence is at an all-recent-time high. Economists anticipate improved “hiring, capital investment, and sales.”
President Biden has brought in 50-year healthy payroll increases not enjoyed since Carter:
- ‘in general employment (4.6%)
- factory workers (3.9%)
- non-farmers payrolls (4.3%)
- manufacturing jobs (2.6%).’
Three White Lions podcast, Gloria Christie reads her week’s most important news/ commentary stories in the liberal online newspaper The Bipartisan Report. Gloria Christie Report her newsletter for people on the go. Written in her own unique style with a twist of humor in a briefer version of Bipartisan Report. Christie’s Mueller Report Adventures In Bite-Sizes a real-life compelling spy mystery. Find her here on Facebook.