GDP, Wages, Stocks, & Jobs Skyrocket As Biden Economy Booms

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Economic numbers from the first year of Joe Biden’s presidency reveal historic milestones, including the highest first-year growths in gross domestic product (GDP) and corporate profits of any president across the last five decades or so. As Matthew Winkler put it at Bloomberg, “U.S. financial markets are outperforming the world by the biggest margin in the 21st century, and with good reason: America’s economy improved more in Joe Biden’s first 12 months than any president during the past 50 years.” To reach this point, the Biden administration has presided over the implementation of critical policy packages including the American Rescue Plan, which is the COVID-19-tied economic relief bill that Biden signed into law earlier this year.

Screenshot-2021-12-23-11.06.17-AM GDP, Wages, Stocks, & Jobs Skyrocket As Biden Economy Booms Economy Politics Top Stories

Going forward, the Biden administration is also overseeing the roll-out of the economic boosts contained within the bipartisan infrastructure deal that Biden signed into law earlier this year. In the meantime, the economy is booming — as Winkler added, for instance, “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, and is poised to expand 5.6% for the year based on the average estimate of more than 80 economists surveyed [by] Bloomberg.” And it goes on: American companies, for instance, “are enjoying profit margins of around 15%, the widest since 1950,” as summarized in Bloomberg.

Among the last 50 years of presidents, Biden has also overseen the second-highest level of first-year jobs growth of any president, second only to Jimmy Carter. Biden’s numbers are substantially higher than those seen during Donald Trump’s first year in office, when non-farm and manufacturing employment went up by 1.4 percent and 1.3 percent, respectively. In contrast, Biden has presided over increases of 4.3 percent in non-farm employment and 2.6 percent in manufacturing employment. The bipartisan infrastructure deal that Democrats secured is poised to further support the jobs market in the United States because of the work that will need done in order to see through the projects for which the deal provides.

On from there, the positive numbers just keep going. U.S. business productivity jumped during Biden’s first year by 4.4 percent, placing him second (again behind Carter) among presidents of the preceding five decades. All of these figures — and more can be seen at this link — dispel the myth from Donald Trump and others that a Biden presidency was set to mean an economic disaster for the United States. In reality, Biden and his team have seen continuing signs of their success.