Economic Report Shows Historic Growth & Job Gains

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Although President Biden has made historic job and economy gains in his first year in office, most reporting on his administration has been focused on what Biden hasn’t been able to do…yet. Unlike Donald Trump, Biden is not a braggart who exaggerates any small accomplishment, but Biden’s accomplishments in one year have already outpaced Trump’s over four years.

On average, around 38 million people per year voluntarily leave their jobs, but in 2021, nearly 47 million people, excluding retirees and people who have been laid off, chose to do so, something that could only happen in a booming job market. With more than nine million available jobs opening every month, Americans have been able to leave lower-paying jobs and find more profitable work.

According to Washington Monthly:

‘The pandemic almost certainly played a role by inspiring workers to reconsider their life choices. But for most people, moving from ruminating to resigning requires confidence that they can find a good position somewhere else. That’s why huge numbers of quits only happen in a booming job market.’

These accomplishments have resulted in the strongest job growth in the country for over 40 years. Job growth has in one year tripled the average rate of job growth prior to the COVID-19 pandemic’s beginning in the United States.

Unemployment peaked at 14.7 percent in April 2020 and fell to 6.4 percent by January 2021. The economic success of the Biden presidency was even better, stunning government forecasters. In February 2021, the Congressional Budget Office forecast a 5.3 percent unemployment rate at the end of 2021. Thanks to the Biden administration’s $1.9 trillion American Rescue Plan, passed the following month, the jobless rate fell to 3.9 percent by November, for an additional decline of 39 percent in 11 months.’

While it’s true that job gains inevitably follow periods of heightened job losses, such as after the 2008 recession, Biden’s job records tops 40 years prior to the pandemic. His stimulus bill has helped to create high numbers of small businesses and increased wages.

‘For the first time in decades, median hourly wages and salaries in 2021 increased faster among Americans with high school diplomas or some college but no degree. Similarly, median hourly wages or salaries in 2021 increased most rapidly among working Americans in the lowest earnings quartile