As we hear how poorly the economy has been doing, I thought I might review Biden’s first year in office using six graphs from CEPR. I only wish the economy was this poor in 2008 when I forced to seek jobs out of state and work out of state for four years. I was good on making the swoop home to my wife the same as I did coming home from overseas duty. “Assessing the First Year of Biden, in Graphs” is what CEPR is calling its collection of articles and graphs. A collection depicting how quickly the economy rebounded under Biden’s presidency. Despite Republican opposition and the pandemic, the stimulus packages put in place under his leadership with the support of a majority of Congress was largely successful. Much more successful than what was
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run75441 considers the following as important: First Year of Biden, Hot Topics, politics, US EConomics
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As we hear how poorly the economy has been doing, I thought I might review Biden’s first year in office using six graphs from CEPR. I only wish the economy was this poor in 2008 when I forced to seek jobs out of state and work out of state for four years. I was good on making the swoop home to my wife the same as I did coming home from overseas duty.
“Assessing the First Year of Biden, in Graphs” is what CEPR is calling its collection of articles and graphs. A collection depicting how quickly the economy rebounded under Biden’s presidency. Despite Republican opposition and the pandemic, the stimulus packages put in place under his leadership with the support of a majority of Congress was largely successful. Much more successful than what was experienced after the 2008 Wall Street take down of Main Street with their malfeasance.
The country has experienced a faster than expected recovery and growth rebounding to a pre-pandemic economy. A large percentage of the labor force, “including most working-class people, have higher wages and overall incomes.” Coming even after taking inflation into account and before the pandemic.
Six CEPR Charts illustrating how quickly the United States rebounded in 2021
- Biden’s passage of the American Recovery Act with the aid of Democrats, grew the US economy by 5.5 percent. starting in fourth quarter 2020 to the fourth quarter 2021. The US was The US was the only wealthy country that is back to return to its pre-pandemic growth path. Real GDP was 2.1 percent higher in 2021 than in 2019
- Growth in employment while not as fast as immediately after the official end of the COVID-19 recession, it has continued over President Biden’s first year. Rate of Growth now (February 25, 2022) is significantly stronger than it was in a similar phase after the Great Recession.
- Employment-to-population ratio (EPOP). Or the employment rate for all racial groups has increased from January 2021 to January 2022. The white population had a 2-percentage point increase in rate of employment. Hispanic’s experienced a 3.8 percentage point increase. People of color have also experienced stronger growth in employment. This growth helps to compensate for people of color’s greater rate of job loss during the recession.
- U3 or the unemployment rate shows a similar picture as the employment rate. The graph below depicts a stronger decline in unemployment over the first year of the Biden administration than over a comparable time period during the Great Recession.
- Disposable income or available income after taking transfers and taxes into account, increased for most groups in 2020 and 2021 when compared to 2019. The increase being stronger in 2021.
- There lacks a consistent set of measures to reflect the income needed to not live in poverty. There is little to question the decline of income poverty and other forms of material deprivation in 2021. This occurred particularly amongst households with children. Again, much of this occurred because of the Biden administration’s stimulus and Democrat’s support.
President Biden delivered his first State of the Union address on March 1, 2022. I am not a big fan on Joe Biden. I do not believe he can look beyond the tip of his nose when it comes to issues such as student loans. He was the biggest roadblock to forgiveness and he was instrumental to creating the blockage. Literally 40 million people carry debt of this type. Eight million of them are 51 years or older who will never pay it off. We can save Wall Street but we can not help people.
“Assessing the First Year of Biden, in Graphs,” Center for Economic and Policy Research (cepr.net), “A raft of people”