🧵State of the Union economic briefing; the key facts you need about the economy. First, monthly job creation over 50% faster in 2023 than 2019, the most comparable pre-pandemic year. 1/
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Unemployment rate averaged 3.6% in 2022 and 2023, both lower than pre-pandemic 2019. You have to go back to 1969 for a 3.5% year. 2/ fred.stlouisfed.org/graph/?graph_i…
Black unemployment reached the lowest ever in 2023 at 5.5%. Hispanic unemployment reached the lowest ever in 2022 at 4.2%. 3/
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Real (inflation-adjusted) hourly wages increased from $28.48 in 2019 to $29.41 in 2023, up about $1/hour or 3.3% on average.
Americans had more purchasing power 2021-2023 under Biden than pre-pandemic, despite inflation. 4/
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Compared to other presidents on average back to LBJ, Biden ranks:
☑️#1 for highest real hourly wages, and
☑️#2 for lowest unemployment rate, just behind LBJ and closing the gap each month. 5/
In terms of real (inflation-adjusted) net worth per household, Americans became the richest ever in 2022, and remain far richer in 2023 than 2019.
+ $19,000 or 53% for bottom 50% group
+ $108,500 or 15% for 50th-90th group 6/
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Stock market (S&P 500) was 47% higher in 2023 than 2019 on average.
Stock market +50% under Biden from election, vs. 44% at this point for Trump. Biden will likely remain ahead for next 100+ trading days, as Trump goes into pandemic dive. 7/
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Here's a handy summary of some key measures, 2023 vs. 2019. Nearly every measure was better in 2023, even adjusted for inflation.
In fact, 2022 was also better than 2019 on most measures too, as you saw on previous slides, particularly net worth which peaked in 2022. 8/
Some economic facts regarding immigration: 9/
cbo.gov/publication/59…
The Senate has a bi-partisan plan to help improve our ability to integrate the millions of immigrants we need to keep our economy and wealth growing.
Republicans, we can't grow our wealth without a better ability to integrate immigrants. It's that simple. 10/
Here is a link to a thread covering the many excellent laws Biden has passed, with details on their contributions to your pocketbook. 11/
As a reminder, the economy historically does far better under Democrats, on all key measures, including much lower deficits. Here is a link to that thread. 12/END
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