🧵Biden's economic records indicating a massive boom underway, from those working full-time to corporate profits, with graphs and links to definitive sources. #BidenBoom
Real (inflation-adjusted) GDP hit record level in Q4 '21, after regaining the pre-pandemic peak in Q2 '21. This measures the size of the economy for both production and income. 2/ fred.stlouisfed.org/series/GDPC1
Americans are the richest ever measured by net worth, which reached $150 trillion for the first time in Q4 '21. This was due to stock and housing booms. 3/ fred.stlouisfed.org/series/TNWBSHNO
The number of job openings hit a record 11.5 million in March 2022, another sign of the booming labor market and immigration restriction. There are about 2 open jobs per unemployed person, also a record. 4/ fred.stlouisfed.org/series/JTSJOL
The stock market (S&P 500) reached an all-time record 4,797 on January 3, 2022. Inheriting a near-record stock market level, Biden still set the presidential record of a 37% return measured for his first year from election, with a peak of +42%. 5/ fred.stlouisfed.org/series/SP500
Housing prices, as measured by the median sales price of houses sold, reached an all-time record of $428,700 in Q1 '22, a nearly $70,000 or 20% gain from Q4' 20. About 65% of American households own the home they live in. 6/ fred.stlouisfed.org/series/MSPUS
A record few persons are receiving unemployment compensation, with the share of the labor force at an all-time low of 0.86% in April 2022. This is yet another sign of a very hot labor market. 7/ fred.stlouisfed.org/graph/?graph_i…
The federal budget deficit is falling at a record pace, and not just because pandemic spending programs are ending. Revenues are up enormously, nearly $1 trillion versus fiscal year 2019 pre-pandemic, due to high incomes and economic activity. 8/ cbo.gov/publication/57…
Corporate profits are about 40% above pre-pandemic levels, reaching an all-time record of $2.7 trillion in Q4 '21. Democrats appear to be good for business! 9/END fred.stlouisfed.org/series/CP
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🧵Monthly economic review for March data. First, record 158 million with jobs, setting new records monthly since June 2022, when pre-pandemic peak regained. Biden has fastest monthly job creation of any president in # terms, 400k from start and 275k from July 2022. 1/
The unemployment rate was a very low 3.8% in March, the 26th straight month below 4%, a more than 50-year record per CEA. The rate has averaged 4.18% under Biden, essentially tying him for first place with LBJ for lowest of any president 1964-present. 2/
The jobs # come from the Establishment (Employer) Survey, while the unemployment data comes from the Household Survey, which was a rare "all-positive" in March! Nearly 500,000 more employed than February. 3/
🧵The Economist did a cover article on how great the U.S. economy is. First, real (infl-adj) GDP +8% vs. 2019, making "America...the only big economy that is back to its pre-pandemic growth trend." 1/ economist.com/briefing/2024/…
This strong growth happened with inflation falling, which economic theory says is unusual.
Why? Cushions" from the big deficits in 2020-2021 (e.g., excess savings still getting spent) and consumers & corporations who locked-in lower interest rates before hikes. 2/
Much of the excess savings (which peaked around $2T and is now around $400B) is at the top, the top 20% lately have accounted for 45% of consumption, up from 39% pre-Covid. This includes travel and luxury goods. 3/
🧵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/ fred.stlouisfed.org/graph/?graph_i…
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/ fred.stlouisfed.org/graph/?graph_i…
🧵Biden vs. Trump on the economy. The relevant frame is 2023 vs. 2019 pre-pandemic, as 2020-2021 distorted (mostly in Biden's favor).
First, monthly average job creation is the most important measure of how the economy is doing. It was about 50% faster in 2023 than 2019. 1/
The unemployment rate averaged 3.6% in 2022 and 2023, vs. Trump's best 3.7% in 2019. You have to go back to 1969 for a year with 3.5% unemployment. Black unemployment was the lowest ever in 2023. 2/
About 5.2 million more people worked in 2023 on average than 2019. We regained the pre-pandemic peak in June 2022, so the Republican talking point that these were recovered jobs became outdated then. 3/
🧵Monthly economic review, for the December data and full-year 2023. First, we added a solid 216,000 jobs in December. We're about 5 million jobs up from the pre-pandemic peak, which we regained in June '22. 1/
Job creation has averaged 408,000 since Biden inaugurated, and 268,000 since June '22, when pre-pandemic peak regained. Both are presidential records in # terms and faster than Trump pre-pandemic 2017-2019, as was Obama's 2nd term. 2/
The unemployment rate averaged 3.6% in both 2022 & 2023, below Trump's best year (2019) at 3.7%. You have to go back to 1969 for a 3.5% year. 3/