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May 19 • 9 tweets • 6 min read
🧵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

The number of people working full-time hit the all-time record in March 2022. 1/
fred.stlouisfed.org/series/LNS1250…
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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More from @David_Charts

David Doney Profile picture
Apr 20
🧵The economy is surpassing or approaching the records set for many key measures in 2019 under Trump, before the pandemic. Let's go through the details on the many Biden records using definitive sources. 1/
Number of people working full-time:
Trump peak: 131.5 million in Oct '19
Biden record: 132.7 million in March '22 2/
fred.stlouisfed.org/series/LNS1250…
Real GDP (size of the economy, adjusted for inflation, a measure of both incomes and production)
Trump peak: $19.2 trillion in Q4 '19
Biden record: $19.8 trillion in Q4 '21; first surpassed Trump peak in Q2 '21 3/
fred.stlouisfed.org/series/GDPC1
Read 8 tweets
David Doney Profile picture
Feb 27
🧵THREAD: State of the Union economic briefing; get the facts here.

In general, the economy is booming, with rapid growth and low unemployment. Americans the richest ever. Deficit is falling fast. Inflation and wages growing about the same rate. Rosy forecast. 1/
Labor market is near full employment. Job creation averaging 550,000/month is fastest for recent presidents.

Unemployment rate of 4.0% is at or below 84% of the monthly observations back to 1948. The historical average is 5.8%. It has fallen from 6.4% in January '21.
2/
Real (inflation-adjusted) GDP, a measure of production and income, regained the all-time record level in Q2 '21 and has grown rapidly since. The economy is about $1 trillion or 5.5% larger than a year ago. 3/
Read 13 tweets
David Doney Profile picture
Nov 26, 2021
THREAD: Understanding the Biden economy. Several slides on the goods/GDP boom, the stock market boom, the wages boom, the jobs boom, and the deficit reduction. With some inflation.

First, the goods sector is up about 9% since Q4 '19, while services are down about -2%. 1/ Image
Ports processing record volumes still can't keep up with the demand for goods described above. 2/ Image
Real (inflation adjusted) GDP level hit an all-time record high in Q2 '21 and continued to increase in Q3 '21. GDP measures both production and income. 3/ Image
Read 11 tweets
David Doney Profile picture
Apr 18, 2021
THREAD:
So you're running the U.S. economy.
Q: How big should the U.S. budget deficit be?
A: Bigger than the trade deficit, to avoid crises.
Not expecting that answer? Wondering why? Learn about one of the coolest economic concepts, the sector balances. 1/ Image
There are 3 sectors described by CBO:
1. Govt: The federal budget balance.
2. Foreign: The current account, roughly equal to the trade balance plus some investment-related $ flows.
3. Private: Household savings minus business investment. 2/
cbo.gov/publication/54…
Government sector: CBO uses the federal budget deficit as its measure. In 2020, the U.S. ran a 15% GDP budget deficit; it had been 2.4% in 2014 (about historical average) and increased to 4.6% in 2019. 3/ Image
Read 15 tweets
David Doney Profile picture
Jul 18, 2020
Since Trump will be lying a lot about his economic record, here are 6 slides to have ready for debating your conservative friends. I'll start with a comparison against the last 7 Presidents on perhaps the most important variable, job creation, where Trump is in last place. 1/
The stock market was up more at this point in Obama's presidency than Trump's, about +70% vs. +40%. As recently as March, Trump was actually at 0%. 2/
Trump's pre-Coronavirus economic record in his first 3 years (2017-2019) compares unfavorably to the last 3 years of Obama (2014-2016) on job creation, budget deficits, the uninsured, and real (after-inflation) wage growth. The unemployment rate had been falling since 2010. 3/
Read 6 tweets
David Doney Profile picture
May 24, 2020
The economy performs far better under Democratic Presidents. This thread gives you some links and charts for arguing about it with your conservative friends. Let's start with a summary article from The Economist. 1/
economist.com/united-states/…
The stock market performs better under Democratic Presidents. 2/

money.cnn.com/2015/10/28/inv…
Private sector job growth has been about 2.5% per year under Democratic Presidents vs. 1.0% under Republicans. 3/
jec.senate.gov/public/index.c…
Read 9 tweets

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