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David Doney Profile picture
@David_Charts
Jan 9, 2024 • 18 tweets • 8 min read • Read on X
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🧵Greatest hits collection of slides from the Biden Admin and experts explaining the specific impacts of his economic agenda & laws.

First, the $1,400 checks in the Rescue Act for parents and some dependents meant up to $6,000 for a family of four. 1/
home.treasury.gov/news/featured-…Image
The Rescue Act greatly expanded the Child Tax Credit, putting money in pockets fast and drastically reducing child poverty:

+$1,600 per child under age 6
+$1,000 per child 7-17 2/ Image
The Rescue Plan helped provide healthcare while supporting businesses and schools. It also funded a generous expansion of unemployment insurance, helping millions hit by the pandemic.

Here's a visual summary of the many areas helped: 3/ Image
The second key legislative achievement was the bi-partisan $1.2T Infrastructure Act, which is supporting job creation and competitiveness over the next decade and beyond. 4/
whitehouse.gov/briefing-room/…Image
A third legislative achievement was the Inflation Reduction Act (IRA), which includes clean energy incentives, prescription drug cost reductions, and taxes on big corporations. 5/
whitehouse.gov/briefing-room/…Image
Here's a statement from Speaker Emerita Nancy Pelosi and others (link) on the positive impact of the IRA: 6/
whitehouse.gov/briefing-room/…Image
A fourth legislative achievement was the CHIPS and Science Act. It included $280 billion in investments over 10 years, much of it for R&D and to encourage semiconductor manufacturing in the U.S. This isn't just about jobs, it's about national security. 7/ Image
McKinsey did a detailed report on the CHIPS & Science Act, highlighting the major investment in research & development. 8/
mckinsey.com/industries/pub…Image
Biden hasn't just passed consequential legislation. His team has gotten specific, consequential things done.

Over 42 million people got a nearly 40% increase in average food stamp (SNAP) monthly benefits in 2021. 9/
nytimes.com/2021/08/15/us/…Image
The U.S. financial & military support for Ukraine has contributed to a devastating impact on Russia's military, at a tiny fraction (<1%) of our annual budget. Now that is a return on investment, but many pro-Russia Republicans want to stop it. 10/
nbcnews.com/news/world/rus…Image
Biden has eliminated $132 billion in student loan debt, for 3.6 million borrowers under existing rules.

He was blocked by Republicans from doing $400B more via legislation and SCOTUS blocked his Executive Order. 11/
ed.gov/news/press-rel…Image
While it's a common talking point among right-wing pundits, US crude oil production fell in 2020 under Trump and hit a record level in 2023 under Biden. 12/ Image
So what's next? With a Democrat majority and ideally supermajority:

1. Pass national abortion rights law (Codify Roe)
2. Strengthen Social Security and Medicare
3. Expand ACA access
4. Strengthen safety net via child- and elder-care. 13/ Image
How effective has Bidenomics been? Compare the inflation-adjusted ("real") key measures in 2019 vs. 2023. 14/END Image
Image
ACA Marketplace enrollment nearly doubled from 2020 (11 million) to 2024 (21 million), thanks to enhanced subsidies in Biden's Rescue Act and Inflation Reduction Act (IRA).
kff.org/policy-watch/w…Image

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More from @David_Charts

David Doney Profile picture
Mar 16
🧵Monthly economic update, through the February 2025 results, Trump's first month. First, we added 151,000 jobs in Feb and are now nearly 7 million jobs above the pre-pandemic peak, which was regained in June 2022. We've set records for number with jobs monthly thereafter. 1/ Image
Job creation (Establishment Survey) has averaged about 200,000 over the past 3 months, very solid historically. 2/ Image
The more volatile Household Survey was mostly negative, with a 588,000 decline in the number employed and 203,000 more unemployed. The unemployment rate increased from 4.0% to 4.1%, still very low by historical standards. 3/ Image
Read 18 tweets
David Doney Profile picture
Feb 16
🧵Where does the national debt come from?
1. Recessions, which cause revenue to fall and automatic stabilizer spending (like unemployment insurance) to rise w/o legislation.
2. Tax cuts
3. Wars
4. Recessions, via stimulus legislation
5. Interest 1/
cbo.gov/sites/default/…Image
Recessions and the responses (automatic and legislative) are the primary driver. 10 of the last 11 started under Republicans. Every Republican president since Benjamin Harrison, who served from 1889 to 1893, had a recession start on their watch. 2/ Image
Budget deficits have increased under every Republican but Eisenhower, and fallen under every Democrat but Kennedy. Deficits increase/worsen 3.25% GDP on average under Republicans, and fall/improve by 3.0% GDP under Democrats. So who's the party of fiscal responsibility? 3/ Image
Read 6 tweets
David Doney Profile picture
Feb 14
🧵Monthly economic review, through the Jan '25 data, Biden's last month. First, we added a decent 143,000 jobs in January. We're up about 6.7 million jobs from the pre-pandemic peak, which was regained in June 2022, and 16.1 million vs. Biden start. 1/
fred.stlouisfed.org/series/PAYEMSImage
The monthly job creation rate had been fading, but surged in the past 3 months to a robust 237,000 average. This was after benchmark revisions, done routinely each year. 2/ Image
No matter how you slice it, job creation under Biden was faster than Trump, even comparing Trump pre-pandemic (180k/mo) to Biden post-recovery (217k/mo). 3/ Image
Read 21 tweets
David Doney Profile picture
Jan 12
🧵The MSM created 4 fake crises (Inflation, Immigration, Housing, and Crime), which helped Trump get elected while hiding record prosperity. Here are slides explaining the counter-arguments to such misinformation, plus a few charts and links included for more details. 1/ Image
Facts regarding the false narratives on housing and crime. 2/ Image
Wages & Inflation should be reported in context. Purchasing power is what matters.
☑️Wages have outgrown inflation.
☑️Real (inflation-adjusted) wages have always been higher than 2019 during 2021-2024.
☑️Biden has the highest avg. real wages among the last 11 presidents. 3/ Image
Image
Image
Read 7 tweets
David Doney Profile picture
Jan 5
🧵President Biden's economic legacy, in charts. First, the unemployment rate at 4.1% on average is the lowest (best) among the last 14 presidents, for FRED data back to 1948. 1/ Image
The real (infl-adj) hourly wages for production & non-supervisory workers (the bottom 80% of the private sector) averaged higher under Biden than the last 11 presidents. In other words, workers had more purchasing power under Biden than other presidents, despite inflation. 2/ Image
Taking the first two charts together, Biden has the best combination of unemployment and real wages among the last 11 presidents. This is the best reading on the "Prosperity Matrix" of any modern president. 3/ Image
Read 16 tweets
David Doney Profile picture
Dec 14, 2024
🧵Monthly economic update, through November:
First, job creation was +227,000 jobs, or +283,000 after upward adjustments to Sept & Oct. We're now +16.4 million jobs from when Biden started and +7.0 million vs. pre-pandemic peak regained in June 2022. 1/ Image
🏆Biden is the only president with positive job creation every month in office.

No matter how you slice and adjust it, job creation is much faster under Biden than Trump:

Biden July 2022-present: +239,000 / month
Trump pre-pandemic: +180,000 / month 2/ Image
The unemployment rate increased by 0.1% in November, to 4.2%. The historical average back to 1948 is 5.7%. The 2022 & 2023 annual average of 3.6% was lower than Trump's best of 3.7% in 2019. The last 3.5% year was 1969. 3/ Image
Read 17 tweets

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