#5: Biden has the record for highest hourly worker wages of any president on average.
#6: The middle-class became the richest ever (net worth) in 2022 and is far richer than 2019 now.
As of Q4 '23, bottom 50% group net worth (real) up 53% vs. pre-pandemic, while 50th-90th group up 17%.
#7: The economy is nearly 10% larger than 2019 before the pandemic (real GDP).
The economy has grown at a robust 2.8% (quarterly annualized rate) under Biden, similar to Trump pre-pandemic and faster than Trump overall (2.0%).
#8: Inflation is the Fed’s job, and they are on the case. My job is jobs, and we’ve had rapid job creation throughout my Administration, even since we regained the pre-pandemic peak.
Biden: +270,000 jobs/month July '22 - April '24
Trump: +180,000 jobs/month Feb '17 - Feb '20
#9: Biden has delivered $400 billion in student loan relief to millions of borrowers and would have doubled that if Republicans and SCOTUS hadn’t blocked it.
#10: Biden's Bipartisan Infrastructure Act will continue creating great jobs for a decade, with thousands of projects in rural communities in Blue and Red states.
Even Republicans that voted against it are talking it up at home when they break ground. whitehouse.gov/build/
#11: Biden's expansion of ACA eligibility plus state ACA expansions have helped cut the number of uninsured to a record low and made healthcare more affordable for 10 million more people, many in Red states.
#12: Home ownership rates were higher in 2023 than 2019 for most groups, including young people.
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🧵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/…
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/
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/
🧵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/PAYEMS
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/
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/
🧵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/
Facts regarding the false narratives on housing and crime. 2/
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/
🧵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/
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/
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/
🧵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/
🏆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:
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/
🧵How Democrats should talk about the economy, in plain language:
1. Biden has the lowest unemployment rate on average among the last 11 presidents.
2. Workers have the highest real hourly wages (purchasing power) on average under Biden, despite inflation. 1/
If you want job creation, elect a Democrat president. Amazingly, 98% of job creation since 1989 was under Democratic presidents, 50 million to 1 million.
If you pretend the pandemic didn't happen and charge Bush 43 for the 2009 jobs losses, you get 46 to 6. 2/
Biden delivered an incredibly low unemployment rate, best among the last 11 presidents as mentioned. The unemployment rate averaged 3.6% in both 2022 and 2023. Trump's best was 3.7% in 2019. You have to go back to 1969 for a 3.5% year. 3/