I know that our Republican friends are trying to convince folks that the Biden economy is bad, but it is actually outstanding.
Stock market? - The Dow Jones was $31,188.38 on January 20, 2021 when Biden was inaugurated. As of this writing this morning, it is at $36,463.15. That is a rise of 16.9%. Spectacular. Thank you Mr. President.
GDP? Growth 5.6% adjusted for inflation. Spectacular. Thank you Mr. President.
Unemployment? Down to 4.2%. Spectacular. Thank you Mr. President.
Inflation is worrying, but likely mostly due to too much demand for too little goods that have been affected by massive bottlenecks in supply due to the unprecedented world wide pandemic. Economists are divided, but many think the inflation will subside as the bottlenecks get worked out. Unfortunately, with the introduction of the latest variant, Omicron, the bottlenecks may persist for some time. By the way, it seems that oil production seems to be ramping up so oil prices may start to fall, and excessive oil prices are a big part of inflation.
"America's economy improved more in Joe Biden's first 12 months than any president during the past 50 years."
All of which makes Biden's first year in the White House the standout among the seven previous presidents, based on 10 market and economic indicators given equal weight. According to data compiled by Bloomberg, no one comes close to matching Biden's combination of No. 1 and No. 2 rankings for each of the measures:
- Gross domestic product (1)
- Profit growth (1)
- S&P 500 performance (2)
- Consumer credit (1)
- Non-farm payrolls (2)
- Manufacturing jobs (2)
- Business productivity (2)
- Dollar appreciation (2)
- S&P 500 relative performance (2) "
And, by the way, he also got vaccines into the arms of 60% of Americans. Tragically, we have a Republican Party who want Biden to fail to defeat COVID so they propagandize against getting vaccinated. Nauseating.
At any rate, Thank you Mr. President for your stewardship in creating an outstanding economy in your first year of your presidency.
