gemini104104
Verified User
Despite trolls and other gutter rot dogging on President Biden who has accomplished extraordinary results at turning around the atrocity that the lawlessly hacked in tyrant tRump and his gutter mob had on the economy and global economy too:
Reactions to President Biden’s State of the Union address focused on his call to action against Russian aggression in Ukraine. But the President also emphasized the economy, and while noting where we need to do more, he emphasized the economy’s strength since he took office—what economist Noah Smith has called the “Biden boom.”
Biden told us “Our economy grew at a rate of 5.7% last year, the strongest growth in nearly 40 years.” Recent data show applications to start new small businesses shot up in 2021, not only rebounding from the pandemic but “up about 30 percent compared to before the pandemic” and well above the trend of the past decade.
What about jobs and unemployment? The President told us “our economy created over 6.5. million new jobs just last year, more jobs created in one year than ever before in the history of America.” The unemployment rate hit 3.9% in December (ticking up to 4% in January), down from the pandemic high of 14.7% in April 2020. Smith said “If you told me in April 2020” that unemployment would be this low now, “I’d have laughed in your face.”
https://www.forbes.com/sites/richar...n-economy-and-the-biden-boom/?sh=4805ee2433e4
The Trump administration was ruining the pre-COVID-19 economy too, just more slowly
Key takeaways:
Long before the COVID-19 pandemic the Trump administration was squandering the pockets of strength in the American economy it had inherited.
Broad-based prosperity requires strength on the supply, demand, and distributive sides of the economy, and Trump administration policies were either weak or outright damaging on these fronts.
Demand: Most of the Trump tax cuts went to already-rich corporations and households, who tend to save rather than spend most of any extra dollar they’re given.
Supply: Business investment plummeted under the Trump administration, despite their lavishing tax cuts on corporate business.
Distribution: The Trump administration undercut labor standards and rules that can buttress workers’ bargaining power."
https://www.epi.org/blog/the-trump-...pre-covid-19-19-economy-too-just-more-slowly/
Reactions to President Biden’s State of the Union address focused on his call to action against Russian aggression in Ukraine. But the President also emphasized the economy, and while noting where we need to do more, he emphasized the economy’s strength since he took office—what economist Noah Smith has called the “Biden boom.”
Biden told us “Our economy grew at a rate of 5.7% last year, the strongest growth in nearly 40 years.” Recent data show applications to start new small businesses shot up in 2021, not only rebounding from the pandemic but “up about 30 percent compared to before the pandemic” and well above the trend of the past decade.
What about jobs and unemployment? The President told us “our economy created over 6.5. million new jobs just last year, more jobs created in one year than ever before in the history of America.” The unemployment rate hit 3.9% in December (ticking up to 4% in January), down from the pandemic high of 14.7% in April 2020. Smith said “If you told me in April 2020” that unemployment would be this low now, “I’d have laughed in your face.”
https://www.forbes.com/sites/richar...n-economy-and-the-biden-boom/?sh=4805ee2433e4
The Trump administration was ruining the pre-COVID-19 economy too, just more slowly
Key takeaways:
Long before the COVID-19 pandemic the Trump administration was squandering the pockets of strength in the American economy it had inherited.
Broad-based prosperity requires strength on the supply, demand, and distributive sides of the economy, and Trump administration policies were either weak or outright damaging on these fronts.
Demand: Most of the Trump tax cuts went to already-rich corporations and households, who tend to save rather than spend most of any extra dollar they’re given.
Supply: Business investment plummeted under the Trump administration, despite their lavishing tax cuts on corporate business.
Distribution: The Trump administration undercut labor standards and rules that can buttress workers’ bargaining power."
https://www.epi.org/blog/the-trump-...pre-covid-19-19-economy-too-just-more-slowly/