The Biden Boom is Real!
Updated: Mar 28
When President Biden took office less than a year ago, he inherited an economy struggling with 10 million jobless and millions more out of the workforce with GDP growth at a negative -3.49%!
Now let’s take a look at where we are, just short of a year into a tenure marked by a divided Congress and relentless obstructionism by the Republicans.
The unemployment rate fell to 4.2%, with job gains in professional and business services, transportation and warehousing, construction, and manufacturing.
Trade deficit reduced by 17.6% in October on the back of surging exports
Real GDP increased by 7.8 percent annual rate in the first three quarters of the year (adjusted for inflation). (For comparison, From 2000 to 2019, real GDP grew at an average annual rate of 2.2 percent and never reached 3 percent.)
U.S. manufacturing output rose in October to the highest level since March 2019 as supply chain constraints eased.
Gas prices that soared because of worldwide supply issues now easing up, in part due to President Biden’s decision to open up American strategic oil reserves temporarily.
Majority of investors and business owners feel optimistic that the Biden administration's economic policies will fuel a robust recovery and leave them on better footing, according to a recent UBS survey.
81% of Small Business Owners support the Bipartisan Infrastructure Bill and 66% say the legislation will help small business.
Update: The unemployment number in the U.S. has decreased to 3.4% or 5.7M people as of March 2023 . Yes, the Biden boom is real!
Can we start calling it the Biden Boom, please? The Wall Street Journal is saying so!