In a strange tweet, despite economic crises, Joe Biden claims the ‘strongest first-year economic track record' of any president in 50 years.
Biden Claims Strongest First-Year Economic Track Record of any Presidents in the Last 50 Years
President Joe Biden was derided by critics on social media for claiming to have the “strongest economic track record” of any Commander-in-Chief in the past half-century.
We’re ending 2021 with what one analyst described as the strongest first-year economic track record of any president in the last 50 years.
Let’s keep the progress going.
— President Biden (@POTUS) December 29, 2021
Biden didn't name the source of his claim, leading to users mocking the president's assertion in response.
The analyst. pic.twitter.com/3jUGqrLU4d
— Tim Young (@TimRunsHisMouth) December 29, 2021
One tweet asked “Which one was the analyst”, alongside images of various celebrities, social media influencers, and singing nurses who have recently partnered with the Biden administration.
Which one was the analyst pic.twitter.com/c5sW2JJNYD
— Greg Price (@greg_price11) December 29, 2021
Biden announced this amidst an ongoing supply chain catastrophe and growing fears of economic collapse and escalating prices.
However, despite Biden's assertions, economists are cutting their growth predictions for next year, in part due to the rapid spread of the Omicron variant. This is despite Biden's earlier promise to “shut down the virus.”
Biden made the same statement in a speech last week, during a meeting with the Supply Chain Disruptions Task Force. Also, without naming his source. Watch this video of Biden Claiming Strongest First Year Economy of any POTUS in 50 years:
BBC On Biden
While the economy has had some strong statistics in 2021, a previous fact-check of President Biden's assertions revealed that much of the progress occurred during his predecessor, former President Donald Trump.
‘We're experiencing the strongest economic recovery in the world'
A BBC analysis of Biden's claims about US economic progress last month read that:
Since shrinking by more than 30% in the first six months of 2020, the US economy has recorded a strong bounceback and returned to above pre-pandemic levels. Under Mr. Biden, the US economy has continued to grow this year, but a large part of the recovery happened under former president Donald Trump.
The US economy has recovered from a 30 percent decline in the first half of 2020 and is now at above pre-pandemic levels. The US economy has advanced under Mr. Biden, but the bulk of the recovery occurred under former president Donald Trump.
BBC Also mentioned that the job growth that Biden mentioned in his speech came from a low base point, given that in April last year, unemployment hit its highest level since the Great Depression of the 1930s. More than 22 million jobs were lost in the space of two months because of the impact of coronavirus.
Bloomberg on Biden's First-Year Economic Track
On Contrary to BBC's analysis, Bloomberg says that: Biden's Economic Performance Has Proved Unbeatable.
No first-year president since Jimmy Carter has been as successful or measured up to the current White House occupant in 10 key metrics.
The economy and the financial markets are running at peak efficiency under President Joe Biden.
The US economy has outperformed the rest of the world by a long shot in the 21st century, and with good reason: despite the media spin to the contrary, Joe Biden's first year in office was better than any other president during the past 50 years.
The extraordinary gains from dollar-denominated assets, especially the S&P 500 Index in terms of both absolute and relative to worldwide competitors, can be attributed to record-low debt levels that allow businesses to capture their most profitable profit margins since 1950.
Because of the Biden administration's Covid-19 vaccination programs and a $1.9 trillion American Rescue Plan, corporate America is flourishing.
In November, the jobless rate fell to 4.2 percent from 6.2% in February, continuing a record decline during the Covid-19 epidemic.
Consider the following data: Real or inflation-adjusted gross domestic product grew at an average annual rate of 5.03% in each of the first three quarters of 2021, and is projected to increase 5.6 percent for the year according to the median forecast of more than 80 economists polled by Bloomberg. If it materializes, economic output will be more than 2.8 times the average between 2000 and 2019 and twice that of previous decades.
Based on ten market and economic indicators, Biden's first year in office is the standout among the seven previous presidents.
According to the data compiled by Bloomberg, no one has come close to matching Joe Biden's tally of No. 1 and No. 2 rankings for each of the criteria:
- 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)
The only comparable weak point for Biden is per-capita disposable income, which increased 1.08% in 2017, trailing Donald Trump's 2.17%, George W. Bush's 2.01%, Jimmy Carter's 1.80%, and Ronald Reagan's 1.42 percent after adjusting for inflation.
During the past four decades, economic growth in each incoming administration has generally stayed below 2.74 percent until 2021. Biden's GDP record has now surpassed that of Carter (5.01 percent), making him the GDP champion of American presidents since 1976.
Much of the credit for Biden's achievement goes to The American Rescue Plan, which invested $66 billion into 36 million homes and lowered child poverty by 50%, allowing the United States to recover faster from the epidemic than most other nations.
Biden's $1.2 Trillion Infrastructure Investment and Jobs Act, which will rebuild the nation's crumbling roads and bridges as well as finance climate and broadband initiatives that create jobs, may last until 2022. Even Senate Minority Leader Mitch McConnell, who opposed Biden's plan, voted for the legislation along with 18 fellow Republicans.
According to data compiled by Bloomberg, US equities outperformed the world equity market by 6.3 percentage points, the largest gap since 1988, when George H.W. Bush was in office, indicating that Biden's administration is a global leader.
Biden, like Carter, is now dealing with the political consequences of accelerating inflation caused by global supply chain disruptions linked to this pandemic.
Even though sustaining constant inflation and interest rates are the Federal Reserve's main responsibilities, Fed has said it's ready to tighten monetary policy in 2022.
Ahead of the Pack
According to the most recent poll of more than 80 economists conducted by Bloomberg, in Biden's first year as president, the economy is expected to grow at a rate of 5.5%. Biden's term in office was the most prosperous time for business in American history.
Efforts to support customers have trickled down to American enterprises, which are currently enjoying profit margins of around 15%, the highest since 1950, according to the Bureau of Economic Analysis.
Non-financial profit rose by 39.3% over the period, making Biden No. 1 among eight presidents and Obama second at 21.6%.
In Biden's first year in office, company profits have exploded. Businesses have been able to lower net debt as a percentage of sales before interest, taxes, depreciation, and amortization to its lowest level since 1990 in the S&P 500. All of this helps explain why Biden's stock market is second only to George H.W. Bush's among incoming presidents since Carter.
Joe Biden has outperformed Barack Obama in terms of second-best first-year stock performance by a slight margin.
Listen to: Boats And Bull Markets
Americans are in a great mood these days. Consumer credit shot up to $196 billion during the first ten months of the year, a new high under Biden that is 27% more than under No. 2 Donald Trump (which was itself a record). Even though some of the increases are attributed to consumers re-estimating their finances due to the pandemic.
A rise in consumer credit borrowing indicates strong economic optimism.
With the way the economy is improving, it's clear why customers are so optimistic. Biden was the only president in the past half-century to see significant rises in non-farm payrolls (4.3 percent) and manufacturing employment (2.6 percent), approaching Carter's general employment growth (4.6 percent) and factory workers' gains.
The Greatest Job Producer That God Ever Created
According to data compiled by Bloomberg, President Trump, who took over a record-breaking expansion and assured in 2015 that he'd “be the greatest job producer that God ever created,” is an also-ran, with non-farm and manufacturing employment rising 1.4% and 1.3 percent during his term.
In their first year in office, only Carter outguns Biden in terms of job creation.
Biden has enabled manufacturers to employ a greater number of employees.
Check out this video of News Nation Now for a glimpse into Biden's first year in the White House:
Do you think Joe Biden's economic policies are good for the country? Is Joe Biden's economic track record superior to that of every other president since Eisenhower? Let us know what you think in the comment section below.
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