Working Now For Biden, NY-3, and North Carolina
Joe Biden Is A Good President, The Country Is Far Better Off Today – While there is a lot happening now, the most important news of recent days has been the ongoing torrent of encouraging economic news. Let’s recap what we know about the US economy right now:
- Best job market since the 1960s, stock market setting records (401Ks are happy), best recovery in the G7, GDP growth 3.3% last quarter, consumer sentiment rising
- The inflation fueled by COVID/supply chain disruptions, the Russian invasion of Ukraine and OPEC price hikes has ended, and we are now in a place much closer to historic norms. Prices for many items are falling including groceries, rents and mortgage rates
- Historically elevated wage growth, new business formation and prime-age worker participation rates. In the last few months we’ve seen some of the most robust real wage growth we’ve seen in decades, and Americans at all income levels have seen sizeable increases in their overall net worth
- Lowest uninsured rate in history, record ACA signups this year
- Renewable and domestic oil production set records in 2023, US more energy independent than its been in decades. In 2023 the US produced more oil than any country has in any year in history
- The investments Biden has made will creating prosperity for America and opportunities for American workers for decades to come
- The annual deficit is trillions less than when Biden came to office
- For young people the job market is the best since the 1960s; more young people have health insurance today than ever before; the President has forgiven more than $130b in student debt; by some measure home ownership rates are higher for Gen Z than Gen X and Millennials at this point in their lives; and rising minimum wages in states and cities across the US have created higher floors for new and entry-level workers than in many years
- Crime and murder rates plummeted across the US in 2023, and remain a fraction of what they were 30 years ago.
As I wrote the other day, that things are so clearly better today is doing something politically significant – it’s causing Republican attacks on Biden to evaporate and lose their power. Bad economy, crippling inflation, war on American energy, sky rocketing crime rates, things were better under Trump – we hear them all the time – all are clearly no longer true. It’s a big deal. As noted economist Rob Shapiro writes in the Washington Monthly:
Donald Trump’s prospects for a second presidential term may well rest on whether voters accept his proposition that facts no longer matter. A case in point is his narrative that the economy was stronger during his presidency than under President Joe Biden. With few reality checks from the economic media, most of the public apparently agrees: One recent survey found that voters prefer Trump over Biden on the economy by 59 percent to 37 percent.
As Trump closes in on his third GOP presidential nomination, it’s time to set the record straight: By virtually every measure, that narrative is patently false.
From growth and jobs to investment and business creation, the economy has performed substantially better under Biden than it did under Trump. Biden’s superior record holds even if we set aside the pandemic’s impact in 2020. The exception, of course, is inflation. But just as the COVID-19 pandemic led to the collapse in GDP and employment during Trump’s last year in office, it was also the main reason prices rose so much for a time here and globally, according to new analysis from the Federal Reserve…..
….Far from mismanaging inflation, Biden tamed it. As a result, America has fared better than other advanced countries. In 2023, while U.S. consumer prices rose 3.3 percent, they increased 4.1 percent in France, 3.9 percent in Great Britain, and 3.7 percent in Germany. And we beat inflation without sacrificing growth: In 2023, real GDP grew 2.5 percent in the United States compared to growth rates of 1.0 percent in France, 0.5 percent in the United Kingdom, and negative 0.5 percent in Germany.
I’ve been a pushover for data ever since I oversaw the Bureau of Economic Analysis and Census Bureau as the Under Secretary of Commerce in the late 1990s. But politicians and the press must also take real economic numbers seriously. It’s time to reframe the narrative based on data that rigorously tracks what happens in the economy and not on mythmaking. President Biden’s record not only eclipses Donald Trump’s, but when policy made a difference—on growth, employment, investment, and inflation—Biden stepped up and improved our economic conditions. Those are the facts.
Joe Biden is a good President, and America is better off today. Period. All of this leaves us with a very case to make to the American people this year. We need to be loud and proud people. Loud and proud!