The Greatest Story Never Told — The Biden Boom
President Biden and the Democrats inherited a broken country and economy from Donald Trump. When Trump was in office, the unemployment rate increased from 4.7% to 6.7%, 12 million Americans lost insurance, 8 million Americans fell into poverty and the annual deficit increased from $585 billion to $3.1 trillion.
In 2020, the U.S. economy lost a net 10 million jobs. Trump left office after nearly 50 straight weeks of the worst job losses in American history. Trump was the first president since the Great Depression to leave office with fewer jobs in the country than when he was inaugurated.
It is no coincidence that this was the second consecutive Republican administration to lead the United States into disaster. This is the direct result of the GOP’s bankrupt governing philosophy that rejects science, expertise and government itself. The Republicans like to tell us that government doesn’t work and then they wreck government in order to prove it.
That means that President Biden was the second consecutive Democratic president to inherit a disaster from a Republican president. When Biden took office, the economy was creating a miserly 50,000 jobs per month. In response to this dire situation, Biden and the Democrats passed the American Rescue Plan, which has since successfully turned around the economy.
A very perceptive piece from the Washington Monthly on December 9 did a great job in describing this incredible comeback:
“Over the first three quarters of this year, real GDP increased at a 7.8 percent annual rate — that’s adjusted for the current inflation. The Federal Reserve expects real growth of 5.9 percent for all of 2021, followed by another 3.8 percent increase in 2022. By any recent standard, these are extraordinary gains. From 2000 to 2019, real GDP grew at an average annual rate of 2.2 percent and never reached 3 percent. Investors have noticed: From January 20 to December 7, 2021, the S&P 500 Index jumped 21.7 percent.
5,675,000 Americans who were unemployed when this year began had found new jobs by November. With support from the rounds of pandemic stimulus enacted in December 2020 and January 2021, the jobless rate fell from 6.3 percent last January to 4.2 percent in November, or by one-third over 11 months. Following the Great Recession, it took six years for the jobless rate to fall by one-third.
The future paths of inflation and the pandemic are large and important unknowns — but if they break right, everything else points to a Biden boom through 2022.”
There were no guarantees this would happen and it was no accident. The E.U. was in a recession in the first quarter and Germany has experienced slow growth and is on the verge of another recession.
This strong economic performance has been forecast to continue into 2022. Recently, J.P. Morgan released its economic outlook for next year:
“Our view is that 2022 will be the year of a full global recovery, an end of the pandemic, and a return to normal economic and market conditions we had prior to the COVID-19 outbreak.”
Indicted Jeff Fortenberry and phony bi-partisan Don Bacon opposed this progress. If they had gotten their way, the U.S. would be in a recession right now. They want the U.S. to fail so the GOP can regain power.
In CD01, please support Patty Pansing Brooks. In CD02, Tony Vargas and Alisha Shelton are challenging Bacon.
If the GOP regains power in 2022, they will stiff America’s creditors, throw 6 million Americans out of work and cut off money for vaccines.