The Biden Economy

[finnbow]

The economy during Biden’s 27 months in the White House witnessed the greatest and fastest recovery of gross domestic product in modern times, an experience unmatched by any administration in at least half a century, according to data compiled by Bloomberg. That the U.S. has outperformed every major developed economy in recovering from a pandemic that claimed more than 1 million American lives should dispel any notion the 46th president inherited a situation that was anything remotely like his 12 post-World War II predecessors.

Growth in gross domestic product exceeding 3% is three times the average under Donald Trump, paving the way for record corporate earnings, the lowest corporate debt ratios, rising real incomes, surging homeowners’ equity in real estate to go along with the lowest mortgage delinquency rate on record, and household checking accounts flush with some $5 trillion of cash. And, no, your 401K has not suffered under Biden; the benchmark S&P 500 Index is up 23% since the November 2020 election.

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