Biden inherited a rapidly growing economy
Biden and most of the media continue to lie when they say Biden inherited a deep recession and then credit his policies, including the inflation-inducing $1.9-trillion bill that supposedly helped cause great economic growth.
Rick Newman, of Yahoo News, incorrectly says the strong growth reversed the damage Trump caused.
It's not all bad news, however. Full-year GDP growth for 2021 came in at 5.7%, following a drop of 3.4% in 2020. That allows Biden to say he reversed the damage from President Trump's last year in office to register the strongest economic growth since 1984
Facts never get in the way of most of the media as they campaign for the leftist policies of Big Government.
Here are the facts:
The recession ended in April 2020, nine months before Biden took office. He did not inherit a deep recession.
The Covid-19 recession ended in April 2020, the National Bureau of Economic Research said Monday.
Biden inherited a rapidly recovering economy and this was occurring before the vaccines and rollout which Biden also inherited.
Real gross domestic product (GDP) increased at an annual rate of 4.1 percent in the fourth quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 33.4 percent.
In February 2021, before Biden's policies took effect, the CBO projected rapid economic growth for 2021 and beyond:
Over the course of the coming year, vaccination is expected to greatly reduce the number of new cases of COVID-19, the disease caused by the coronavirus. As a result, the extent of social distancing is expected to decline. In its new economic forecast, which covers the period from 2021 to 2031, the Congressional Budget Office therefore projects that the economic expansion that began in mid-2020 will continue. Specifically, real (inflation-adjusted) gross domestic product (GDP) is projected to return to its prepandemic level in mid-2021 and to surpass its potential (that is, its maximum sustainable) level in early 2025. In CBO's projections, the unemployment rate gradually declines through 2026, and the number of people employed returns to its prepandemic level in 2024.
After three years of lower tax rates and fewer regulations, Trump's policies yielded energy independence, record-low poverty rates, and record-high income growth, especially for minorities, whoM Democrats pretend to care about. We also had border security and low inflation.
Data released by the Census Bureau today show that 2019 was a historic year for raising Americans' living standards. Real median household income reached a record high, and poverty reached a record low. Improvements in income and poverty were the largest in over 50 years. Minority groups — including black, Hispanic and Asian Americans — experienced the largest gains.
Real median household income increased by $4,400 in 2019, reaching an all-time record high of $68,700. This represents a 6.8 percent one-year increase, which is the largest one-year increase in median income on record. Since 2016, real median household income has increased by 9.7 percent (after adjusting for a Census survey redesign in 2017).
Income gains in 2019 were largest for minority groups. Real median income grew by 7.9 percent for black Americans, 7.1 percent for Hispanic Americans, and 10.6 percent for Asian Americans (see Figure 1). These one-year increases were all record highs, and the new income levels reached in 2019 were all record highs, as well.
So what do Democrats want to do after record income growth, great improvements in minority income, energy independence, and border security? They show they don't give a damn about results. Their solution is always more taxes, more regulations, and a more powerful government. They want more social spending to make more people dependent on the government instead of giving everyone the opportunity to move up the economic ladder. They want to hand out supposedly "free" stuff that masks poverty instead of reducing poverty.