The US added 678,000 jobs in February, on top of 467,000 jobs in January. The unemployment rate is only 3.8%. That follows the greatest year of job growth in American history and the fastest economic growth in almost 40 years. The economy has boomed under President Biden, proving that Democrats manage the economy better than the Republicans. The American jobs machine is roaring at full speed, fueling a strong recovery and creating opportunities for workers.
Over the course of Biden’s presidency, the economy created more than 7.4 million jobs, including 36,000 manufacturing jobs – bringing us to 423,000 manufacturing jobs created so far in President Biden’s administration. In fact, last year the economy created more manufacturing jobs than any year since 1994.
“The State of the Union is strong—because you, the American people, are strong. We are stronger today than we were a year ago. And we will be stronger a year from now than we are today,” Biden said in the state of the union address.
Beating InflationPresident Biden said in the State of the Union Address that his top priority is getting prices under control. The pandemic caused inflation by disrupting global supply chains. Biden’s plan is to lower costs by cutting the cost of prescription drugs. He will also cut energy costs by combatting climate change, creating a tax credit to weatherize homes and businesses, doubling America’s clean energy in solar and wind, and promoting electric vehicles. Biden will also cut the cost of child care and build more affordable housing. Further, he calls for a 15% minimum tax rate for giant corporations that pay $0 in taxes now. Biden got 130 countries to agree on a global minimum tax rate so companies can’t get out of paying their taxes at home by shipping jobs and factories overseas. |
Economy better under Democrats
Thanks to the American Rescue Plan and Biden’s successful vaccination program (75.4% of adults are fully vaccinated), Americans are back at work at a record-setting pace. This should not come as a surprise to anyone. The economy has performed better under Democrats than Republicans since at least World War II.
- CNN Business reports that since 1945, the Standard & Poor’s 500 market index has averaged an annual gain of 11.2% during years when Democrats controlled the White House but only a 6.9% average gain under Republicans.
- In the same time period, the gross domestic product grew by an average of 4.1% under Democrats, but only 2.5% under Republicans.
- Job growth, too, is significantly stronger under Democrats than Republicans.
“[T]here has been a stark pattern in the United States for nearly a century,” the New York Times reported in “Why Are Republican Presidents So Bad for the Economy?” The economy has grown significantly faster under Democratic presidents than Republican ones.”
- The largest drop in the unemployment rate on record.
- The largest reduction in childhood poverty ever recorded in a single year.
- And the strongest economic growth this country has seen in nearly 40 years.
Biden created 3 times as many jobs as the last 3 GOP presidents combined
The Biden Boom has brought the US:
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- 33.8 million jobs – 16 years of Clinton, Obama
- 6.61 million jobs – 11 months of Biden
- 1.9 million jobs – 16 years of Bush, Bush and Trump
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The Biden Boom has created 6.61 million jobs — three times as many than were created in the 16 years of the last three Republican Presidencies, combined. Since 1989 and the end of the Cold War, the US has seen 42 million new jobs created. Remarkably 40 million of those 42 million were created under Democratic Presidents, 95%.
“A modern and forward-looking Democratic Party has repeatedly seen strong economic growth on its watch. Republican Presidents, on the other hand, have overseen three consecutive recessions – the last two, severe. The contrast in performance here is very stark, it is not a stretch to state that the GOP’s economic track record over the past 30 years has been among the worst in the history of the United States,” says Simon Rosenberg, President of NDN, a leading think tank. GDP growth tells a similar story:
And look at the jobs created per month over these presidencies: 
“The bottom line is that Democratic policies have repeatedly been able to make globalization work for the American people. GOP policies have repeatedly failed to deliver, as a national party Republicans have repeatedly failed to do their part. For those looking for reasons why America has not made more progress in this era, reactionary Republican policies appear to be a very good place to start,” Rosenberg says.
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Reprising a Fact Check that I have done every year for at least 15 years, Heather Cox Richardson writes “Democrats Are Better for the Economy, Period”, https://heathercoxrichardson.substack.com/p/february-5-2022
The economy has boomed under President Joe Biden, putting the lie to the old trope that Democrats don’t manage the economy as well as Republicans.
This should not come as a surprise to anyone. The economy has performed better under Democrats than Republicans since at least World War II. CNN Business reports that since 1945, the Standard & Poor’s 500—a market index of 500 leading U.S. publicly traded companies—has averaged an annual gain of 11.2% during years when Democrats controlled the White House, and a 6.9% average gain under Republicans. In the same time period, gross domestic product grew by an average of 4.1% under Democrats, 2.5% under Republicans. Job growth, too, is significantly stronger under Democrats than Republicans.
“[T]here has been a stark pattern in the United States for nearly a century,” wrote David Leonhardt of the New York Times last year, “The economy has grown significantly faster under Democratic presidents than Republican ones.”
The persistence of the myth that Democrats are bad for the economy is an interesting example of the endurance of political rhetoric over reality.
[In] the end, that’s what the economists Leonhardt interviewed last year think is behind Democrats’ ability to manage the economy better than Republicans. Republicans tend to cling to abstract theories about how the economy works—theories about high tariffs or tax cuts, for example, which tend to concentrate wealth upward—while Democrats are more pragmatic, willing to pay attention to facts on the ground and to historical lessons about what works and what doesn’t.