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Dear Friends,
Please join us for a conversation with noted economist Rob Shapiro to review his new essay and analysis in Washington Monthly, “Yes, Americans Are Better Off Under Biden.” We will be gathering this Friday at 1pm ET. You can RSVP here. Feel free to invite others – all are welcome.
This event is the latest in a series of efforts by NDN to create a more accurate understanding of the remarkable vitality and growth we are seeing in the American economy today. Consider:
The 9.7m jobs created under Biden is 5 times as many as were created in the last 3 GOP Presidencies COMBINED. GDP growth under Biden is 3 times what it was under Trump.
In the last few months America has seen the lowest poverty and uninsured rates in US history, and the lowest peacetime unemployment rate since WWII
Nominal wage gains and new business starts have been way above historic norms for many months now. Real wages are positive again.
Biden is the 3rd consecutive Dem President to see an enormous drop in the annual deficit on his watch
The historic investments in our infrastructure, domestic manufacturing, clean energy technologies, microchips and health care will create good jobs for decades to come in important industries and help position America well to keep winning the future
And all this of this happened while COVID ravaged the US and the world, supply chains were disrupted, Russia invaded Ukraine and global oil and food prices spiked
So join us this Friday to talk about how Americans are once again better off with a Democrat in the White House. Will be a good one!
Onward – the NDN Team
An excerpt from Rob’s essay:
“In June 2022, the average working American earned $74,643 in wages and salaries, compared to $74,624 in January 2021 and $70,274 in February 2020. Even with 9.5 million more people working, the average working person earned as much in June, after inflation, as when Biden took office. And compared to just before the pandemic, when employment was comparable to today, the average person earns 6.2 percent more even after inflation. The answer to Reagan’s question is “Yes” on wages and salaries as well as jobs, a remarkable achievement given the pandemic….
Americans are also significantly wealthier than before Biden took office. The pandemic and the jobs boom were primarily responsible. As the Omicron variant spread, government checks enabled more savings and increased spending that helped drive up employment. According to the Federal Reserve, after inflation the net assets of Americans increased by nearly $2 trillion from the first quarter of 2021—when Biden took office—to the first quarter of 2022. (We exclude the top 1 percent because their assets are notoriously hard to measure.)
And it’s not the typical case of the rich getting richer. The fastest growth in net assets occurred among low- and moderate-income households. From the first quarter of 2021 to the first quarter of 2022, the inflation-adjusted wealth of households in the lowest income quintile jumped 15.2 percent and just 0.8 percent for those in the top income quintile (again, excluding the top 1 percent).”
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