Top Lines:| Defeating COVID | Economy, Jobs | Political Analysis | Countering Illiberalism's Rise | Immigration, Border | Events | With Dems | Contribute | Newsletter
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:
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).”
Contributions or gifts to NDN are not deductible for federal tax purposes. Contributions or gifts to The New Policy Institute are tax-deductible.
800 Maine Avenue SW, Suite 200
Washington, DC 20024
www.ndn.org @NDN_NPI
If you believe you received this message in error or wish to no longer receive email from us, please unsubscribe.