During his first year in office, Joe Biden hailed his economic management, and while some of the metrics are impressive, they are taken out of context. Good luck comprehending what’s going on with the economy in the ultra-managed world of over-scripted “Biden-speak.” The phrase by George Orwell, “the whole notion of objective truth is going out of the world,” has never been more relevant.
According to President Biden’s first economic report on his first full year in office, the US saw the most vigorous economic growth in over four decades. White House news release, “The GDP figures for his first year demonstrate that they are finally constructing an American economy fit for the twenty-first century.”
In 2019, the US economy had an annual GDP of 19.2 trillion dollars, with a growth rate of 3.1% in the two years before COVID influenced the economy. GDP fell by 36% in the first half of 2020 compared to the same time in 2019. Historically, the US economy has risen at an average of 2.5% each year since WWII, despite booms and busts. Joe Biden’s much-touted record era of GDP growth comes in at 3.1%. It’s an average outcome calculated by averaging the peaks.
In a White House news release, Joe Biden stated, “Americans are finding better employment with higher compensation and greater benefits.” According to the Bureau of Labor Statistics, real average hourly wages fell 1.7% seasonally adjusted from January 2021 to January 2022. That isn’t simply spin or a lack of context. It is referred to as a freight train full of disinformation.
Moreover, President Joe Biden has stated that his economic policy focuses on generating suitable employment for Americans, reviving manufacturing, and improving supply networks. The Federal Reserve said that American exports increased by $400 billion between Q4 2020 and Q4 2021. During the same time, imports climbed by 600 billion dollars, 50% greater than the export growth.
Therefore there was no mention of surging inflation, catastrophic deficits, or increasing interest rates in the announcement. The GDP grew at an average pace, employees were worse off, and US manufacturing is less competitive worldwide, while foreign enterprises dominate.