by Oui
Thu May 9th, 2024 at 11:44:37 AM EST
Biden claims record ’15 million new jobs' in three years | CNN - March 2024 |
Biden claimed the economy created a record 15 million jobs in the first three years of his term.
Facts First: Biden's claim is correct: the US economy added about 14.8 million jobs between Biden's first full month in office, February 2021, and January 2024, more jobs than were added in any previous four-year presidential term. However, it's important to note that Biden took office in an unusual pandemic context that makes meaningful comparison to other periods very difficult.
Biden became president less than a year after the US economy had shed nearly 22 million jobs over two months, March 2020 and April 2020, because of the Covid-19 pandemic. The jobs recovery then began immediately after that, under then-President Donald Trump, but there was still an unprecedented hole to fill when Biden took office.
Nonetheless, Biden is free to argue that his stimulus legislation and other policies have helped the country gain jobs faster than it otherwise would have.
The US has had an extraordinarily strong labor market under Biden, and its overall economic recovery from the pandemic has outpaced those of many other major countries.
The world's richest economies have taken diverging paths in recuperating from the devastating effects of Covid-19.
At a time when multiple forces and crises -- wars, geopolitical tensions, the pandemic's lingering aftershocks, high inflation and steep borrowing costs -- weigh on global growth, there have been few bright spots.
The US economy is one of them. Gross domestic product in the United States grew at a remarkable 5.2% in the third quarter, ahead of China, long the engine of global growth.
"The US has really outperformed relative to other countries for the past year," Innes McFee, chief global economist for Oxford Economics, told CNN.
The United States has powered ahead of the European Union, the United Kingdom, Japan, Canada and other advanced economies this year.
Last month, the Paris-based Organisation for Economic Co-operation and Development became the latest intergovernmental body to upgrade its forecasts for US growth this year and next, while downgrading the outlook for the 20 countries that use the euro currency.
That followed similar moves by the Washington-based International Monetary Fund in October.
The IMF now expects US GDP to expand by 2.1% this year and 1.5% in 2024 -- more than double the growth rates forecast for the UK economy and well ahead of the euro area, which is predicted to grow 0.7% this year and 1.2% next year.
Vilify competitive market leaders ... Germany-France-Europe-China and take out Russia as an asset to the European economy. The EU should share the burden of our their wars on the continent.
Passed principles on economic growth, increase the consumer market across the globe ... Globalization.
As long as America can veto UNSC Resolutions and bully its way through coercive diplomacy, the US should do well as an unipolar power directing the world. Let's do away with the fuss of UN Organizations, Human Rights Council, Geneva Convention, ICC in The Hague and ICJ too, repeal treaties ... do away with multilateralism.
Trump: AmericaFirst! ..
Biden: AmericaFirst! ..
How the $1.9 trillion U.S. stimulus package compares with other countries' coronavirus spending | WaPo - 5 Apr 2021 |
To put it in context, Biden's American Rescue Plan alone is larger than most countries' annual economic output, running slightly behind Italy and ahead of Brazil according to 2019 data from the World Bank.
And it is only the latest U.S. measure. In December, Congress passed a $900 billion relief bill, on top of more than $2.5 trillion of aid authorized during President Donald Trump's final full year in office.
Joe Biden adopts Reagan's trickle down economy for Europe and allies across the globe. AmericaFirst!
The U.S. Economic Recovery is Leading the World | White House - Oct. 2021 |
Effect America's war powers act economic growth G20 countries AmericaFirst!
World Inequality Database -- Top 1% national income share
Thanks to the combined efforts of 150 researchers from all continents, the World Inequality Database (WID.world) has just put new data online on the distribution of income in the different countries of the world. What does it tell us about the state of global inequality?
The main innovation is that the data collected make it possible to cover almost all countries. Thanks to research carried out in Latin America, Africa and Asia, 173 countries representing 97% of the world's population are now covered. The new data also makes it possible to analyse for each country the detailed evolution of the overall distribution, from the poorest to the richest.
It should also be noted that inequalities are high in all countries. The share of the richest 10% represents between 30% and 70% of total income. It is always significantly higher than that of the poorest 50%. The gap would be even greater if we looked at the distribution of wealth (what you own) and not income (what you earn in a year). The poorest 50% own almost nothing (usually less than 5% of the total), even in the most egalitarian countries (such as Sweden). However, the data available on wealth is still insufficient and will be updated in 2021.
