BIDENOMICS IS GOOD ECONOMICS
BIDENOMICS WORKS: THE FACTS
The US economy
added more than 14.8 million jobs
under President Biden—including 800,000 manufacturing jobs.
Americans created
10 million new small businesses
in 2021 and 2022—the strongest two years on record.
Inflation has fallen for 11 straight months to half its post-COVID high.
US wages have outpaced inflation
under Biden, and seen the greatest gains of any major economy in the world.
American workers
have more saved for retirement
than ever before.
The US economy is outpacing China
for the first time since the 1970s. US wages and our economy have grown more than any other developed nation since the pandemic.
Jobs, Jobs, Jobs
14.8 million new jobs under President Biden
US Wages are Growing at Their Fastest Rate this Century
- Unemployment is under 4% and at its lowest level in 54 years.
- US wages are growing at their fastest rate this century, with worker wage growth outpacing inflation by over 10%.
- Wages for young Americans and those starting families have grown at a rate 4x the average.
- Biden has overseen the strongest and fastest recovery from a recession in US history.
The Economy
The US economy has grown faster than any other major economy in the world
The US Economy has Grown Faster Than Any Other Major Economy in the World
- Since Biden took office, our economy has grown faster than any other major economy in the world.
- Americans have more saved for retirement than ever before. Average retirement savings are twice what Americans had saved in 2001.
- Under Biden, US wage growth and economic growth outpaced China for the first time since the 1970s.
- US Stock markets hit record highs in 2024.
Wages Up, Inflation Down
Inflation has been cut in half and US wages continue outpacing inflation
US Inflation has Remained the Lowest of Any Western Economy
- Average wages and family income have outpaced inflation under Biden, with the greatest relative gains made by hourly and blue-collar workers.
- Inflation has been cut in half and is the lowest it’s been since the start of the pandemic. Inflation dropped for 16 months from its post-pandemic high to a more normal 3.2% rate.
- Prices have increased around the world, but US inflation has remained the lowest of any Western economy. And our wages have grown more than other Western economies.
Boost to Manufacturing
The largest gain in manufacturing jobs since the 1970s
800,000 New Manufacturing Jobs Created
- American factories and manufacturing have added 800,000 new jobs under Biden – the largest gain since the 1970s.
- Manufacturing wages are up over 25% from pre-pandemic levels, with nearly 9-in-10 qualifying for healthcare benefits.
- US manufacturing added nearly $12 trillion to the US economy and exported $1.6 trillion in goods last year.
Empowering Communities & Generosity
A boom in charitable giving and community service
Charitable giving grew 25% last year from pre-pandemic levels
- A combination of Americans having more money and Biden’s tax incentives created a boom in charitable giving and community service.
- Charitable giving grew 25% last year from pre-pandemic levels.
- Biden’s Infrastructure bill has invested another $400 billion in local schools, roads, libraries, and better internet.
Protecting Our Children’s Future
Childhood poverty fell to its lowest level ever in American history
61 Million Children Assisted
- Childhood poverty fell to its lowest level ever in American history, thanks to Biden’s Child Tax Credit extension.
- Every American family got the expanded child tax credit, which benefitted 36 million American families and 61 million children.
- 700,000 more children have health insurance.
- $138 billion in student loans have been forgiven for 3.9 million college graduates.
Investing in American Farming
$20 Billion investment in American Farmers
US Farm Production and Profits Reach All-Time High
- Biden’s Inflation Reduction Act will provide $20 billion for American farmers to implement climate-friendly practices, improve production, and invest in more sustainable farming technologies.
- Farmer income is 25% higher than 20-year inflation-adjusted average as crop production reaches all time highs.