President Joe Biden has restored full employment as a key economic commitment of the Democratic Party during his presidency.
Over the next six months, President Biden will be focused on doing his job as President of the United States and building on his historic results for the American people. pic.twitter.com/52fJzvpXrD
— The White House (@WhiteHouse) July 27, 2024
This achievement is significant, especially considering the challenges he faced upon entering office, including the COVID-19 pandemic and the global impact of Russia’s invasion of Ukraine on energy and commodity prices. Despite these obstacles, Biden’s economic record stands out as one of the best domestic policy showings in decades.
When President Biden took office, America was in the midst of the worst economic crisis since the Great Depression.
Today’s GDP report makes clear we now have the strongest economy in the world.
— The White House (@WhiteHouse) July 25, 2024
The labor market has been particularly strong, with the unemployment rate remaining below 4 percent for 27 consecutive months, a rare feat among U.S. presidents. The prime-age employment-population ratio, which measures the job rate for people between the ages of 25 and 54, has also been impressive, staying above the 80 percent threshold for 23 months. Biden’s economic boom has been inclusive, with record-low unemployment rates for Black Americans, Hispanic Americans, and women.
With President Joe Biden and Democrats:
The economy is up, jobs are up, and wages are up!
And inflation is lower!
We won’t stop working for the American people!https://t.co/FlL79ZeV3w
— Chuck Schumer (@SenSchumer) July 26, 2024
Wage gains have been substantial, particularly among low- and middle-income households, which are earning more than they did before the pandemic. Even when accounting for inflation, Americans today have more savings and higher wages than in 2019, while wage inequality has declined.
Biden’s economic achievements amid crises
The president’s economic agenda, dubbed “Bidenomics,” involves expanding the state’s tools to manage market fluctuations. Biden developed this agenda in response to various international crises, including political, economic, epidemiological, and environmental challenges.
When President Biden entered office, America was in crisis
Today, it is stronger, more prosperous, more hopeful
Thank you, @POTUS
It has been an honor to work with you to enact the most ambitious legislative agenda since the Great Society
We'll keep working for the people
— Chuck Schumer (@SenSchumer) July 25, 2024
His approach has been pragmatic, focusing on addressing urgent issues through inclusive policies rather than adhering to a strict economic ideology.
Biden’s economic program has been effective, even if driven more by circumstantial decision-making than by a strict economic theory. The Federal Reserve’s recent interest rate hikes did not produce the expected layoffs because the country was suffering from a pandemic-induced supply crunch, not from an excess of household wealth. By the time rates were raised, Biden had already secured trillions of dollars in support for the labor market, mitigating potential damage.
In conclusion, Biden’s economic legacy may prove to be more important than his record. By securing full employment and addressing urgent issues through pragmatic and inclusive policies, Biden has demonstrated the impact of purposeful public policy in shaping economic outcomes. His presidency has shown that securing economic abundance is not merely a result of market forces but a public policy choice made by elected officials.
