In January, the US economy grew by 467,000 jobs. The economy has boomed under President Biden, putting the lie to the myth that Democrats don’t manage the economy as well as Republicans. The American jobs machine is roaring at full speed, fueling a strong recovery and creating opportunities for workers.
Thanks to the American Rescue Plan and Biden’s successful vaccination program (75 percent of adults are fully vaccinated), Americans are back at work at a record-setting pace.
This should not come as a surprise to anyone. The economy has performed better under Democrats than Republicans since at least World War II.
- CNN Business reports that since 1945, the Standard & Poor’s 500 market index has averaged an annual gain of 11.2% during years when Democrats controlled the White House but only a 6.9% average gain under Republicans.
- In the same time period, the gross domestic product grew by an average of 4.1% under Democrats, but only 2.5% under Republicans.
- Job growth, too, is significantly stronger under Democrats than Republicans.
“[T]here has been a stark pattern in the United States for nearly a century,” the New York Times reported in “Why Are Republican Presidents So Bad for the Economy?” The economy has grown significantly faster under Democratic presidents than Republican ones.”The last year has been the greatest 12 months of job creation in our nation’s history. And it comes with:
- The largest drop in the unemployment rate on record.
- The largest reduction in childhood poverty ever recorded in a single year.
- And the strongest economic growth this country has seen in nearly 40 years.
Biden created 3 times as many jobs as the last 3 GOP presidents combined
The Biden Boom has brought the US:
- 33.8 million jobs – 16 years of Clinton, Obama
- 6.61 million jobs – 11 months of Biden
- 1.9 million jobs – 16 years of Bush, Bush and Trump
The Biden Boom has created 6.61 million jobs — three times as many than were created in the 16 years of the last three Republican Presidencies, combined. Since 1989 and the end of the Cold War, the US has seen 42 million new jobs created. Remarkably 40 million of those 42 million were created under Democratic Presidents, 95%.
“A modern and forward-looking Democratic Party has repeatedly seen strong economic growth on its watch. Republican Presidents, on the other hand, have overseen three consecutive recessions – the last two, severe. The contrast in performance here is very stark, it is not a stretch to state that the GOP’s economic track record over the past 30 years has been among the worst in the history of the United States,” says Simon Rosenberg, President of NDN, a leading think tank.
GDP growth tells a similar story:
And look at the jobs created per month over these presidencies:
“The bottom line is that Democratic policies have repeatedly been able to make globalization work for the American people. GOP policies have repeatedly failed to deliver, as a national party Republicans have repeatedly failed to do their part. For those looking for reasons why America has not made more progress in this era, reactionary Republican policies appear to be a very good place to start,” Rosenberg says.