Yes, Americans Are Better Off Under Biden

Robert Shapiro: “No one can argue with President Joe Biden’s job record—more than 9.5 million unemployed Americans found jobs over the past 18 months, and the unemployment rate fell from 6.4 to 3.5 percent.”

“Whether Americans’ incomes are higher is more complicated, because the pandemic disrupted the economy in so many ways. First, GDP collapsed in 2020, and unemployment soared—followed by massive public spending that extended into Biden’s term in 2021 and helped us recover. But supply problems, especially energy, ignited inflation, and spending, worsened it. While the fast-rising employment has produced a record 14.9 percent surge in overall wage and salary income since Biden took office, how much has inflation eaten away at those unparalleled gains?”

“For all of the ‘pain at the pump’ stories, the answer is that wages and salaries have kept pace with inflation since Biden took office—and by this measure, most Americans are much better off than before the pandemic hit in 2020, and before he took office in 2021.”