YEAR-END REVIEW: THE BIDEN BOOM: THE ECONOMY KEEPS GETTING STRONGER AS FIGHT AGAINST PANDEMIC CONTINUES

FOR IMMEDIATE RELEASE: December 15, 2021
PRESS CONTACT: [email protected]

YEAR-END REVIEW: THE BIDEN BOOM: THE ECONOMY KEEPS GETTING STRONGER AS FIGHT AGAINST PANDEMIC CONTINUES

As the end of 2021 approaches, look-back at economic progress under President Biden shows historic recovery, record job-creation  

WASHINGTON, D.C. — President Biden and his administration have made building a strong economic recovery and beating the pandemic its top priority. In 2021, the Biden-Harris Administration’s economic agenda jump-started a historic economic recovery that has created millions of jobs, re-opened businesses and schools, and put working families first. Under the President’s steady leadership, the economy has seen the most jobs created in the first 11 months of a year, the fastest drop in unemployment in a year, and the biggest drop in people receiving unemployment benefits in a single year. These enormous strides come despite the President inheriting a flatlining economy as the pandemic ravaged the country.

The President grew up in Scranton, around a kitchen table just like so many families around the country, and he knows that even a small increase in the price of things families rely on can strain families’ budgets. That’s why he’s fighting to build on the historic economic recovery already underway, including with the Build Back Better Act. In contrast to the President’s decisive actions to fight COVID-19 and boost the economy, Congressional Republicans have opposed measures to boost the economy and take on the pandemic at every turn — including uniformly voting against the American Rescue Plan and now attempting to obstruct passage of the Build Back Better Act.

“In less than a year, the Biden-Harris Administration has led an unprecedented economic recovery, with nearly six million new jobs created and the fastest economic growth in decades. The President set out to rebuild an economy that works for working people, and today, Americans have more money in their pockets compared to this time last year and millions more Americans are back to work,” said Building Back Together Executive Director Danielle Melfi. “This year has been one of undeniable progress thanks to the leadership of President Biden, but he knows there’s more work to do to give families the breathing room they need. We’re fighting alongside the President to pass the Build Back Better Act so that our economy finally puts working and middle class families first.”

While the President inherited an economy that was flatlining, his economic agenda has fueled an unprecedented jobs recovery:

• More than 5,800,000 jobs have been created since President Biden took office — the most of any first year President in history.
• The unemployment rate has dropped from 6.3 percent when President Biden took office to 4.2 percent — falling at the fastest rate in 50 years. Economists projected it would take us until the end of 2024 to reach this level.
  • The unemployment rate for Black Americans has fallen from 9.2 percent in January to 6.7 percent in November.
  • The unemployment rate for Hispanic Americans has fallen from 8.6 percent in January to 5.2 percent in November.
  • The unemployment rate for Asian Americans has fallen from 6.6 percent in January to 3.8 percent in November.
• Weekly jobless claims are down over 70 percent since President Biden took office — from over 800,000 to 184,000.
  • The weekly jobless claims are currently at their lowest level since 1969.

The American economy has recovered at a record pace — boosting workers and encouraging the growth of small businesses:

• Our economy is recovering from the pandemic-induced economic crisis faster than every other advanced economy in the world, with the fastest economic growth our nation has seen in this time period in nearly forty years.

• The economy is growing almost twice as fast as the best year under the last Administration.
• U.S. companies are planning their largest wage increases in more than a decade.
  • In fact, on average, Americans have $100 more in their pockets each month than they did last year, even after accounting for inflation.
• Business formation is up at a record pace:
  • The Economist: New business formation in America goes bezonkers
  • The Guardian: Start me up: 2021 is on course to be a record year for new businesses
  • Axios: The small business boom

The President has taken immediate action to ease supply chain bottlenecks, ensure shelves are stocked for the holidays and bring down costs for families, including gas prices at the pump:

• The President worked to untangle the supply chain, including bringing private sector companies to 24/7 operations and tackling delays at our ports.
• And, he has taken on corporations that price gouge Americans by raising prices and squeezing consumers even as corporate profits soar, including directing the FTC to investigate anti-consumer behavior by oil and gas companies.
• In fact, reporting highlights how President Biden’s actions are working:
  • Business Insider: Key indicators hint the supply-chain crisis is over and inflation will cool off soon
  • Axios: Manufacturing signals supply chain breather
  • Reuters: Walmart CEO says Biden supply chain push is easing bottlenecks
  • CNN: Finally some relief: Gasoline and natural gas prices are falling

Thanks to President Biden’s American Rescue Plan  — passed solely with Democratic votes, and uniformly opposed by Congressional Republicans — and the growing economy, Americans have more room to breathe on everyday expenses:

• The American Rescue Plan delivered immediate relief to American families and small businesses:
  • 171 million stimulus checks of up to $1,400.
  • $28.6 billion to the Restaurant Revitalization Fund to help restaurants hit hard by the pandemic.
    • $7.5 billion in funding has been distributed to women-owned businesses, $6.7 billion to economically disadvantaged-owned businesses, and $1 billion to veteran-owned businesses.
  • $15 billion for the Economic Injury Disaster Loan grants program.
  • $7.25 billion in additional funds for the Paycheck Protection Program.
  • Nearly 13,000 grants to live venues, theaters, and other entertainment and cultural hobs through the Shuttered Venue Operators Grant program.
• The American Rescue Plan also included significant tax cuts for working families, including:
  • Monthly checks of up to $300 per child to roughly 35 million households.
  • An expanded earned income tax credit to include more workers and provide nearly three times the previous benefit amount, assisting over 17 million workers.

• In fact, the United States is the only major world economy where household income and the economy as a whole are stronger than they were before the pandemic. 

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