Not really a clear picture.President Joe Biden isn’t running for reelection, but his record will still be on the ballot in the fall. Here we look at how the U.S. has performed under the Democratic president:
- The economy added 15.7 million jobs. The number is now 6.3 million higher than before the pandemic.
- The unemployment rate dropped back and has stayed lower, longer than at any time during the previous administration.
- Inflation surged to its highest level in over 40 years. Despite recent moderation, consumer prices are up more than 19% overall. Gasoline is up 46%.
- Average weekly earnings haven’t kept pace with prices. After adjusting for inflation, “real” weekly earnings dropped 2.3%.
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Biden's Numbers, July 2024 Update - FactCheck.org
As Biden enters the final months of his presidency, we look at various statistical measures of what's happened during his term.www.factcheck.org
Low wage and middle class wage workers saw real wages growth, meaning they grew faster. The high wage earners dropped which weights down the index.
Fastest wage growth over the last four years among historically disadvantaged groups: Low-wage workers’ wages surged after decades of slow growth
In stark contrast to prior decades, low-wage workers experienced dramatically fast real wage growth between 2019 and 2023, but many workers continue to suffer from grossly inadequate wages and middle-wage workers face significant gaps across demographic groups.
