American Economy Booms During Biden’s Presidency
Updated: Nov 13, 2021
The American economy is on a roll.
The American economy is on a roll in 2021, growing at its fastest rate since 1984, when Ronald Reagan was President.
The October jobs report shattered expectations with unemployment hitting an all time low since COVID started in March 2020.
The stock market also hit record highs. The DOW hit its all time high on October 20th, thanks to confident investors and building value of crypto currencies like Bitcoin.
But most importantly, overall wages are up 6% and hourly wages are up 11% this year, outpacing inflation by 3x overall and 5x for hourly wage-earners.
After years of stagnant wages, low-wage workers are finally getting the pay they need to live. In competition for employees, companies across the country are raising their starting wages to $15 and offering perks and stipends to help employees pursue further education.
Meanwhile, many former low-wage workers have had enough and see the booming economy as the perfect opportunity to become their own boss. The economy is doing so well that some Americans are choosing to work for themselves and starting their own businesses.
The sixteen-month period from March 2020 to June 2021 marks a record high for business startups. The latest business formation number is out. People started over 440 thousand businesses in June 2021 alone.
This growth has allowed more and more people to become homeowners. In 2020, home sales were at their highest level in 14 years.
A lot of this growth is attributed to people feeling more comfortable and safer going out again with vaccines and having lots of savings from the course of the pandemic.
Moving forward, the economy will continue to be bolstered from the new infrastructure bill, which will revitalize America’s bridges and roads and employ thousands of Americans to help make that happen. President Biden will sign the bill into law in November 2021.