Please dispute this fact. GDP growth was 5.7% in 2021. Trump talked about hitting 5%, but never came close to 4%.
From the TWC's favorite economist, Kimberly Amadeo.
https://www.thebalance.com/u-s-gdp-growth-3306008
Originally Posted by adav8s28
Adav8s28,
First, the most recent QoQ GDP growth rate, annualized, was -1.6%. That is, negative 1.6%.
YoY GDP Growth, from 4/1/2021 to 3/31/2022, was only 3.5%. It will almost certainly be lower when numbers come in for June 30, 2022.
GDP should have gone up a lot, as the economy rebounded from COVID, regardless who was president and who controlled Congress. Maybe Biden's $1.9 trillion American Rescue Plan juiced it a little.
What it juiced even more was inflation. Prices of goods and services increased 9.1% over the last 12 months. U.S. average hourly earnings are only up 5.1%. That's right. The workingman has lost 4% of his purchasing power.
This is in contrast to 2019, before COVID hit, when real median household income jumped for the first time to levels appreciably above what they were during the Clinton administration. Finally American workers were gaining ground. Well, now, because of inflation, they're giving it all back.
Edit: This is not off topic because WTF rued the absence of rational discussion about the economy in his OP.
Second Edit: Sorry bb, I see I'm mostly repeating what you already said. We're piling on poor Adav8s28.