As the 2024 presidential election approaches, a comprehensive analysis of the U.S. economy under President Joe Biden reveals a landscape marked by significant improvements compared to the previous administration. Real wages have increased, manufacturing is on the rise, and corporate profits are robust. Notably, the unemployment rate has remained around 4% since late 2021, signaling a stable job market [c43ab0ab].
Recent data shows that GDP growth for the September quarter reached 2.8%, while personal consumption expenditure inflation has decreased to 2.1%. This marks a positive shift for consumers, who are beginning to feel the benefits of wage growth that returned in early 2023 [c43ab0ab].
The manufacturing sector has also seen substantial growth, with the workforce now exceeding levels recorded during Donald Trump's presidency. Specifically, the transportation and storage industry has expanded by over 1 million workers, and the construction sector added 800,000 jobs under Biden's leadership [c43ab0ab].
Corporate profits after tax have been consistently growing, and the Dow Jones index reached a record high in mid-October, reflecting investor confidence in the economy. Additionally, median house prices have surpassed those seen during the Trump era, indicating a recovery in the housing market [c43ab0ab].
Looking ahead, major U.S. tech companies are poised to invest approximately $200 billion in artificial intelligence, further signaling a commitment to innovation and growth in the economy [c43ab0ab]. However, the U.S. budget deficit is projected to reach 7% of GDP in 2024, raising questions about long-term fiscal sustainability [c43ab0ab].
In contrast to the narrative of corporate harm, Biden's economic policies appear to favor ordinary Americans while maintaining healthy corporate profits, suggesting a more equitable economic environment than that experienced under Trump [c43ab0ab]. As the election draws near, these economic indicators will likely play a crucial role in shaping voter perceptions and decisions.