This article originally appeared on Fox News on January 31, 2022
President Biden has been attempting to claim credit for our recovering economy over the past year, but polling shows the American people are unimpressed. According to the Real Clear Politics average of polls, 57% of Americans disapprove of Biden’s handling of the economy while only 38% approve. So, does Biden deserve more credit? A realistic look at the numbers clearly shows that he does not.
Let’s consider Biden’s most recent claims with respect to the growth in gross domestic product (GDP) and jobs in 2021. Biden often blames bad economic news on the pandemic but is quick to take credit for good economic news. So, it’s fair to ask whether 2021’s positive GDP and jobs numbers are due to Biden’s economic policies or the economy rebounding from an economically disastrous pandemic?
GDP was up 5.7% in 2021, the biggest increase since 1984. That’s great news! Biden claims it’s because "[t]he Biden economic plan is working, folks." But does the growth in GDP really show that his plan is working?
It’s good to remember GDP is a year-over-year number. In other words, it’s easier to have a high percentage increase in the current year if you’re rolling over a large decrease in the prior year. In 2020, red and blue state governors shut down their states’ economies to slow the pandemic’s spread.
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