Record job numbers, low unemployment, historic economic growth

In January 2021, America was still in the depths of the coronavirus pandemic and faced unprecedented economic uncertainty. But after taking office, President Biden took swift action. Thanks to the American Rescue Plan, and later the Bipartisan Infrastructure Law, America’s economy rocketed back to life. 

Fast forward to 2022, and the Federal Reserve Board observed that Americans reported the highest rates of economic well-being since 2013, with 78 percent of adults reporting they are either “doing okay” or “living comfortably financially.” It was a recovery nobody predicted. 

We recap how Biden’s policies delivered historic job creation, higher wages, record-low unemployment, highest GDP growth in nearly 40 years, and more:

8.7 Million Jobs Created: The Most of Any Presidential Term

17 Months: A Rapid Recovery

  • The Biden administration has recovered 8.7 million jobs in 17 months. That’s 96% of the jobs lost in the pandemic.
  • Historical Comparison: it took 51 months (4.25 years) to recover 8.7 million jobs from the Great Recession. Without the Biden administration’s response, the U.S. might have been in a similar situation.
  • According to the Roosevelt Institute: “Exact comparisons are tough, but we can clock this recovery, as Niskanen Center’s Matt Darling does, at eight times the speed of the Great Recession.” 

5.5% GDP Growth: Highest Since 1984

4.5% Wage Growth: Highest Since 1983

  • The Biden administration has produced the fastest wage growth since 1983 and increased wages for workers usually left behind during recoveries. 
  • For the year after December 2020, nominal wages and salaries were up 4.5 percent, the fastest increase since 1983.
  • Wages are even rising for workers who usually get left behind in recoveries.
    • Roosevelt Institute: Younger workers (16-24 years old) saw a 9.7 percent wage increase, and the bottom 25 percent of earners saw a 5.1 percent raise.
    • For the first time in decades, median hourly wages or salaries increased most rapidly for working Americans in the lowest earnings quartile.

52 Years: The Last Time Unemployment Was This Low