The month of December 2024 was President Biden's last full month in office that shaped a good economy which has a significant effect on the future of the U.S. economy going into the new year. The end of December also discredited the negative voices who first called for the start of an economic recession to begin in the 2nd quarter of 2022 and every quarter thereafter. But there will be no economic recession on the watch of President Biden.
The U.S. Labor Department reported the economy created 256,000 jobs in December and the unemployment rate came in at 4.1%, it was 4.2% in November. Unemployment has been in the 3-4% range for the past 35 consecutive months, the best showing since the 1960's. The unemployment rate when Trump left office was 6.3%, so unemployment was down 2.2% on President Biden's watch. It was up 1.6% on Trump's watch (first term) when the economy lost 2.7 million jobs. The Department also reported the economy has created 16.1 million jobs on Biden's watch for an annual average of 335,416 jobs. A record of any Presidential term. The unemployment rate when President Obama left office was 4.7%
And additionally, the Department also reported, "the economy and hiring were able to grow at a solid pace even with interest rates much higher than they were before the pandemic. Overall, the solid jobs figures suggest the economy is entering a period of steady growth."
With President Biden having only 8 more days in office, the negative voices of doom and gloom will die in their own BS. So, as of this writing, the only bar to a continuation of a good economy is Donald Trump and his party's failed economic record of the past.
This commentary written by Joe Lorio
Note: The negative voices are Trump, the GOP, Maga and those who want to see President Biden fail.
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