Source: CounterPunch
by Dean Baker
“President Biden handed off the best economy to an incoming president since at least the 2001 handoff from Clinton to Bush II. In his last quarter in office, GDP grew at a 2.3 percent annual rate (final demand, which excludes inventory fluctuations, grew at a 3.2 percent rate). That brought the average growth rate for Biden’s presidency to 3.2 percent, the highest since Clinton’s second term. The unemployment rate fell to 4.0 percent in January, keeping it in the narrow band between 4.0 percent and 4.3 percent it has been in since last May. For Biden’s whole term the unemployment rate averaged 4.1 percent, the lowest since Johnson’s last term, more than half a century ago. … but we know that Donald Trump has big plans for the economy. Given his bold pronouncements coming daily, or even hourly, he has many possible routes for ending the boom we have been seeing.” (02/20/25)