“When I took office,” President Joe Biden tweeted Monday, “our economy was on the brink of collapse.”
This statement is false. As the Department of Commerce’s Bureau of Economic Analysis reported one week after Biden was sworn into office, real Gross Domestic Product in the United States, after increasing by 33.4 percent in the third quarter of 2020, showed a preliminary increase of 4 percent for the last quarter of Donald Trump’s presidency. “After a year in which a pandemic and politics posed challenges unlike the U.S. has seen in generations,” CNBC reported, “the economy closed 2020 in fairly good shape.”
Wall Street hit across-the-board all-time highs on Inauguration Day. Vaccination for COVID-19, seen by many as the critical component to restarting the economy after the first-half recession of 2020, was just then starting to roll out. Analyst…
