As the Biden administration finishes its first year, it is a good time to measure its performance against the prior administration and some of the more apocalyptic claims presented during the campaign.
• Number of proposals by the Biden administration to “defund the police” — zero
• Number of 9-1-1 call systems deactivated — zero
• Number of proposals by the Biden administration to increase taxes on anyone making under $400,000 — zero
• Despite the tendency by some elements of the media to characterize any policy initiative that benefits the 99% of lower-earning Americans rather than the top 1% as “socialism” — the number of producers or systems of goods or services converted from private ownership to government ownership or control, the actual meaning of “socialism” — zero
• Job creation — in the first year of the prior administration 2,175,000; in the entire four years of the prior administration net job losses of 2,912,000; job creation in the first year of the present administration 6,663,000, according to the Bureau of Labor Statistics (estimated as results for December are not yet reported.)
• Stock market performance measured by the S&P 500 (excluding dividends): First year of the prior administration +22.6%, entire prior administration (annualized) +13.6%; first year of the Biden administration 25.6%.
It’s true that inflation is up this year, but if inflation were the sole measure of a presidency, the Obama administration (average annual inflation 1.8%) would be a vastly more successful administration than that of President Ronald Reagan (average annual inflation 4.2%).
Source: Berkshire mont