Biden’s claim that he inherited an economy on the brink of disaster is false. While the pandemic caused a severe downturn in 2020, the economy was strongly rebounding by the time Biden took office in January 2021.
“I inherited an economy that was on the brink. Now our economy is the envy of the world!” Biden said.
In late 2020, GDP grew at an annual rate of 4.3% and 33.1% in the prior quarter as the economy reopened from lockdowns.
In Biden’s first quarter, GDP grew at 5.2%. Unemployment, which spiked to 14.8% in April 2020, had fallen to 6.4% by January 2021, below the 7.7% rate when Obama was reelected in 2012.
So rather than being on the brink, data shows the economy was already recovering and growing by the time Biden assumed the presidency.
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