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As Americans cast their votes near the end of Democrat Joe Biden’s second year in the White House, his 42% approval rating and the outcome of such midterm elections historically favoring the party not currently in charge gives the edge to Republicans. But the history of more than a dozen measures of relative prosperity shows Biden outperformed the last six of his seven predecessors and the 46th president has no peers reducing the nation’s budget deficit.
The reality is that Biden has a credible economic record in the looming showdown with Republicans threatening to cut Social Security and Medicare spending while opposing any increase in the nation’s borrowing limit next year. Growth in gross domestic product, jobs created, expanding home equity levels and the strengthening dollar combined to make the Biden economy over his first two years superior to every midterm presidency since Jimmy Carter.