Joe Biden sets 50-year record for economic improvement in first year of presidency: report

The U.S. economy has improved more in President Joe Biden's first year in office than it has under any president in the last 50 years.

Bloomberg's Matthew A. Winkler made the observation in a column on Monday.

"U.S. financial markets are outperforming the world by the biggest margin in the 21st century, and with good reason: America’s economy improved more in Joe Biden's first 12 months than any president during the past 50 years notwithstanding the contrary media narrative contributing to dour public opinion," Winkler reported.

According to Winkler, Biden's economy ranked either first or second in 10 key measures when compared to the previous 10 presidents.

"[N]o one comes close to matching Biden's combination of No. 1 and No. 2 rankings for each of the measures," Winkler wrote.

The measures include gross domestic product, profit growth and consumer credit among others.

"GDP growth in every incoming administration during the past four decades never exceeded 2.74% until 2021. Biden is now positioned to surpass Carter (5.01%) as the GDP champion of presidents since 1976," Winkler found. "Corporate America was never healthier than under Biden in 2021. Efforts to support consumers flowed through to America’s companies, which are enjoying profit margins of around 15%, the widest since 1950, according to the Bureau of Economic Analysis."

Winkler also suggested that inflation would not be as big of a problem for Biden as it was for President Jimmy Carter.

"Biden, unlike Carter, benefits from the $29 trillion U.S. debt market," he explained. "The clear message from the market that tells all other markets what to do is that the people with the most at stake are betting on the Biden economy."