The state of the economy is set to play a pivotal role in the outcome of the 2024 presidential election, with inflation, healthcare costs, and federal spending emerging as the primary concerns of American voters. A survey conducted by Gallup in March 2023 revealed that 55% of Americans consider inflation a major issue, the highest level of concern expressed among all topics surveyed. This economic anxiety is further reflected in the growing belief among political analysts that the condition of the economy and the cost of living will heavily influence voters’ decisions.
While President Biden and former President Trump’s economic records do not guarantee future performance, they will likely have a significant impact on how voters perceive the candidates. Both Biden and Trump have spent considerable time touting their alleged economic achievements, each claiming to have outperformed the other. To assess the validity of these claims, a detailed analysis of current and historical government reports was conducted, with particular attention to data points that often receive less media coverage.
The analysis indicates that the U.S. economy under Trump was notably stronger than it has been under Biden. One key indicator is full-time employment. The Biden administration has touted the creation of a large number of jobs since taking office, claiming to have added 15 million since January 2021. However, a significant portion of these jobs were merely the recovery of positions lost during the COVID-19 pandemic, not the creation of new jobs.
In contrast to Biden’s job gains, which have been heavily reliant on government spending, Trump’s first three years in office saw the addition of 6.33 million jobs, with nearly all of them being full-time positions. Furthermore, inflation has emerged as a significant challenge under Biden’s presidency, with the Consumer Price Index showing a 19% increase since January 2021. During Trump’s tenure, from January 2017 to March 2020, the inflation rate was only 6.29%.
Numerous other economic indicators demonstrate the superiority of Trump’s policies compared to Biden’s. Rent, mortgage rates, real estate prices, and gasoline prices were all more favorable during the Trump era. Almost every significant economic metric points to the effectiveness of the policies implemented by the Trump administration.
While some metrics may initially appear to favor Biden, a closer examination often reveals a different picture. For instance, Biden’s government spending has contributed to job gains, but at the expense of higher inflation. The policies pursued by Biden have ultimately failed the nation. If Americans have learned from these mistakes, they will demand reforms that mirror the successful policies of the pre-coronavirus Trump era, which brought lower taxes, fewer regulations, increased support for small businesses, and policies strengthening domestic oil and gas industries.
