Comparing the economic performance of the Biden administration and the Trump administration is a complex task, as various factors come into play. Let’s examine some key points:
Job Growth:
Biden: U.S. employment has risen significantly under President Biden. When excluding the pandemic year of 2020, the economy added jobs at a faster rate than under Trump or any of Biden’s recent predecessors. U.S. employment is now 10% above what it was when he took office.
Trump: During Trump’s first three years in office, the economy also saw job growth, but at a slower rate compared to Biden.
Inflation:
Biden: Biden inherited high inflation rates from the Trump era, but he argues that the economy has turned the corner on inflation.
Trump: Trump faced relatively low inflation during his tenure, but it reached a four-decade high in summer 2022.
Wage Increases:
Biden: Under Biden, wage increases have been robust, especially for poorer individuals.
Trump: While Trump’s economy saw wage growth, the distribution of wage increases may not have been as equitable.
GDP Growth:
Trump: Inherited a healthy economy from Obama. GDP grew at a solid clip during his term.
Biden: The pandemic’s impact complicates direct comparisons, but GDP growth has been positive.
Stock Market Performance:
Trump: The stock market rallied during his tenure, partly due to federal stimulus spending during the pandemic.
Biden: The stock market has also performed well, but the pandemic’s effects remain.
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