Is Trump right?
In recent days, President Joe Biden highlighted his economic approach, known as Bidenomics, during an event in Milwaukee. In response, former President Donald Trump released a video outlining his campaign’s economic policies, which contrasted his administration’s accomplishments with the current state of affairs under Biden.
According to Newsmax, Trump criticized what he termed “Crooked Joe Biden’s economic catastrophe,” drawing a comparison between his economic strategies and the present situation. This comparison was presented in an Agenda47 policy video hosted on Rumble.
Trump emphasized that a pivotal factor in the upcoming campaign will be determining who can effectively address the challenges posed by Bidenomics. He defined Bidenomics as a combination of inflation, taxation, submission, and failure.
Trump’s argument centered not only on his rhetoric but also on the sentiments expressed by the American populace through polls measuring presidential approval ratings related to the economy.
“During our tenure, the approval ratings for the economy were three times higher than they are under Biden,” Trump stated in the video, which lasted nearly four minutes. “When I was in office, 63% of Americans rated the economy as excellent or good. Currently, that figure stands at a mere 19%.”
The policy video by Trump celebrated his administration’s achievement of rebuilding the U.S. economy twice: first during the aftermath of the Great Recession under the Obama administration and then in response to the challenges posed by the COVID-19 pandemic. He pledged to revitalize America’s economic prosperity from the depths of the “Biden economic bust.”
Trump’s video concluded with a message of optimism: “The revival of America’s economic strength is on the horizon. Through tax reductions, regulatory reforms, tariffs, energy self-sufficiency, and even energy dominance, we will overcome Bidenomics and put an end to the disastrous era of Biden’s leadership, which I believe to be the most inept presidency our nation has ever witnessed. We will achieve this swiftly, efficiently, and we will restore America’s greatness.”
In a memo from the Trump campaign, ten key distinctions were outlined, highlighting the disparities between Trump’s economic policies and Biden’s actions:
- A difference of $13,400 in “annual real family incomes,” with Biden reversing Trump’s $6,000 growth into a $7,400 decline.
- Trump’s assertion of generating “2.8 million more jobs” within his initial 30 months in office compared to Biden’s achievement of a net 2.1 million new jobs, accounting for returning pandemic-related workers.
- A contrast of 250,000 more manufacturing jobs created during Trump’s early 30 months compared to Biden’s tenure.
- Inflation dynamics: Trump concluded his term with gas prices at an average of $2.42 per gallon, whereas Biden’s average is now $3.83, peaking at $4 last year. Trump’s average inflation rate was 1.9%, but it has risen to 5.5% under Biden, including a significant 16.6% inflation rate since Trump’s departure.
- A shift of a $21,000 regulatory burden on U.S. households, with Biden reversing Trump’s $11,000 reduction into a $10,000 increase.
- Labor force participation rates decreased from 63.4% under Trump to 62.6% under Biden, signifying that 1.9 million Americans are no longer part of the workforce.
- Trump’s economic approval rating categorized as “excellent” or “good” was over three times higher at 63% compared to Biden’s 19%.
- Mortgage rates surged to almost 7% during Biden’s tenure, while they reached an all-time low of 2.65% under Trump, causing Americans to pay an average of over $366,000 in interest for a new home.
- Under Biden’s leadership, Americans accrued a record $1 trillion in new credit card debt, amounting to an approximately $200 billion rise from the figures recorded in 2020 under Trump.
- Trump’s tax cuts, despite facing opposition from Democrats, stand in contrast to Biden’s pledge to increase taxes by $4.7 trillion to support progressive social programs, Green New Deal initiatives, and extensive spending plans.
Concluding the video, Trump emphasized, “The Biden economic downturn will be promptly replaced by the remarkable Trump economic upswing starting from day one. Any positive economic indicators observed under the Biden administration are essentially the remnants of the economic foundation we established prior to their taking office.”