The US Economy’s Growth under Biden and Trump
The economy has done substantially better under Biden than it did under Trump under nearly every measure:
Economic growth (real GDP) under Biden was 3.4%. Under Trump it was 1.8% annual growth. Putting aside the tanking economy during pandemic, Trump era growth was 2.8%, still lower than Biden.
Real fixed business investment was 5.4% under Biden and 2.7% under Trump. Putting aside the recession during the pandemic, business investment under Trump is 5%, still less than 5.4% under Biden.
Consumer spending increased 4.5% in real terms under Biden as opposed to 2.6% under Trump.
Under Biden, employment increased by 14.3 million employed Americans. Under Trump, it declined by 2.7 million.
Under Biden, unemployment rates averaged 3.6%, and under Trump unemployment averaged 4.0%. Black and Hispanic unemployment rates were lower under Biden (5.8% and 4.3%) and higher under Trump (6.5% and 4.5%).
New business start ups averaged 444,000 under Biden and 304,000 under Trump.
Price increases (inflation) averaged 2.1% under Trump and 5.4% under Biden. That post-pandemic inflation was global in scope due to the pandemic’s freeze up in supply chains, the war in Ukraine and the run up in oil prices. The US under Biden over-performed both in growing the economy and in reducing inflation as compared to the French, British and Germans. The US under Biden increased oil production to the extent that the US produced more oil than even the Saudis and thereby drove down oil prices.
Source: Shapiro, Data Don’t Lie: Biden’s Economic Record is much Better than Trump’s (Washington Monthly, 1/26/2024) https://washingtonmonthly.com/2024/01/26/data-dont-lie-bidens-economic-record-is-much-better-than-trumps/