Fact check: Is Biden or Trump better for the US economy?
“Who is the more economically competent, Trump or Biden? One has public opinion on his side; the data supports the other. DW examined four claims about growth, inflation, debt and the US stock market.”
Difference between the inflation rate and growth of wages in the United States from January 2020 to December 2023
Former Trump adviser on Biden’s economy: ‘I would be bragging about it, too’
“Fox Business host Larry Kudlow, who served as director of the National Economic Council (NEC) during the Trump administration, said President Biden is justified in touting the economy’s strong numbers, saying, “I would be bragging about it, too.”
“I’m an honest broker. He got a good 3.3 percent [gross domestic product] number for the fourth quarter, following a good 4.9 percent in the third quarter, OK. If I were he, I would be bragging about it, too. And inflation has come down,” Kudlow said on his Fox Business Network show Thursday.”
Must Watch:
Trump said that if Biden was elected the stock market would crash:
People are buying stuff
US consumer sentiment races to 2-1/2-year high; inflation expectations ease
“WASHINGTON, Jan 19 (Reuters) – U.S. consumer sentiment improved in January, hitting the highest level in 2-1/2 years amid growing optimism over the outlook for inflation and household incomes, which bodes well for the economy’s prospects this year.
The better-than-expected reading in sentiment reported by the University of Michigan on Friday reflected a brightening of moods across all age and income groups, education and geographical locations as well as political affiliation.”
‘Greedflation’ caused more than half of last year’s inflation surge, study finds, as corporate profits remain at all-time highs
Most Profitable Companies: U.S. vs. Rest of the World, 2023
“In the fiscal year ending March 31, 2023, the top 500 companies amassed a staggering $41 trillion in revenue, yielding a profound $2.9 trillion in profits. The U.S. emerged as a profit behemoth, with its 136 Fortune 500 companies contributing a massive 38% to the global profit pool.“
Half of recent US inflation due to high corporate profits, report finds
“Thinktank report says ‘resounding evidence’ shows companies continue to keep prices high even as their inflationary costs drop”
Corporate profits in the United States from the first quarter of 2012 to the second quarter of 2023
We rank 123rd in the World in Inflation Rate
Inflation Rate – By Country
Jobs? An Internet Friend….
I have a Quiz for MAGA Folks. Jobs, Unemployment, Inflation and GDP
Farmers?
Farmers flourish under Biden, see recovery from Trump-era trade wars
“The prices of corn and soybeans have increased and demand is up for American exports.”
Price of Gas?
Gas Prices are Down
CHIPS ACT, Infrastructure Bill and Inflation Reduction Act impacts are beginning to be felt
FACT SHEET: One Year after the CHIPS and Science Act, Biden-Harris Administration Marks Historic Progress in Bringing Semiconductor Supply Chains Home, Supporting Innovation, and Protecting National Security
U.S. Semiconductor Renaissance: All the Upcoming Fabs
“Everything we know about new chip manufacturing facilities in America.”
The U.S. share of global semiconductor manufacturing capacity has decreased from 37% in 1990 to 12% in 2021, according to the Semiconductor Industry Association (SIA), but some 47% of the chips sold worldwide are designed in the U.S. This disparity poses major risks to American national security and the economy, which is why both industry insiders and politicians recently began to call for building semiconductor fabs in the USA.
Their calls have been heard, and today five major chipmakers — GlobalFoundries, Intel, Samsung Foundry, TSMC, and Texas Instruments — are building new semiconductor production facilities in the U.S. These efforts will inevitably be bolstered by a new wave of funding provided by the newly-approved CHIPS act. This U.S. subsidy initiative will pump $52 billion into new US-based chip fabs and provide fresh tax incentives. Those funds will spur a wave of new investment over the coming years, and its sorely needed.”
FACT SHEET: White House Highlights Infrastructure Progress in Every Corner of the Country, Updates State-by-State Fact Sheets
At its two-year anniversary, the bipartisan infrastructure law continues to rebuild all of America
Maps of Progress
Monthly 12-month inflation rate in the United States from December 2019 to December 2023
Trump’s constantly lied about “The Greatest Economy of All Time” – Nope, Not Even Close!
Biden’s economy vs. Trump’s, in 12 charts
“Both presidents tout their contributions on the U.S. economy ahead of the 2024 election. But how do their claims stack up?”
“1. Job gains“
“Employers have createdmore than 14 million jobs during the Biden administration, with a monthly average of more than 400,000 positions. Recently, though, the pace of job creation has slowed, with 216,000 new jobs in December.
By contrast, the economy added an average 176,000 jobs a month during Trump’s first three years, before coronavirus-related closures and layoffs resulted in the sudden loss of more than 20 million jobs.”
“2. Unemployment rate“
“Joblessness fell during the Trump years to a half-century low of 3.5 percent in early 2020, just before the pandemic. During Biden’s presidency, the unemployment rate has inched down even further, to 3.4 percent earlier last year. It now stands at 3.7 percent.
The years-long pickup in hiring has been particularly good for workers who are typically underrepresented in the labor force. Unemployment rates for Hispanic workers, Black women and people with disabilities have all hit record lows under Biden’s watch.
The Black unemployment rate, which Trump liked to take credit for improving during his presidency, fell during both administrations, but reached an all-time low during the Biden era last year.”
“3. Economic growth“
“For the most part, the U.S. economy has expanded at a steady pace under both Trump and Biden. Gross domestic product, a measure of all of the goods and services produced in the country, has grown about 22 percent since Biden took office. That’s compared with a 14 percent uptick during Trump’s presidency, when the pandemic forced the economy into a steep and sudden recession. Even so, the economy rebounded quickly — thanks in part to trillions in stimulus money — and was growing again by the time Trump left office.”
“4. Gas prices“
“Pandemic-related hiccups, the war in Ukraine and spikes in demand have all sent gas prices on a dizzying roller-coaster ride since 2020. Gas prices more than doubled between April 2020 and April 2022, from $1.84 a gallon to $4.11. They peaked at an all-time high of nearly $5 a gallon in June 2022 but have come down since. Analysts say gas prices could fall below $3 per gallon in the coming weeks, thanks to a combination of increased production and slowing demand.”
