Recent polls have shown that a majority of people believe former President Trump was better for the economy than President Biden. However, data suggests otherwise. During Trump’s presidency, the economy lost 2.9 million jobs, while under Biden, there has been a gain of 15 million jobs so far. Additionally, under Trump, the unemployment rate rose to 6.3%, while Biden has managed to keep it under 4% for the longest period in over 50 years. Wages have also been rising under Biden’s economy.
When it comes to trade deficits, Trump had a deficit of nearly $350 billion with China, while Biden has managed to reduce that deficit by $103 billion. The stock market closed above 40,000 for the first time in history under Biden. In terms of national debt, Trump saw a 39% increase due to tax cuts for the wealthy and corporations, making him responsible for the largest increase during any presidential term.
Biden’s national debt has grown at a slower pace compared to Trump’s term. During Trump’s time in office, the number of Americans lacking health insurance rose by 3 million, but enrollment in the ACA grew by 12 million during Biden’s administration. Additionally, Biden made significant investments in infrastructure and helped add manufacturing jobs through programs such as CHIPs Act.
Biden has taken steps to improve conditions for workers by raising the threshold salary for overtime pay and making it easier to unionize. He has also been active in trust-busting and is considered one of the most active trust busters in 50 years. The middle class has seen more success under Biden than any president in the last 40 years.
It is crucial to evaluate different presidential administrations based on their impact on economic growth and well-being among American citizens when analyzing economic performance data.
