Biden's economy has defied economist predictions. We haven't experienced the predicted stagflation, nor 5 years of 6% unemployment in order to tame inflation. Instead, we had 60 year record unemployment numbers (27 straight months under 4% including a month at 3.4%) and very strong GDP (by far the strongest of western economies), with in…
Biden's economy has defied economist predictions. We haven't experienced the predicted stagflation, nor 5 years of 6% unemployment in order to tame inflation. Instead, we had 60 year record unemployment numbers (27 straight months under 4% including a month at 3.4%) and very strong GDP (by far the strongest of western economies), with inflation now under 3%. Had Biden told us in 2021 that we would see this, economist would have called it was fantasy thinking. The economists would have been wrong, just as they were with their dire predictions about the ARP. These economists with the incorrect dire predictions had mis-applied the macroeconomic models, using bad assumptions.
Keep in mind that other western economies have seen the same inflation, worse than ours some cases (UK & EU), as we have, but not the same unemployment and GDP numbers. You measure a president's performance not where the results are the same as other western economies, rather where the results differ. He inherited an economy in tatters from covid. The economic performance we have seen under Biden has been astonishingly great. Ask yourself this, if Biden caused our inflation, then why are the other western economies seeing the same inflation? When you look at the other western economies, common sense tells you that the Biden's ARP did not cause inflation, rather it saved the economy.
Some selected data: Cumulative inflation as been 23% in the EU, 22% in the UK, 20% in the US and Canada 17%. Our unemployment rate has averaged the past 2 1/2 years at 3.7%, while Canada and the EU have been over 5.8%. Our compounded annual GDP growth rate during Bidens term has been an excellent 3.4%. Even from Dec 2019 (thus including offsetting the drop during covid) has been a very strong compounded annual 2.4% per year, far better that all others. Food inflation (incl. food away from home) in Canada has been the same as ours, while it had been worse in the EU and UK. At home food (groceries) inflation under Trump during covid in 2020 averaged an annual 4% rate. The past 15 months has average an annual average rate running below 1%, while 2024 YTD from January has been 0%, ie. flat.
A simple way to think of it, just as covid has long covid symptoms, it has also had economic long covid symptoms. These symptoms being low GDP growth, high unemployment and inflation. Biden quickly cured the lowed GDP and high unemployment symptoms (the best of all western economies) with the unemployment rate below 4% by the end of 2021, while keeping inflation in-line with the average the others. Our post covid economy truly is the envy of the world.
Where Biden inherited an economy in tatters, Trump inherited a strong and growing economy. While he kept it going, at the same time though, ballooning the national debt, even excluding the covid spending. In his second two years in office (2018&2019, before covid but after his tax cuts) he added $2.7T to the debt, not much below what Obama added in his entire 4 year second term. A "greatest economy ever" would never run up the national debt the way Trump did
Whenever it is said that Trump needs to stick to the issues to win, with the biggest being the economy and inflation, these statements are left unchallenged, implying the is economy really is bad. The economy is a strength of Biden/Harris, not a weakness. What to know what a bad economy looks like? Look at late 1970's/early 1980's. Inflation over 10%, unemployment peaking at 11% and mortgage rates peaking at 18%! Trump's current economic proposals now, will ruin the economy!
Now how she says this will be difficult in an interview setting, it also may sound like defensive BS coming from her. It would be nice if an economist could submit a Mea Culpa opinion piece to the times on this. Not Larry Summers, though, He is a pompous ass who can never admit he was wrong.
Biden's economy has defied economist predictions. We haven't experienced the predicted stagflation, nor 5 years of 6% unemployment in order to tame inflation. Instead, we had 60 year record unemployment numbers (27 straight months under 4% including a month at 3.4%) and very strong GDP (by far the strongest of western economies), with inflation now under 3%. Had Biden told us in 2021 that we would see this, economist would have called it was fantasy thinking. The economists would have been wrong, just as they were with their dire predictions about the ARP. These economists with the incorrect dire predictions had mis-applied the macroeconomic models, using bad assumptions.
Keep in mind that other western economies have seen the same inflation, worse than ours some cases (UK & EU), as we have, but not the same unemployment and GDP numbers. You measure a president's performance not where the results are the same as other western economies, rather where the results differ. He inherited an economy in tatters from covid. The economic performance we have seen under Biden has been astonishingly great. Ask yourself this, if Biden caused our inflation, then why are the other western economies seeing the same inflation? When you look at the other western economies, common sense tells you that the Biden's ARP did not cause inflation, rather it saved the economy.
Some selected data: Cumulative inflation as been 23% in the EU, 22% in the UK, 20% in the US and Canada 17%. Our unemployment rate has averaged the past 2 1/2 years at 3.7%, while Canada and the EU have been over 5.8%. Our compounded annual GDP growth rate during Bidens term has been an excellent 3.4%. Even from Dec 2019 (thus including offsetting the drop during covid) has been a very strong compounded annual 2.4% per year, far better that all others. Food inflation (incl. food away from home) in Canada has been the same as ours, while it had been worse in the EU and UK. At home food (groceries) inflation under Trump during covid in 2020 averaged an annual 4% rate. The past 15 months has average an annual average rate running below 1%, while 2024 YTD from January has been 0%, ie. flat.
A simple way to think of it, just as covid has long covid symptoms, it has also had economic long covid symptoms. These symptoms being low GDP growth, high unemployment and inflation. Biden quickly cured the lowed GDP and high unemployment symptoms (the best of all western economies) with the unemployment rate below 4% by the end of 2021, while keeping inflation in-line with the average the others. Our post covid economy truly is the envy of the world.
Where Biden inherited an economy in tatters, Trump inherited a strong and growing economy. While he kept it going, at the same time though, ballooning the national debt, even excluding the covid spending. In his second two years in office (2018&2019, before covid but after his tax cuts) he added $2.7T to the debt, not much below what Obama added in his entire 4 year second term. A "greatest economy ever" would never run up the national debt the way Trump did
Whenever it is said that Trump needs to stick to the issues to win, with the biggest being the economy and inflation, these statements are left unchallenged, implying the is economy really is bad. The economy is a strength of Biden/Harris, not a weakness. What to know what a bad economy looks like? Look at late 1970's/early 1980's. Inflation over 10%, unemployment peaking at 11% and mortgage rates peaking at 18%! Trump's current economic proposals now, will ruin the economy!
Now how she says this will be difficult in an interview setting, it also may sound like defensive BS coming from her. It would be nice if an economist could submit a Mea Culpa opinion piece to the times on this. Not Larry Summers, though, He is a pompous ass who can never admit he was wrong.