Let’s look at four metrics: real GDP, inflation, interest rates, and manufacturing jobs. Below is real GDP from the third quarter of 2020 to the second quarter of 2024. The third quarter reflect the bounce back in GDP after Trump reopened the economy in April 2020. Q4 2020 through Q4 2021 indicates the continued strength of the Trump economy. When Bidenomics take ful effect, GDP slows down considerably, even moving into negative territory before recovering, albeit nowhere near the strength it was under Trump. The reality is that Biden-Harris inherited a robust economy and throttled it.
We see a similar pattern with inflation and interest rates. Inflation remained at historic lows under Trump, then exploded under Biden Harris. To be sure, inflation has come down in recent months, but Biden-Harris are responsible for the highest rates of inflation since the early-1980s.
Interest rates are also much higher than they were under Trump. Indeed, they were steadily coming down under Trump before exploding under Biden-Harris.
The claim that the Biden-Harris regime make about creating manufacturing jobs is largely illusory. You can see that under Trump, there was steady growth in manufacturing. The sharp loss of manufacturing jobs was a consequence of the pandemic. After Trump reopened the economy, manufacturing jobs returned. By mid-year 2022 the number returned to pre-pandemic levels. Growth in manufacturing jobs since then follow the same rate of growth established under Trump’s presidency.
Biden-Harris are taking credit for Trump’s economy and blaming him for inflation, while ignoring interest rates. The Biden-Harris regime has attempted to deflect from inflation by citing price gouging. We should clarify what inflation is in light of this deflection. Inflation is the general rise in prices of goods and services over time, leading to a decrease in the purchasing power of money. It occurs when the demand for products exceeds supply (a consequences of the pandemic, which the Biden-Harris regime and allied states dragged out), production costs increase (rising wages due in part to Trump’s efforts to sharply reduce illegal immigration), or when excessive money is printed by a government, diluting the currency’s value.
Inflation is a tax on working people, eroding savings as the real value of money diminishes. The Biden-Harris regime is largely responsible for this by printing money and spending. Central banks tried to control inflation through monetary policy, adjusting interest rates to influence the economy’s money supply and demand. This added an additional burden on working families. Moreover, the Biden-Harris regime opened borders to undermine workers’ wages. The effect is that goods are services became more expensive and borrowing to obtain them more costly, with all of this offsetting wage gains from a tight labor market. The Biden-Harris years have been disastrous for ordinary working people.
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