"The European economy, hobbled by unfamiliar weakness in Germany, is barely growing. China is struggling to recapture its sizzle. And Japan continues to disappoint. But in the United States, it’s a different story. Here, despite lingering consumer angst over inflation, the surprisingly strong economy is outperforming all of its major trading partners."
That's how The Washington Post began its January 28 article headlined: "Falling inflation, rising growth give U.S. the world’s best recovery."
If you missed it, that's maybe because, as @LOLGOP tweeted, it didn't quite make the front page.
But the simple fact is that, even if we ignore the Trump Crash of 2020, and just compare Trump's first three years to Biden's first three years, things are stupendously, incontrovertibly better with Biden.
The media have put their trumpets down
Four years ago, the media was more than happy to trumpet Trump's economic "success," even as he delivered below-par economic numbers and mortgaged America's future by wasting trillions on unfunded tax cuts for the rich.
Of course, the "snake-oil salesman" Trump sold his MAGA poorly educateds on the fantasy that he had created "an economic boom, the likes of which the world has never seen before."
But even then, while his media stenographers played along, some newsletter writers were putting the pieces together.
Now it's March 2024. Biden's about to deliver his State of the Union address. It's a good time to assess what Biden has achieved in three years vs. what Trump achieved in his first three years.
Before we get to that, here's a simple recap of some key historical facts to help set the stage.
- FACT: After the Bush crash of 2008, Obama and Biden restored America to prosperity—and put the economy on track for what became in 2019 the longest expansion in history.
- FACT: Despite inheriting a strong economy, Trump's idiotic policies—highlighted by reckless trade wars and unfunded tax cuts for the rich—caused job creation to slow, created the worst U.S. farm crisis since the 1980s and plunged U.S. manufacturing into a recession in 2019.
- FACT: Following a disastrous December 2019 jobs report and a dramatic slowdown in consumer spending in January 2020, the Trump Recession actually started in February 2020, before Covid lockdowns even began
Of course, when Covid hit, Trump's stupidity, corruption and recklessness contributed to an economic crash—and a preventable death toll—the likes of which America had never seen before
But let's set 2020 aside and simply compare what Trump achieved in three years as President vs. Biden's achievements in the comparable timeframe.
Turns out "Sleepy Joe" can manage the economy in his sleep far better than Trump ever did on his very best day.
FACT: Biden has created 14.8 million jobs in his first three years.
In his first three years, Trump created only 176,000 jobs per month. In his first three years, Biden has created an average of 411,000 jobs per month—134% more per month than Trump had created at the same point in his Presidency.
FACT: Biden reduced Black unemployment to an all-time low.
Trump still takes credit for reducing Black unemployment to an all-time low. But his failed policies meant Black unemployment was already rising at the end of 2019, before surging when Covid hit. Under Biden, Black unemployment has fallen dramatically, reached a new all-time low in 2023, and remains lower today than its lowest point under Trump.
Biden's immediate success on jobs has been combined with long-term investments in future growth
FACT: Biden is delivering a US manufacturing and infrastructure boom to bring jobs back onshore and create high-paying jobs for the future.
Biden's future-focused policies—including the Inflation Reduction Act, Bipartisan Infrastructure Law, and CHIPS and Science Act—have created an investment "supercycle" that will continue to create jobs and increase American competitiveness for years to come.
FACT: Biden has created a broadband boom for rural America.
While Trump allowed much of rural America to sink into poverty during his first three years, Biden has created a broadband boom that is finally delivering on the promise of "affordable, reliable high-speed internet service to every community in America" even as it creates jobs and boosts the domestic broadband manufacturing industry.
FACT: Farm income has soared under Biden.
While Trump's first three years were notable for farm bankruptcies and bailouts, Biden has delivered an economic boom for American farmers. U.S. net farm income averaged only $94 billion in Trump's first three years. Under Biden, it is up 75%, averaging $165 billion during his first three years.
Biden has not just delivered jobs, he's also tamed inflation—and boosted workers' pay
FACT: Biden has reduced inflation dramatically.
And he did it with no help from Republicans. In August 2022, Biden passed the historic Inflation Reduction Act (IRA) over the objections of Republicans who were decidedly pro-inflation. Biden's IRA has succeeded in driving inflation down faster than most experts predicted. It hit 3.1% in January 2024 and is predicted to fall further in the months ahead.
FACT: Biden has delivered historic wage growth for workers.
Biden has fought for workers like no other President in living memory. And he's delivered results. The Biden boom has delivered historically strong multi-year growth in hourly pay. Wage growth has been outpacing inflation since May 2023.
Biden has lowered healthcare costs, reduced student debt and take unprecedented action on climate
FACT: Biden has lowered healthcare costs in multiple ways.
Under Biden, 15 million Americans are saving an an average of $800 a year on their health insurance premiums." The cost of insulin is now capped at $35 a month. And Medicare is negotiating drug prices for the first time.
Starting January 2026, the first 10 part D drugs selected for price negotiations will be available at lower prices under Medicare Part D.
FACT: Biden has reduced student debt by nearly $138 billion for almost 3.9 million borrowers.
FACT: Biden is making the biggest investments to fight the climate crisis in American history.
In August 2023, one year after Biden's passage of the Inflation Reduction Act, Earthjustice celebrated these milestones: 170,606 jobs created (and counting). Lower energy costs (dropping by more than $1,000 a year for the average family). New investment in reducing harmful pollution ($27 billion to cut emissions and advance clean energy projects). "If we build on the momentum," Earthjustice wrote, "a future that averts the worse effects of the climate crisis is within reach."
Under Biden, unemployment is low, stocks are high, and consumer confidence is rising
The US economy is having a "Goldilocks" moment as Biden continues to prove his detractors wrong and deliver for American workers and families.
Unemployment is at historic lows.
Stocks are at all-time highs.
Consumer confidence is rising.
Trump gave us only false promises and failed policies and, when Covid came, a year of death and despair that was made much, much worse by his unique personal brand of incompetence.
As Biden delivers the State of the Union address this year, the message is clear: America is back. We've got an economy that's leading the world. We're better off than we ever were under Trump. We're investing in the future like never before.
And our President isn't an asshole.
In every way imaginable, things are better with Biden.
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