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The Real Reason Americans Prefer Trump’s Economy to Biden’s

Progressive anger at people who prefer Trump’s economy to Bidennomics

American progressives are in a state of high revolt, are gnashing their teeth at the realization that Americans support Donald Trump’s economy over Joe Biden’s. They felt this was completely unreasonable and spent months trying to explain why it was incomprehensible to Americans that they were supposed to be living in an economic utopia under the Biden administration. Over the years, he has developed an elaborate theory. But the reality is simpler: We were better off under Trump..

in record of economic failure, President Biden’s inauguration is rapidly securing an important position. Despite the administration’s self-congratulatory rhetoric about job creation and job recovery, average Americans remain unimpressed.

A recent Bloomberg/Morning Consult poll found: 51% of respondents feel economically better under the Trump administrationcompared with just 32 percent under Biden.

A front-line issue? The relentless rise in the cost of living is Biden’s inflation policy.

Inflation: the crisis created by Biden

Let me be clear: Inflation is Biden’s albatross.. The president inherited an economy already on the road to recovery, but ignored clear warnings about inflation risks and pushed through the $1.9 trillion American Rescue Plan.

of wall street journal james freeman recently pointed out It turns out Biden’s original economic plan was based on a series of deceptions.

His appointment took place amidst continued high economic growth and low inflation. In the quarter he took office, real GDP was growing at an annual rate of more than 5%. Growth slowed in the years that followed, but of course there was the added misfortune of soaring prices.

This is not just a matter of deceptive rhetoric. The 2021 deception actually helped to cause inflation as a result. That’s because Biden’s false portrayal of an economic crisis was a justification for the extravagance he initiated. Despite warnings from prominent Democratic economists.of false claims The results were very destructive.

In other words, Biden falsely claimed Trump’s policies ruined the economy During the campaign, he justified his policies by exaggerating the economic crisis upon taking office. waste It is aimed at placating his left-wing base and claiming credit for the recovery that has already begun. Democrats worried that if they allowed Biden to recover without introducing a big bill, people might actually give Trump the credit for the economic recovery.

President Joe Biden speaks on his “Build Back Better” agenda in Kearney, New Jersey, October 25, 2021. (Michael M. Santiago/Getty Images)

It’s like a children’s fairy tale meant to teach the dangerous consequences of discord.Biden’s first lie about the state of the economy at election time was more or less necessary His second lie: We need a huge stimulus bill in 2021So he shifted from arguing that inflation was not dangerous when it first started, to arguing that it quickly waned once it became undeniable. And each time inflation went down, Biden claimed inflation had been defeated, but then inflation came back again and Biden claimed inflation had been defeated. They’re making up fictions about “Putin’s price increases” and “greedflation.”

Recently, Biden has repeatedly falsely claimed that inflation was 9% when he took office.. In fact, the consumer price index in January 2021 increased by just 1.4% compared to the previous year. When the White House was confronted with this lie, it simply concocted yet another blame-shifting narrative that the “factors” for inflation existed during the Biden administration. office.

The mirage of increased work and the reality of insufficient income

Biden cheerleaders love touts. 15 million jobs created and low unemployment rate. But most of those jobs didn’t create that many. Recovery due to economic restart. We always intended to rehire millions of people once the shackles were taken off the doors of corporate America – sometimes literally.

Biden’s track record looks less impressive when you remember that the unemployment rate was 3.7 percent at the end of his third year in office. In fact, in Trump’s third year in office, the percentage was a little lower (3.6%). Biden supporters like to argue that President Trump’s employment record is abysmal because of job losses due to lockdowns. Most Americans see this as partisan hacking.

Americans know that the spike in unemployment in 2020 was due to pandemic lockdowns, not President Trump’s economic policies. They are probably saying, correctly, that if a Democrat had been in the White House, these pandemic-related job losses due to the pandemic would have been worse, since Trump was somewhat reluctant to shut down the economy while the left was keen on shutting down the economy. I suspect that it would have gotten even bigger.Wouldn’t it have been better if Trump’s reluctant Instead it was resistance to lockdown? probably. But that’s not a policy Biden can plausibly claim to have supported.

A sign posted on the window of a store on Main Street in Walnut Creek, California, on March 24, 2020, announces the store’s closure due to lockdown orders due to the coronavirus disease (COVID-19) pandemic. (Smith Collection/Gado/Getty Images)

More importantly, Americans understand that their real incomes, or after-inflation incomes, improved much more under Trump than under Biden. According to a shocking analysis by Bloomberg News, published under the headline “Voters prefer Trump over Biden on the economy.” This data shows why. ” Real per capita disposable personal income under the Biden administration has improved by only about a quarter of the pace under the Trump administration..

Real disposable income increased by 7% in Trump’s first three years in office, but only 2% under Biden.Looking at all four years of Trump’s presidency, his income increased. 12.4%Meanwhile, it is expected to rise slightly during Biden’s term. 2.9%assuming economic growth continues this year.

“Per capita real disposable personal income, or money available for use after taxes and adjusted for inflation, is a clear measure of the standard of living. It has improved under the Biden administration, but on average it is about 4% below the Trump-era pace. That’s only one in two,” Bloomberg reported.

And then there’s Biden’s inflation record. Since President Biden took office, consumer prices have increased by a cumulative 19.5%. At this point in Trump’s presidency, the cumulative inflation rate experienced by Americans was only 5.6%. in short, Inflation was 350% higher under the Biden administration than under the Trump administration..

inflation

President Joe Biden speaks about the economy in Washington, DC on January 12, 2023. (Andrew Caballero Reynolds/AFP via Getty Images)

Both presidents ran huge deficits to cover coronavirus relief spending. Trump supported the $1.8 trillion CARES Act in March 2020, and Biden supported the $1.9 trillion American Rescue Plan in March 2021. But timing was critical. When President Trump’s stimulus package was passed, the economy was in steep decline due to lockdowns and social distancing.. As a result, inflation did not rise much, but unemployment fell dramatically and growth ignited. The economy was already growing rapidly when Biden was passed.In other words, the costs of inflation were large, while the returns in terms of growth and employment were small.

According to an investigation by ABC News and IPSOS, Biden’s approval rating has dropped to 35%, while his disapproval rating is 57%.. 43% of Americans report that the economy has worsened under his administration, and a whopping 81% think he is too old for another term.

Regarding important economic issues, President Trump maintains a commanding lead: 14-point lead on economy and inflation. This preference is not unreasonable. It’s simply a matter of evaluating who produced better economic outcomes.

The future of interest rates and economic growth

Chairman of the Federal Reserve System Jerome PowellMr. Trump, who has recently been on hiatus due to the coronavirus pandemic, has repeatedly said patience is needed to bring inflation down to the Fed’s 2% goal. And he is confident that inflation will fall to the Fed’s target and that a deep or even outright recession will not be necessary.

still The root cause of the inflation problem-Biden’s early spending increases and his insistence on keeping deficits at levels not seen outside of wars, natural disasters or deep recessions remain unaddressed. Without a fundamental policy change, Inflation persists and interest rates are unlikely to fallprolonging the economic pain of ordinary Americans.

Former President Donald Trump speaks at a campaign rally in Wildwood, New Jersey on May 11, 2024. (Michael M. Santiago/Getty Images)

Progressives may continue to rationalize Biden’s economic policies, but the facts are indisputable. Under the Trump administration, Americans enjoyed faster income growth, lower inflation, and a more robust economic environment. It’s not nostalgia that favors President Trump’s economic management; Clear recognition of superior economic performance.

As the 2024 elections approach, voters are expressing their desire for a return to policies that prioritize economic growth and stability.numbers and Americans’ personal experiences highlight the failures of the current administration And there is an urgent need to change direction.

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