If there was ever a time to make the economic case for a second term for President Trump, that time is now. Americans continue to struggle under the failed policies of “Bidenomics” and voters are taking note. Inflation remains high, the housing market is in a lurch, and Americans are incurring historic levels of debt.
It is a long-held political belief that Presidents receive too much credit for a good economy and too much blame for a poor economy. That said, by any measurable statistic, the economy under the Trump Administration was measurably better than it is today under the Biden Regime. The numbers are so clear that they simply beg for a second Trump term.
Consumer Sentiment, which measures the “overall health of the economy, as determined by consumer opinion,” by examining people’s feelings towards their current financial health, the health of the economy in the near-term, and the prospects for longer-term economic growth, fell from a high of 101.4 under President Trump to a low of 50.0 under Biden in 2022.
A similar measure, the Consumer Confidence Index (CCI), which is an indication of future developments of household’s consumption and savings, shows the same trend.
Under President Trump, the index peaked at 101.2 in June of 2018, and then fell to a low of 97.7 in May of 2020 during the peak of the COVID-19 pandemic.
Under President Biden, the index hit a low of 96.6 in both August and September 2022, well after the pandemic had ended.
An indicator above 100 “signals a boost in the consumer’s confidence towards the future economic situation,” while values below 100 indicate a pessimistic attitude towards future developments in the economy.
It isn’t just consumer sentiment or confidence. The hard numbers, as measured by the Federal Government, show that the economy was stronger under President Trump.
Inflation, as measured by the Consumer Price Index (CPI), hit a low of 0.1% in May 2020 under President Trump. Under Biden, the CPI hit a high of 9.1% in June 2022, from a low of 1.7% in February 2021, Biden’s first full month in office.
Under President Trump, the CPI never rose above 2.9%. President Biden enjoyed only three months with the CPI below 3%. This was during his first three months in office before any of his policies were implemented.
The inflation rate is the most egregious tax on working Americans and is the direct result of Biden’s policies. His war on fossil fuels, the Inflation Reduction Act (the Green New Deal), and his American Rescue Plan have added approximately $4.8 trillion in federal spending, and debt to the U.S. economy.
“Bidenflation” has devastated the working American. The average American family has lost at least $7,000 in spending power under Biden, and the numbers prove the point.
Under Biden the price of gas went from a low of $2.41/gallon in July 2017 (which does not account for the low of $1.93 in April 2020, during COVID) to a high of $5.03/gallon in June 2022.
To illustrate the impact on Americans, the price to fill a 20-gallon tank went from $48.2 under Trump to $100.6 under Biden. Assuming a driver uses one tank of gas per week, that equates to an incremental $2,724.80 per year, just for gas.
Every economic indicator, from the price of eggs to the price of milk, the amount of credit card debt to the number of people working multiple jobs to just make ends meet is worse under President Biden.
The Biden Administration continues to campaign on the failed policy of Bidenomics, despite a recent poll showing Americans don’t believe the hype. Even self proclaimed Biden voters are agreeing with the fact that the economy is far from thriving. Only 14% of voters think Biden’s policies have made them better off, while 70% said Biden’s policies have either hurt the economy or had no impact.
Hard-working Americans across the country deserve better than the failed leadership from the Biden Administration. No matter how you analyze the data, the country did better economically under the Trump Administration, and there is no reason to believe we will not again.
The case is any easy one to make - for both economists and the American voter. A vote from Donald J. Trump is a vote for economic renewal and a thriving economy.