“It’s the economy, stupid!” is the mantra that’s been uttered every presidential campaign season since James Carville coined it in 1992. What’s unique this year is that both
President Biden and former president
Donald Trump have clear economic records now, and they each claim to have the superior one — and even, in Trump’s case, the best in history.
The truth is that the U.S. economy has had spectacular moments — and real train wrecks — under both men. Trump inherited a lukewarm economy that he pumped up with massive tax cuts and extra government spending. The result was a hot growth spurt and a lot of new jobs, until the pandemic hit and
23 million people were suddenly out of work. Biden inherited a nation still living through the dark days of covid-19. He injected a large dose of government spending and investment and spurred a rapid, widespread rebound. The economy grew fast, added more than
15 million jobs and even saw a renaissance in manufacturing and a surge in start-ups. But the pandemic’s hangover effects also included the worst inflation in 40 years and this still smarts.
Below are 17 charts that show the many facets of the Trump and Biden economies (with the caveat that presidents only have a limited influence). Judging by the data alone, Biden produced better results, but
deep psychological impact of inflation has led most voters to say they
trust Trump over Biden on the economy.
