Here's some good news, if Americans care anymore about facts and the economy...
In the 1980 presidential campaign, Ronald Reagan posed the ultimate question to Jimmy Carter in the final debate, asking… “Are you better off today than you were four years ago?” That question essentially ended Carter’s campaign and Reagan went on to a landslide win a few days later.
It’s a fair question to ask at every election when America is considering reelecting a president, or in our case this year, one of two presidents.
Let’s look at the numbers, all from US Government sources, all with Covid figures taken out to be as fair as possible… and remember, currently, former President Trump is arguing that right now we are in the middle of the “worst economy in US history”.
Here are the financial and economic data points, stripping out the effects of Covid.
Average Job Growth per month per president since Reagan…
Reagan - 160K Jobs
Bush I - 54K Jobs
Clinton - 242K Jobs
Bush II - 22K Jobs
Obama - 110K Jobs
Trump - 182K jobs
Biden - 268K jobs
Manufacturing Jobs…
Under Trump approximately 800,000 new manufacturing jobs were created.
Under Biden, after we recovered those jobs lost to Covid, an additional new 250,000 jobs have been created. We now have more manufacturing jobs than at any time since the 2008 financial crisis.
GDP Growth, again with Covid effects stripped away
Under Trump - average growth of 2.6% annual rate
Under Biden - average growth of 3.6% annual rate.
Inflation
Under Trump, we ran an average inflation rate of about 2.75%
Under Biden, we are currently sitting at about 3.5%. However, inflation did spike to 9% under Biden with, in some areas, food prices rising almost 20% in the last four years.
Wage Growth
Under Trump, annual wage growth was mostly flat at 3.5%
Under Biden, annual wage growth grew to almost 7% and has now settled to around 5%.
Federal Deficit, again with Covid effects and stimuli stripped away
Trump added 4.8 Trillion dollars to the US debt.
Biden added 2.2 Trillion dollars to the US debt.
Sources… US Department of the Treasury, US Federal Reserve Bank, US Bureau of Labor Statistics.
While individuals and some families may disagree from their personal perspective, the data shows overwhelmingly that the US economy is in better shape under Biden than during the Trump administration.
Restaurants are packed, hotels are packed, vacation sites are packed and Americans continue to buy new, bigger and more expensive cars. And spend.
Wherever this horrible, worst economy in US history is, feelings aside, I can’t see it.
22 comments:
What's the likelihood that the Trump supporters 1) even bother to inform themselves? 2) if they do what's the likelihood they will accept or believe the numbers?
It seems that anything that shows Trump's relative incompency, or put another way, diminished effectiveness is simply considered by his supporters as fake news, false facts, or some other excuse for their Fuhrer wannabe.
A couple of notes...
1. Trump got the manufacturing growth started, but during Covid, most of his gain was wiped out. There's no reason to believe without Covid, those gains would not have continued. Under Biden, all those 800,000 jobs came back and an additional 280k jobs were added.
2. As it relates to GDP, it's fair to say that this year, our growth is under the Biden average. But it's also fair to say that even a small improvement, given the size of the US economy, is huge.
3. Inflation as I stated is still too high. But the Fed is signaling we are getting close to the number where they could lower interest rates for the first time in years. Everyone should cheer that reality.
Finally, I've always believed Biden should not run in 2024. This post is not related to whether or he should run, or not.
It's only to show, with data and facts, that the ongoing statements of former President Trump are not just wrong and uninformed, because we know he sees the numbers.
They are lies. Former President Trump is lying to the American people every single day he says we have the worst economy in our history.
The fact is, our current economy, is demonstrably better, and better overall for the American people, that it was during the Trump years.
Your feelings are your feelings. No one can change that. If you feel the economy is in the tank, there's nothing I, or anyone else can say. Because like politics, I believe all economic news is local, or maybe in your case familial.
Just know the facts says otherwise.
Well... looks like we are in an unclosed tag loop again.
RN... the chances? Probably pretty low. But the inability or unwillingness to accept facts that stand in contradiction to your feelings or opinions is not a reason for others to not bring those facts to light.
I know some here will quibble with the data I've presented, and everyone here can read their thoughts and make their own decisions. But I hope if they do, they come with some numbers of their own.
Look, the numbers of the Trump admin cannot be argued. They are the numbers the Trump admin themselves reported. The Biden numbers come from the same departments. But it is incumbent on those who deny the facts to not just scream in their denial, but to show actual contrasting data, as opposed to opinion.
Any individual looking at the data, with beliefs put aside, can only come to the conclusion President Biden has done a remarkable job given the challenges when he took office.
Biden was, and remains a far better choice than Trump. Even given his 81 years. He has an effective team working for ALL>/B> Americans. Not just the wealthy and those connected to wealth.
However, if enough believes he should step aside for a more energetic person with greater vitality to insure the defeat of Trump, the GOP, and Project 2025 then maybe he should listen to thoseof concern. concern a bit more closely.
He should be considering his legacy and doing what will best offer the best chance of his legacy and it's agenda going forward.
More facts... from the US government statistics.
Overall prices in June dropped a fraction.
Also, inflation continued to moderate, down to the feds target of 3%.
And once again, for the naysayers, you are welcome to contradict these numbers. But you need to bring the receipts. Otherwise you're just making news.
And, new inflation number - 3% beating projections.
Rev, Economics like crime is personal. All the statistics published don't really matter if you feel your life is not better or the crime in your immediate area is up.
Trump lies but so do all politicians and biden is no exception except a lot of his lies come from confusion. I am the first black women to serve with a black president, I believe that was confusion but when he said he was at the top of his law class and his uncle was eaten by cannibals that is a lie and he knows it. I do agree with you that he should not run but who would take his place. Certainly not cruella because she is worse that -H- then who would you like to see.
We ancient ones being retired over 20 years with 401K investments are thankful for
"In 2020, Trump famously predicted that “the stock market will crash” if Joe Biden became president. Biden did, and equity investors have since turned a handsome profit.
Since Biden took office, the S&P 500 stock index has risen a healthy 40%, capped by a five-month rally that kicked off last October and is still underway. At the same point in Trump’s presidential term, the S&P was up just 13%."
Biden restored infrastructure. Trump's $8 trillion deficit was wasted on tax breaks for
corporations and the very rich. You are right, Dave - it's a no brainer.
Life is a tragedy for those who feel, a comedy for those who think.
skudrunner: "Certainly not cruella because she is worse that -H- then who would you like to see."
At one time you professed that Nikki Haley would be a good choice for POTUS. Remember her?
She trashed Trump in 2016 saying he's everything she taught her kindergartener children NOT to be.
And recently, while running against him in the primaries, she said he ran up the worst deficits in modern history.
Just the other day, when she released her delegates to Trump, she praised him for his fiscal restraint while president.
Kamala Harris and Hilary Clinton are accomplished, educated, strong women. I can understand why you would be so frightened by them, and charmed by a two-faced woman like Nikki.
I am with Skuds in that they all lie. In the way in that we're all bigoted to some degree so I hesitate to call someone that without sounding hypocritical. Even though some are far worse than others. Good people recognize their shortcomings and try do do better. Trump nation simply doubles down on lies and bigotry
As for the economics, my personal wealth, as I mentioned in a previous thread has doubled under Biden's presidency. It had zero growth during Trump's. Most of the people I know, many of whom are in a far better economic position than me have begrudgingly admitted this as well. The fact is and this is made clear by the stats Dave posted, is that America has done far better during the Biden years than Trump.s. His tax cuts only benefitted a tiny portion of our population. They made zero difference to 340 million of us other than increasing our Nation's deficit which was at it's highest under Trump. If Skuds or anyone wants to ague about that remember you're arguing against Warren Buffet. One can be a capitalist and still be glad to support our country by paying our fair share.
If anything kills the GOP it will be their great and pandering to corporations and the top 1%'ers...
When Americans wake up and realize they've been played and manipulated for the benefit of the wealthy and large corporations all hell is going to break loose.
The disadvantaged others will take being held down or denied their just due only so long.
The Heritage Foundation, it's draconian Project 2025, Donald Trump, and MAGA may usher in such a backlash that the ignorance, greed, and delusions of the conservatives and the GOP may very well be their demise.
We should hope so and work to that end in any way we can.
Well gang... you all notice Skud provided no a hint of evidence to support claims that this is the worst economy in US history. And of course, he gleefully equated mistakes and/or confusion while speaking with lying.
The simple fact about economics is this, Skud "feels" the economy. Most of us, myself included with JoeBama and BB, look at the facts. And you know what? We're thankful. Just as all those people working that before Biden took office, were not.
You see, there's no answer, no comeback to the "I/they/people feel" argument when dealing with data. It's like the election results of 2020. Independent of a cornucopia of evidence to the contrary, folks like Skud, sailors on the Mothership and others continue to assert that the election was stolen, that election fraud and vote stealing is rampant in the US and thousands of dead people voted.
How are we expected to have an adult conversation when facts don't matter and contrarian ppl won't cite their sources of what they claim are alternative facts?
Joe, BB, RN, Shaw? Anyone have an answer to that?
Ms. Shaw, I still like Nikki and feel she is a good leader. I also like Tulsi Gabbard and John Kasich because all of them have shown non rabid opinions and good leadership qualities. In the past I supported Joe Liberman because he has the same traits, yes I realize two of the people were democrats but that is the reason I will stay independent and not go over the edge right or left.
Politics is an ugly business and one you have to have limited morals to be in. If the democrats don't hang joey out to dry the one's who are asking for him to step down will do an about face and say he is the greatest, that's politics.
Joe 101, You are fortunate that you have a vast fortune to double under biden but many are not and the pressures put on average working families have become more difficult. I have no issue with people amassing a fortune and they can spend it as they choose. The market has been kind to investors under biden and I hope it is just as kind under the next president be it Tulsi or cruella.
I am also a supporter of Everyone paying their fair share. The problem is on 50% do that. Do you support The Fair Tax Plan so it gives everyone the opportunity to contribute and pay their fair share.
Actually I do support a fair tax Skuds. And so you know I was a working person my whole life. Spent many of those years as a union commiteeman and office holder.
Skud... just a thought. Your constant use of nicknames for people you do not like, as Trump does, is childish and beneath you, as it is for those on the left who do the same.
You guys remember the Broadway play "How to Succeed in Business Without Trying"? We're all part of the brotherhood of man, even those we dislike.
It's that Golden Rule stuff... treat others how you want to be treated. Especially everyone, as we get closer and closer to Election D-Day...
We're all part of the brotherhood man, even those we dislike.
Namaste, Dave.
But there are some, that I truly believe do not share those sentiments in the way you mean them Dave. One particular individual pops to mind as well as few organizations.
What to do?
Biden held a press conference tonight and did great.
Cruella - confused: surely you refer to Marjorie Taylor Green?
All the facts and numbers will be ignored by those who BELIEVE Biden is to blame for global inflation caused by the pandemic's effect on supply and demand.
Rev, Are you referring to someone calling me skudzy or misspelling trumps name then I agree with you and it shows disrespect. I refer to you as Rev out of respect for the mission you are on. I may disagree with taking tax deductible dollars that should be used to help our disadvantages spent in a foreign country but I do respect what you do.
I am not certain what nicknames you are referring to but assume it is cruella and that is to emphasize her like actions to a disney character which is quite fitting.
I also watched the press conference the president and felt he did an good job reading the first part and have very few senior moments during the rest. Maybe it was intentional that he demoted trump to VP trump but not sure.
Skud... I don't like any of it. tRump, cruella, Skudzy, joey b... none of it.
But that's just me.
In fairness, I do refer to one person as the Captain of the Mothership. It's disrespectful, I know it and for the most part, I don't care. She says what I write is nasty. It's critical of conservatives for sure, but nasty?
Not my style.
Quite fitting in your mind maybe skudzy. Not in the majority of people I presume.
BTW, I asked you to call e Les a long while ago. As you insisted in not honoring my request I plug you skudzy.
The moment you honor the request I made lond ago I'll discontinue refering to you as skudzy.
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