The U.S. Economy: President Trump's First Two Years Vs. President Biden's First Two Years.

President Trump took office at a time the U.S. Economy was in it's 8th consecutive year of economic expansion, job creation was positive and unemployment was down 3.1% on President Obama watch.  Budget deficits were falling and federal spending was increasing at lower level than the previous administration.   There was no economic recession on the horizon to worry about.  During Trump's first 24 months in office the GDP (Gross National Product) grew at an average of 2.5% per year.  Unemployment was down 7/10th of 1%.  It was 4.7% when he took office and 4% two years later.  Job Creation for Trump's first 36 months in office (before COVID) averaged 183,333 jobs per month.  

President Biden took office with an economic recession and COVID pandemic in full swing, job creation in negative territory, an unemployment rate of 6.3%, negative GDP, the largest federal spending spree in the history of the U.S., increasing deficits and a record number increase in the national debt for any Presidential term.  During President Biden's first 24 months in office the GDP averaged 4% per year.  The unemployment rate was down 2.9%.  It was 6.3% when he took office and was 3.4% two years later.  Unemployment has stood in the 3% range for 14 consecutive months, the longest stretch since the Kennedy-Johnson years.  Job creation in Biden's first 24 months averaged 458,000 jobs per month, a record for any 24 month period.

The 24 month period tells us how each President's administration performed after what they inherited from the previous administration and how they responded.  We know the full details of how the Trump administration ended because it is already in the history books and is not a flattering one. 

The story tells us the country and its people did well the first 24 months of the Biden's administration despite inflation and the negative voices of doom and gloom who refuse to talk about the positive accomplishments that took place in America.  The President's report card is not the final judgement, but that day will come when his full term can be measured and recorded. 

This commentary written by Joe Lorio