Let us check the facts and see. If the media met its obligation to serve and inform the public, this commentary would not be necessary. In fact, as of this writing the media continues to enable Trump's and the GOP lies on the economy. Now that the Biden administration has come to an end, the following information is available on the economy.
JOB CREATION: The economy created over 16 million jobs during the Biden administration. That number will be adjusted down somewhat like the Labor Department always does but will not change the facts materially. During Trump's first term, the economy lost 2.7 million jobs. During Trump's first 36 months in office (prior to the economic recession and (COVID) job creation averaged 183,000 jobs per month. During President Obama's last 36 months in office job creation averaged 225,000 per month. And during President Biden's first 36 months in office (including (COVID) job creation averaged 388,000 jobs per month. For the past 100 years, job creation under Democratic administrations can be described as robust. Under the GOP it can be described as anemic. Trump said he would create 25 million new jobs.
UNEMPLOYMENT: The unemployment rate was down 2.3% during Biden's term. The rate was 6.3% the month he took office and 4% the month he left office. The unemployment rate on Trump's watch increased 1.6%. It was 4.7% the month he took office and 6.3% the month he left office. Reagan is the only GOP President in the last 70 years that left office with a lower unemployment rate than when he took office. Democratic administrations don't have that problem. The unemployment rate on Biden's watch stayed in the 3% range for 27 straight months, the longest string since the 1960's.
THE NATONS GDP: The Gross Domestic Product increased at an annual rate of 3.4% on President Biden's watch and increased 1% on President Trump's watch.
FEDERAL SPENDING: Federal Spending in Biden's first three fiscal years (his last fiscal year will end 9/30/25) was up 14.7% compared to Trump's 4 fiscal years spending. Federal spending in Trump's 4 fiscal years was up 43% compared to President Obama's last 4 fiscal years. Federal spending hit a record of $6.8 trillion in Trump's last fiscal year.
DEFICIT SPENDING: Total deficit spending in Biden's first three fiscal years was $4.7 trillion. The CBO in December estimated the federal deficit at the end of Biden's last fiscal year which ends 9/30/25 would be $1.8 trillion. Total deficit spending in Trump's four fiscal years was a record $7.5 trillion. President Obama left the Trump administration a deficit of $666 billion when he took office, but Trump left Biden a federal deficit of $2.7 trillion when he left office. Trump's third fiscal year federal deficit was $3.1 trillion, a record still standing.
CONSUMER SPENDING: Consumer spending stayed strong during President Biden's term despite inflation because of wage increases that kept consumer spending moving ahead. Consumer spending during Trump's term was a hit and a miss and produced a negative quarter of GDP in 2020. Consumer spending represents 70% of the economy and consumers powered the economy forward on Biden's watch.
ECONOMIC RECESSION: There was no economic recession on President Biden's watch. The GOP and the negative voices were predicting one for the second quarter of 2023 and every quarter thereafter but it never took place. There was an economic recession on Trump's watch that preceded COVID says the National Bureau of Economic Research, the official arbiter for the past 50 plus years. NBER said it took place in February 2020 and ended the 10th straight year of economic expansion that began during the Obama Presidency.
LAW AND ORDER: The FBI reported crime was down the last three years on President Biden's watch and that the murder rate in 2024 would likely end with the lowest rate in the past two decades. Crime was up the last 3 years on Trump's watch. The worst mass murder gun violence deaths took place on Trump's watch in Las Vegas in 2017 when 58 people were killed. President Biden accepted the results of the 2020 Presidential election. Trump did not and sent his riot mob to the nation's capitol in an effort to over turn the 2020 election. Trump also failed the test of a peaceful transfer of power to the newly elected President, Joe Biden. Trump also claimed fraud in the elections, filed numerous law suits claiming fraud which every judge rejected.
PRO BUSINESS AGENDA FOR THE ECONOMY: The Small Business Association (SBA) reported there was a small business boom during President Biden's term. A record 21+ million of new small business applications were filed with the government. That the annual average record growth of filed and established business growth was 90% higher than under Trump, even pre pandemic. Wages were up 19.6%.
President Biden's numbers on the economy are actually better in spite of the inflation that took place and also especially when one considers what Trump left to the Biden administration. An economic recession, COVID, a federal deficit of $2.7 trillion, higher unemployment, etc., etc. Tax cuts that robbed the federal government of needed revenue financed by deficit spending. The beat goes on and on. It is not a mystery that President Obama left a good and expanding economy to Trump when he took office and now President Biden left a good and sound economy to Trump for a second term. Trump blew up President Obama's good numbers and now Trump will blow up Biden's good numbers. There is no mystery! Democrats are better at governing and it goes back the last 100 years. Oh, and remember those Trump tax cuts for the wealthy and corporations that was supposed to Make America Great Again and prevent the economic collapse and recession from taking place.
This commentary written by Joe Lorio
Note: Numbers herein taken from The CBO, U.S. Labor Dept., Treasury Dept., Office of Managment and Budget and the Commerce Department.
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