Sunday, July 14, 2024

Under Biden and Trump: The Facts

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Data Provided By Yahoo Finance:

Look Prices are now up about 20% in total since President Biden was sworn into office. For comparison’s sake, prices rose just under 7.8% during the four years of President Trump’s presidency.

The year-over-year inflation rate when Biden took office was 1.4%, not 9%. Though prices did reach 9.1% in June 2022.

The latest data says the current year-over-year inflation rate at 3.3% in May,is a downtick from a 3.4% rate in April.

Donald Trump lost jobs over the course of his presidency largely due to The COVID-era and that marked his last year in office. Joe Biden has seen the job market recover those lost jobs and push to new highs under his watch.

Job creation is another issue at the center of the 2024 economic conversation, with the labor market taking a volatile ride in recent years.

The economy steadily added jobs for the first three years of the Trump administration. 

This was a continuation of a trend seen under Barack Obama, Trump’s immediate predecessor.

The labor market then faced severe disruptions with the coming of the COVID-19 pandemic in 2020. The economy was shut down and more than 20 million jobs were lost in a single month.

The production of fossils fuels have risen steadily rose under both Trump and Biden other than during a massive COVID-era disruption in demand. The United States currently produces more oil under Biden than any country in history.

Energy is another oft-discussed 2024 topic. Trump has taken to saying that Biden “crushed” the oil industry, and the Republican is promising to make it a day-one priority if he wins.

But the story of US crude oil production over the last eight years isn’t quite so simple.

The US is currently producing more oil than any other country in history. This is — perhaps ironically — an inconvenient detail for both Trump and Biden.

For Trump, it cuts against his often repeated (and false) claim that the United States under Biden has “ended oil exploration and production.” It hasn’t and, by some measures, Biden’s granting of oil drilling permits is outpacing even Trump

For Biden, overseeing expanded oil production is not an accomplishment to tout to the many environmentally conscious members of his base.

But Biden nevertheless expanded limits on new drilling in the Alaskan wilderness and his administration has issued thousands of new permits to drill on other federal lands.

Both Trump and Biden pushed America’s credit card to new heights. The debt rose by nearly $8 trillion during Trump’s time in office, with Biden adding another $6.4 trillion so far.

In total, the national debt has ballooned by more than 70% over the last 7.5 years, a record that is more than a little disheartening to budget hawks.

Some of those spiraling costs, experts have calculated, are the result of decisions made by previous presidents.

Other parts of the growing tab are seen as unavoidable, such as the wave of government spending that was needed to prop up the economy in response to the COVID-19 pandemic.

But both Trump and Biden made choices that have resulted in debt spikes.

Trump’s 2017 tax cuts (which he is pledging to renew if he wins) were a particularly expensive decision that calculations show didn’t pay for themselves and continue to push annual deficits ever higher to this day.

Likewise, some of the moves under Biden, from the efforts to forgive federal student loans to the 2021 American Rescue Plan, have contributed to higher tallies on his watch.

Biden has overseen a decrease in annual deficits in recent years as much of the COVID-era spending expired, but the underlying debt keeps climbing ever upwards.

It’s gotten to the point where the cost of paying interest on the debt recently surpassed America’s giant defense budget.

The money that the US took in from tariffs shot up when Trump imposed a wave of new duties on China and other US trading partners. Biden, for the most part, has kept them high.

Trade policy is another area where Biden and Trump draw a contrast on the campaign trail.

But a look at how much money the government has brought in from tariffs tells a story of similarity under both presidents.

Trump shifted the US government to a more protectionist approach to trade when he imposed more than $300 billion in duties on Chinese goods and also imposed billions more on other trading partners.

Biden, to the surprise of many, has largely kept Trump’s trade policies in place and even added a few additional duties of his own.

In May, Biden unveiled a wave of new tariffs on $18 billion in “strategic” Chinese imports from EVs to steel to semiconductors.

The receipts have continued to rise under both men and are likely to keep going up no matter who wins.

Biden appears set to keep the current duties largely in place, while Trump is promising to escalate them further. He is proposing historically high new tariffs, including a 60% tariff on imports from China.

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