Will Trump Deliver on Promises Made to Renew Economy?

A recent article by the left-leaning major media outlet ABC has discussed the former 45th President Donald Trump’s most recent claims. In a recent rally appearance, the business mogul and former reality TV star and entrepreneur from New York City repeated the claim that he produced the “greatest economy in American history”. In his comments, Trump cited the 30-year mortgage rate being at an all-time low, interest rates at below 3%, low inflation and strong job and unemployment numbers. While these claims are significant, not all of these may be factually correct. Statistically speaking though, Trump did indeed produce better economic results during his presidency than the incumbent Joe Biden has been able to do in nearly four years. Contrasting Trump sharply, inflation has crushed the American consumer during Biden’s term of service, and it is estimated that 60% of the national population is surviving on a week-to-week, check to check basis.

Wages did indeed increase under Trump. In a simple chart created by the Wall Street Journal, a major difference in economic realities between Trump and Biden is highlighted. The chart shows real wage growth and household net worth during the presidencies  of Biden and Trump. Under Trump, net worth increased by 16%, a significant statistic. Under Biden, this net worth increased by only 0.7%, or less than 1%. This reality is hard to ignore.

Despite the fact that most working-class Americans consistently complain about economics and believe the country is heading in a bad direction, media outlets continue to argue that Biden has been better economically than Trump. A recent article written compares Biden’s economic reality to that of Jimmy Carter and Ronald Reagan. Citing “new businesses created” after the pandemic, the writer asserts that Biden has created more jobs and growth than Trump. This may be misleading, as Biden has taken credit for jobs and businesses that had returned after being forced to essentially shutter during COVID.