Growth, inflation, jobs: comparison of the economic records of Biden and Trump | Economy

The first debate of the 2024 campaign between US President Joe Biden and former US President Donald Trump has refocused attention on their respective economic records in office.

In Thursday's face-off, the candidates clashed over the economy, with Biden taking credit for overseeing the recovery from the COVID-19 pandemic and Trump claiming to have presided over the greatest economy in our nation's history.

Both Biden and Trump can boast strong performances in some areas of the economy, but opinion polls consistently show that voters have more confidence in Republicans' ability to handle economic issues and the cost of living.

In an ABC News/Ipsos poll released last month, 46% of respondents said they trusted Trump on the economy, compared to 32% for Biden.

On inflation, Trump is favored over the Democrat by 44 to 30 percent.

Polls also show that the vast majority of Americans see the economy as their top priority, meaning Biden's reelection hopes are likely to live or die on his ability to sell a positive economic message.

Here are Trump and Biden's economic results compared in four key areas.

Economic growth

Both the Biden and Trump administrations experienced periods of robust growth.

Since Biden's inauguration, gross domestic product (GDP) has grown by 8.4% after adjusting for inflation.

Under Trump, GDP grew by 6.8%, but that figure includes the drop in economic activity that occurred during the first year of the pandemic.

Outside of 2020, Biden comes in slightly ahead, with an annualized growth rate of about 2.9%, compared to just under 2.7% for Trump.

Inflation

Biden's term has seen much higher inflation than Trump's, even though many factors driving high prices, such as COVID-related supply chain disruptions, were beyond his control.

Since Biden took office, prices have increased by more than 19%.

The average price of a gallon (3.8 liters) of gasoline increased from $2.33 to $3.76 between January 2021 and May of this year, according to the U.S. Bureau of Labor Statistics.

The price of a loaf of bread increased from $1.55 to $1.97, while the price of a dozen eggs increased from $1.47 to $2.70.

At a similar point under the Trump presidency, prices had risen only about 5 percent.

Even though inflation has fallen sharply since peaking at 9.1% in mid-2022, it remains stubbornly high.

Last month, the consumer price index came in at 3.3%, well above the U.S. Federal Reserve's target of around 2%.

Jobs

Both Biden and Trump can claim to have presided over strong labor markets.

Unemployment fell to a 53-year low of 3.4 percent in January last year and has remained below 4 percent for all but one month since then.

Excluding 2020, Trump also experienced a period of low unemployment, with the unemployment rate hitting a low of 3.5% in late 2019.

Under Biden, the economy has added about 15.7 million jobs.

By contrast, Trump left office with about three million fewer jobs, although that figure was skewed by the pandemic.

However, even before the pandemic, job creation grew at a slower pace under the Trump administration than under Biden.

Wages

While Biden and Trump have both presided over solid wage growth on paper, American workers have seen their incomes decline in real terms under Biden due to inflation.

Under Trump, wage growth has remained above inflation, allowing for modest increases in workers' incomes.

From March 2021, consumer prices began to diverge from profits, before the trend reversed in early 2023.

The result is that real median weekly earnings fell 2.14% between the start of Biden’s term and the first quarter of 2024, according to a FactCheck.org analysis citing data from the U.S. Bureau of Labor Statistics.

The good news for American workers is that wages have started to rise again.

In May, real wages rose 0.5% from a year earlier, although they have not yet returned to levels seen at the start of Biden's term.

Although real wage growth has turned slightly positive in recent months, the level of real wages is still lower than they were at the start of the inflation surge we began to see in the first quarter of 2021, the Federal Reserve Bank of Atlanta said in an analysis Thursday.

Simply put, real wages have not fully caught up with the sudden burst of inflation.

Sources 1/ https://Google.com/ 2/ https://www.aljazeera.com/economy/2024/6/28/gdp-inflation-jobs-biden-and-trumps-economic-records-compared The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos