As the U.S. approaches another presidential election, understanding the economic performance under both administrations becomes crucial for informed decision-making. This analysis examines key economic indicators during both presidencies, presenting objective data to evaluate their respective economic records.
Key Economic Indicators
Inflation Performance
- Biden Administration: 20.1% (45 months)
- Annualized rate: 5.4%
- Peak: 9% (2022)
- Current: ~3%
- Trump Administration: 7.1% (45 months)
- Annualized rate: 1.9%
- More stable trajectory
- Pre-pandemic performance
Employment Metrics
Biden Administration
- Overall employment: +12%
- Wage growth: +19%
- Unemployment: 6.7% to 4.1%
- Recent challenges: October 2024 slowdown
Trump Administration
- Record low unemployment: 3.5%
- Wage growth: +15%
- Pre-pandemic strength
- COVID-19 impact: 14.9% peak unemployment
Market Performance
Stock Market Returns
- Biden: 12.6% annualized
- Trump: 16.3% annualized
- Both above historical averages
- Market resilience noted
GDP Growth
- Biden: 3.5% annualized
- 2021: 5.9%
- 2022: 1.9%
- 2023: 2.5%
- 2024 Q1-Q3: 1.6-3%
- Trump: 2.7% (first three years)
- Full term: 1.4% (including COVID)
- Pre-pandemic stability
- 2020 disruption impact
Consumer Health
Sentiment and Savings
- Consumer Confidence
- Lower under Biden
- Inflation impact
- Post-pandemic challenges
- Savings Rate
- September 2024: 4.6%
- Trump-era comparison: >7%
- Purchasing power concerns
Public Debt and Spending
National Debt Growth
- Biden: +29% ($35.8 trillion total)
- Trump: +39% ($19.95 to $27.75 trillion)
- Deficit comparisons:
- Biden (2021-2023): $5.85 trillion
- Trump (2017-2019): $2.43 trillion
Policy Implications
Future Considerations
- Biden Administration
- Child tax credits
- Grocery price initiatives
- Infrastructure investment
- CHIPS Act impact
- Trump Proposals
- Chinese tariffs
- Spending restrictions
- Immigration policy
- Trade realignment
Both administrations faced unique challenges and achieved different economic successes. Biden’s presidency showed strong job growth and recovery but struggled with inflation, while Trump’s pre-pandemic economy demonstrated low unemployment and stable prices but faced unprecedented COVID-19 disruption.
