The Patriot Post® · RNC: No Confidence in Biden's Economy

By the Republican National Committee

UNDER BIDEN, WEALTH IN AMERICA IS SHRINKING

• Over three years into the Biden administration, the White House has little to brag about when it comes to the economy.
  • Biden criticized Trump for focusing on the stock market during his campaign, saying “success … will not be measured just by the stock market,” yet has now embraced touting its performance heading into the 2024 election.
• While the stock market has increased under Biden, the growth pales in comparison to the gains seen during the comparable Trump years.
  • Between Biden’s inauguration and the final day of trading for 2023, the S&P 500 grew 25.9 percent, the Dow Jones Industrial Average grew 21.9 percent, and the Nasdaq composite index grew 13.8 percent.
  • Under the same three-year period for President Trump, the S&P 500 grew 42.3 percent, the Dow Jones Industrial Average grew 44.6 percent, and the Nasdaq composite index grew 62 percent.
• Under President Trump, median household income reached an all-time high in 2019 –  8 percent higher than when Trump took office.
  • With inflation outpacing earnings growth under Biden, median household income adjusted for inflation is now down $3,670 from 2019.
  • Median household income has fallen for two straight years under Biden and remains below pre-pandemic levels.
  • Due to Bidenflation, household income fell by the most in over a decade in 2022.
• Since January 2022, the personal savings rate has been lower than at any time during Trump’s presidency.
• Household debt has spiked by $2.9 trillion since the end of Trump’s third year in office, with credit card debt levels surpassing $1 trillion for the first time under Biden.
• Real disposable income rose 10 percent during the first three years of Trump’s presidency, while Americans’ spending power has decreased under Biden.
  • Bidenflation outpaced wages for a majority of Biden’s presidency – year-over-year real average hourly earnings were negative for 25 months and real average weekly earnings were negative for 26 months.

EVERYTHING COST LESS BEFORE BIDEN

• Under President Trump, the Consumer Price Index (CPI) – a key barometer of inflation – never rose above 3 percent.
  • Under Biden, the CPI has been above 3 percent for 34 months straight, and was over 7 percent for nearly all of 2022.
  • The average yearly inflation rate under Trump was 1.9 percent, while the average yearly inflation rate under Biden so far is 5.7 percent.
  • Households are paying $1,019 more compared to three years ago to purchase the same goods and services each month compared to three years ago.
• Gas prices under Biden have averaged $3.60 per gallon – during this same time period under Trump, gas prices averaged almost a dollar lower at $2.68 per gallon.
  • All 50 states have set new record high gas prices under Biden.
  • Gas prices have increased 37 percent since Biden took office; meanwhile, gas prices had only increased by 4 percent at this same point in Trump’s term.
• Home prices and interest rates have surged under Biden, driving housing affordability to “all-time lows.”
  • Thanks to higher interest rates, the monthly mortgage payment on a median-priced home is twice as much as when Biden took office.
• Car payment defaults recently hit a 29-year high under Biden.
• Food inflation during Trump’s first three years was only 5.3 percent, while under Biden food prices have increased by a staggering 20.3 percent.

JOBS, JOBS, JOBS

• During Trump’s first 37 months in office, a net 6.4 million new jobs were created, compared to just 5.4 million jobs “created” under Biden.
  • Trump created 419,000 new manufacturing jobs and 740,000 new construction jobs in his first 37 months, while Biden has created 199,000 manufacturing jobs and 522,000 construction jobs over this same time period.
• The jobs gains that are happening under Biden are overwhelmingly going to immigrants.
  • Meanwhile, there are 183,000 fewer U.S.-born Americans working compared to before the pandemic.
• Labor force participation continues to remain below pre-pandemic levels.

AMERICANS TRUST TRUMP OVER BIDEN WHEN IT COMES TO THE ECONOMY

• A recent Financial Times survey found that Trump has an 11-point lead over Biden when it comes to who Americans trust more to handle the U.S. economy. 
• An NBC News poll found that Trump leads Biden by more than 20 points on which presidential candidate would better handle the economy.
• In January 2020, before the pandemic hit, 59 percent of Americans said they were better off financially than a year ago – the highest percent since Gallup first asked the question in 1976.
  • In January 2023, half of Americans said they were worse off financially than a year ago, the highest since 2009.
• A CNN poll found that a majority of Americans believe Biden’s policies have worsened economic conditions in the country.

Originally posted here.