The economy is doing well under the leadership of President Joe Biden, in stark contrast to dramatic economic declines that were recorded while Donald Trump was in the White House. In the second quarter of this year — which had Biden at the helm the entire time — the U.S. economy grew at an annualized rate of 6.5 percent, the government recently announced, with much of this growth no doubt propelled by the ambitious COVID-19 economic relief package that Biden signed into law earlier this year. In stark contrast, the economy grew at an annualized rate of just 1.6 percent across the timespan stretching from the first quarter Trump was in office to the final one.
Obviously, the COVID-19 pandemic seriously affected the economy during the Trump era, but Trump frequently seemed more focused on watching television and posting on Twitter than engaging with long-term efforts to boost the economy. Towards the end of his time in office, he made a remarkably late-stage push to dole out $2,000 stimulus checks to Americans — and, to the shock of few, his cursory comments didn’t change the entire legislative calculus at the time. By all appearances, Trump’s ineptitude and recklessness helped ensure that the pandemic went the damaging way it did in the U.S. during his term — including in terms of the hit to the economy. Trump’s annualized economic growth rate of 1.6 percent is the worst of any modern president, with columnist Justin Fox sharing at Bloomberg that the rate is, in fact, the worst since Herbert Hoover.
At Bloomberg, Fox examined Trump’s record through other metrics besides the annualized economic growth rate, and in every instance, Trump ended up towards the bottom of the list. When examining annualized economic growth from the quarter after Trump took office to the quarter after he left, the rate hits 1.84 percent — which is still worse than every other modern president besides George W. Bush, according to the same metric. When looking at averages of gross domestic product — which is how economic growth is normally measured — and what’s known as gross domestic income, Trump also looks dismal. That average stands at an annualized 1.8 percent rate from Trump’s first quarter to his last, turning out ahead of only George W. Bush and George H.W. Bush.
Read Fox’s full analysis at this link. The Senate is on the cusp of passing a bipartisan infrastructure deal, which would also function as a jobs deal, since putting the plan in place would create significant numbers of accessible jobs across the United States, boosting the economy. Democrats hope to follow that up with another spending deal without the need for Republican support.