Rebuilding the Greatest Economy in History After Biden Inherited a Booming Economy

March 07, 2024

Joe Biden has overseen the worst economic decline since the Great Depression. When President Donald J. Trump returns to office, he will deliver economic opportunity and prosperity for Americans of all backgrounds, lower inflation and cut wasteful government spending. He did it before and he will do it again.


Biden has presided over the highest inflation in 40 years, with inflation still double the rate when he took office.


Prices have risen by 17.9 percent since Biden took office.


Food prices are up 21 percent, rent is up 19.4 percent, and electricity is up 28.6 percent since Biden took office.


Americans have less wealth under Biden.


With inflation outpacing earnings, median household income adjusted for inflation is down $3,670 from 2019.


Median household income has fallen for two straight years under Biden and remains below pre-pandemic levels.


From when the Fed started raising interest rates to July 2023, the middle class lost over $2 trillion in wealth.


JP Morgan predicts that nearly all Americans will be worse off financially by mid-2024 than they were pre-pandemic.


In February, credit card debt hit a record high of $1.13 trillion.


The share of Americans in financial distress due to credit card debt is the highest since the Great Recession


Housing and rent affordability are at an 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.


Rent affordability is the worst on record, with a new high of 22.4 million renter households considered cost-burdened.


Under Biden, the top 1 percent now have more wealth than the middle class.


Biden has repeatedly taken steps to unilaterally “cancel” student loan debt, including recently transferring nearly $138 billion in federal student loans to taxpayers without a single act of Congress.


With 40 percent of student debt held by students with advanced degrees, such as doctors and lawyers, loan bailout has been called a “giant welfare program for the bourgeoisie.”


Even Biden admits student loan bailout primarily benefits students who go to ‘elite’ private colleges.


Last summer, the Supreme Court struck down Biden’s $10,000 per borrower student loan bailout, ruling that he clearly does not have the power to unilaterally “cancel” student debt under the law.


Biden’s radical environmental agenda has subsidized electric vehicle (EV) ownership for the wealthy at the expense of poor and middle class Americans.


The average cost of a new EV is $55,000 and majority of EV owners make over $100,000 a year.


Taxpayers are footing the bill for Biden’s $7.5 billion investment in charging station infrastructure, even though less than 1 percent of registered vehicles are EVs. 


The Biden administration classified Martha’s Vineyard as “low-income” to make the area eligible for its EV charger tax credit program.  


Under President Trump, America was roaring with the No. 1 fastest economic recovery ever recorded.


On President Trump’s last day in office, GDP was growing at 6.3 percent, inflation was 1.4 percent, the price of gasoline was $2.39 a gallon.[8]


President Trump created 7 million new jobs—triple the projections. These new high-paying jobs led to the lowest unemployment rate in nearly 50 years.[9] Income rose in every single metropolitan area for the first time in three decades.


Unemployment rates for African Americans, Hispanic Americans, Asian Americans, Native Americans, veterans, individuals with disabilities, women, and those without a high school diploma all reached record lows.[10]


President Trump reformed the tax code to better serve middle-class families. The Trump administration doubled the standard deduction, making the first $24,000 a married couple earns completely tax-free.[11]


President Trump’s economic policies lifted nearly 7 million people off of food stamps.[12]


The Trump administration achieved a record high stock market and record 401ks. Under President Trump, the DOW closed above 20,000 for the first time in 2017 and topped 30,000 in 2020. The S&P 500 and NASDAQ repeatedly notched record highs.[13]


President Trump’s tariffs on imported aluminum and steel secured massive wage hikes for over 16,000 American steelworkers.[14]


President Trump successfully negotiated a deal requiring China to purchase an additional $200 billion worth of United States exports.[15]


Under President Trump, blue-collar jobs grew at the fastest rate in more than 30 years, helping fuel a hiring boom in many small towns and rural areas.[16]


Rural employment grew at an annualized rate of 5.1 percent in the first quarter of 2018, adding over 656,000 blue-collar jobs in 2018.[17]


President Trump’s vision for America’s economic revival is lower taxes, bigger paychecks, and more jobs for American workers.






[4] Ibid.







[11] Ibid.

[12] Ibid.

[13] Ibid.




[17] Ibid.