Rebuilding the Greatest Economy in History After Biden Inherited a Booming Economy
February 07, 2023
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.
Through Biden’s energy-crippling policies, Americans suffered the highest national average price of gasoline ever recorded in American history.
Biden’s runaway spending for his radical agenda has caused inflation to reach 9.1%, a 40-year high.
Real wages have decreased 3.5 percent since he took office. The price of eggs has increased by 33.1%, meat 8.2%, gasoline 59.9%, used cars 7.1% and air travel 34.1%.
Rather than double down on the Trump economic policies that we know work, Democrats simply paid Americans to not work through government handouts. Millions of capable workers were making more money from government handouts than they were making from working at their job.
The average American family has lost $7,100 in purchasing power under Biden due to inflation and high interest rates.
The national debt increased by approximately $4 trillion since Biden arrived in office. And the administration is eager to pile up more debt, with a student-loan forgiveness program that will cost half a trillion dollars.
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.
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. 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.
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.
President Trump’s economic policies lifted nearly 7 million people off of food stamps.
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.
President Trump’s tariffs on imported aluminum and steel secured massive wage hikes for over 16,000 American steelworkers.
President Trump successfully negotiated a deal requiring China to purchase an additional $200 billion worth of United States exports.
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.
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.
President Trump’s vision for America’s economic revival is lower taxes, bigger paychecks, and more jobs for American workers.
Watch President Trump’s policy video on the Democrats’ out-of-control spending bill that jeopardizes America’s future.