Trump’s economic record secures his victory in the election
It’s no surprise.
As the election approaches, the focus shifts to the economy.
Issues that hit you in the wallet. From the cost of everyday items to financial security, the economy is a major concern for voters.
While experts and media talk about how great the US economy is, it’s the voters who will have the final say on election day.
What sets this election apart is that both candidates have White House experience: Donald Trump’s four years as president and Kamala Harris’ four years as vice president, where she played a crucial role in key decisions, as she claims.
Admitting she wouldn’t do much differently from Joe Biden, if she wins, we can expect more of the same.
So, we can listen to the experts or we can compare their track records.
In our new book, “The Trump Economic Miracle,” we analyze their records and find that Trump’s economic performance surpassed Biden-Harris on almost all measures, especially when excluding the pandemic year of 2020.
Let’s look at some key economic indicators.
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Inflation: Contrary to Nobel-prize winning economists’ views, the average annual inflation rate was much lower under Trump (1.9%) compared to Biden-Harris (6.4%). Democrats had inflation rates three times higher.
Family income: Median family incomes saw a significant increase under Trump, whereas the rise under Biden was modest, even during the post-COVID recovery.
Minority income: Black and Hispanic Americans experienced higher income growth under Trump’s presidency compared to Biden’s.
Mortgage payments: Average monthly mortgage payments doubled under Biden-Harris in comparison to Trump’s tenure.
Deficits: Both Trump and Biden had deficits, but the claim that Harris would reduce deficit spending better than Trump is unfounded.
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By excluding 2020 and 2021, we found that Trump’s average budget deficit was lower than Biden and Harris’.
Gross Domestic Product: The GDP growth rate was slightly higher under Biden-Harris when pandemic years are excluded.
Stock market: Adjusted for inflation, the stock market performed better under Trump’s presidency than Biden-Harris.
401(k) plans: Retirees saw an increase in real value under Trump, while a decline occurred under Biden.
Private-sector jobs: Trump’s pre-pandemic job creation numbers were higher than Biden’s post-pandemic levels.
While voters may have various reasons to choose between Trump and Harris, our analysis suggests that endorsing Harris could lead to poorer economic conditions.
Stephen Moore and Arthur Laffer, authors of “The Trump Economic Miracle,” provide this analysis.
