Hi friends, it's the Business Guy and if you followed my blog I've been talking about politics for a couples days now.
While discussing the economies under Presidents Biden and Trump, it is necessary for us to consider various matters.
Despite being under public scrutiny for a while both served in different settings and took different paths. This is how I see it all.
Starting with Trump’s part in it. From this point of view he inherited a reasonably prosperous economy upon his arrival at the White House.
Others claim that he rode on the wave of an elongated economic upswing that had commenced prior to his coming in. Of course, there was still growth during his tenure until 2020 when coronavirus became widespread across the globe.
One thing needs recognition though; he sent out those stimulus checks which helped maintain the economy for some time before recovery was witnessed.
Additionally, stock market as per its data all through Trump’s tenure went up considerably as others keep on noting this fact.
However, everything was not all smooth sailing. For instance, some of the President’s major policies such as tariffs achieved nothing at all.
These studies also say they might have even cost us jobs and increased prices for everyday things like you and me. There were also those tax cuts in 2017. They did pump some money into the economy and raised wages a bit; but don’t be fooled, they weren’t enough to pay for themselves as Trump would have us believe.
As a result, these measures only served to increase debts further while leaving the rich-poor gap wider.
Now onto Biden: when he arrived on the scene, there was already trouble brewing in the economy due to the pandemic. The first thing he needed to do was prevent it from getting worse.
Well guess what? He succeeded! We emerged out of that economic slump, and Biden’s strategies like stimulus checks certainly helped – this is how it works.
Yeah, people say inflation has been creeping up but we managed to tame it faster than other countries ever did. In addition, unemployment dropped down to levels not seen since before man landed on the moon and we gained several fresh employees in 2021 alone.
He is also passing other laws, among them the infrastructure act and the CHIPS Act, that some experts say will give the economy a shot in the arm.
He has also been working on solving supply chain problems so that trucks can easily get moving again and ports will be able to open all hours.
The stock market has been doing pretty well over time as it is always setting new records every now and then. More importantly, it’s no longer Trump who calls the shots. Biden too has left his mark in various areas such as tech, energy thereby making people feel good about these sectors in particular.
So who actually runs a better economy? The problem is; it’s difficult to tell. Trump had his moments but he also made mistakes. Biden faced hard times but he did make some good moves as well.
Me? I am just happy to see things looking up regardless of whoever is holding office. Once the economy hums along while citizens regain employment, I wear a smile from ear to ear.
Let us trust that the subsequent administration would continue ensuring prosperous times for all Americans.