Economy Much Better Under Biden Than Trump: Robert Reich

Not since Theodore Roosevelt ran against William Howard Taft in 1912 have voters been able to weigh the records of two men who have done the job of president.

The stock market has soared under Biden. I Photo: President Joe Biden Facebook

The mystery is why Americans have more positive views of Donald J. Trump’s economic policies than they do of Joe Biden’s, who has generated 15 million jobs compared to the 2.9 million jobs lost under Trump, Robert Reich explained in his Substack.

Under Trump, the unemployment rate rose by 1.6 percentage points to 6.3%.

Under Biden, unemployment has remained under 4% for the longest stretch in over 50 years. Working-age women are being employed at a record rate, and wages are rising for American workers.

In 2016, Trump campaigned against the trade deficit with China. He called it “theft” and even described it as “rape.” In 2016, the US goods trade deficit with China was near $350 billion.

In the first three years of the Trump administration (before COVID-19), it worsened, averaging almost $379 billion per year. Under Biden, America’s trade deficit with China fell by $103 billion, or 27%, to $279 billion. It’s the lowest bilateral deficit in goods since 2010.

Under Biden, the stock market has soared. Last week, the Dow Jones Industrial Average closed above 40,000 for the first time in history, exceeding the market’s annualized return under Trump.

Under Trump, national debt rose from about $19.9 trillion to about $27.8 trillion, an increase of 39%, more than in any other four-year presidential term. It happened mainly because of Trump’s enormous tax cuts for wealthy Americans and big corporations.

The Trump and George W. Bush tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57% of the increase in the debt ratio since 2001.

They’re responsible for more than 90% of the increase in the debt ratio if the one-time costs of bills responding to COVID and the Great Recession are excluded. Under Trump, the number of Americans lacking health insurance rose by 3 million.

Under Biden, enrollment in Obamacare has surged from 12 million in 2021 to 21.3 million today.

“Oh, and let’s not forget: Trump mounted an attempted coup against the US government, seeking to overturn the results of the 2020 election and encouraging his followers to riot at the Capitol,” Reich concluded.