As the 2024 presidential race heats up, a familiar debate is taking center stage: Is the U.S. economy stronger today under President Joe Biden, or was it in better shape during Donald Trump’s presidency? Both leaders claim credit for remarkable economic achievements, but a closer look at key metrics like growth, inflation, employment, and wages provides a clearer picture of how the economy has evolved under their respective administrations.
Economic Growth: A Tale of Two Recoveries
Both Trump and Biden presided over periods of notable economic growth, but the numbers tell a nuanced story. During Trump’s tenure (2017–2021), the U.S. economy experienced an average annual growth rate of 2.3%, despite the pandemic-induced downturn in 2020. Under Biden’s leadership, growth has continued at a similar pace, with an average rate of 2.2% so far.
The post-pandemic rebound has been a key driver for both administrations. In fact, the U.S. has seen the strongest recovery among G7 nations, with GDP levels surpassing pre-pandemic benchmarks. While both leaders can boast of guiding periods of growth, it’s worth noting that historical peaks—like the rapid economic expansion of the 1970s—surpass the averages seen during either presidency.
Real-Life Reflection
A small business owner in Chicago shared how federal relief funds during the pandemic helped keep her doors open. “We wouldn’t have made it without that support,” she said, highlighting the Biden administration’s…
