Economic data shows surprising shifts between Trump and Biden years
Numbers paint interesting picture of US economy from pre-pandemic times to now. Despite inflation concerns GDP grew 11.5% while unemployment stayed low showing mixed results for both administrations
Donald Trumpʼs campaign strategy hits a timing snag when comparing todays economy to four years back (during peak-covid times) instead of pre-pandemic numbers
The economy shows mixed results: its now 11.5% bigger than late-2019 with growth staying near 3% - a target that Trump previously set. The GDP numbers from Jul-Sep 2024 went up 2.66%; pretty close to the 2.8% seen in same months of 2019
Despite peoples anger about high-prices (which peaked around mid-2022) the inflation-adjusted per-person income is up 10% from 2019s third-quarter. However many dont feel better-off because they focus on day-to-day costs rather than overall buying-power
The job market tells an interesting story - looking past the covid ups-and-downs employment numbers actually improved:
- Average unemployment was lower in 2022-24 than 2017-19
- Both presidents saw strong job markets pre and post-pandemic
- Labor recovered quick after covid shock
Wealth creation continued strong for Americans who own stocks or homes (though not everyone does). The misery index - which adds jobless and inflation rates together - is back to Trumpʼs pre-covid levels
The 2020 comparison gets tricky because:
- Life expectancy dropped 1.8 years that year
- Economy had its worst quarter (dropping 28% from Apr-Jun)
- Over 350k people died from covid making it number 3 cause of death
The recovery happened thanks to both parties support (through federal spending) which helped avoid turning a health crisis into long-term economic trouble
