The economy is the most pressing issue for voters ahead of the November election, so there is no doubt that in the upcoming months, Vice-President Kamala Harris will continue to flaunt the economic success of President Biden’s term. However, Trump has boasted just the same, claiming hyperbolically that he single-handedly created the “greatest economy in the history of our country.”
Beneath all these grandiose claims, a right answer to the question of whether Trump or Biden created a better economy is elusive. Inflation in Biden’s term hit a peak of 9.1%, partly because of stimulus measures and macroeconomic conditions, and now it is down to 2.9%. This recent decline is still higher than Trump’s inflation rate, which was about 1.4%, according to data from the U.S. Bureau of Labor Statistics.
On the other hand, Biden’s American Rescue Plan played a major role in how fast the labor market recovered from the pandemic, creating 16 million jobs. This number greatly exceeds Trump’s 6.7 million jobs added during his term. However, statistics do not clearly identify who is the better of the two because these presidents compete evenly in the major indicators. So, to really understand who has made the most impact, it is necessary to ask those who are directly affected by their policies.
Hudson McGough ’25, who wants to pursue a career in science, commented on which president he thinks would have helped him in his adulthood: “Biden focuses on growing industries like STEM in an attempt to make more sustainable career opportunities.”
Many seniors will be looking at similar policies as they head out into the workforce, like job creation in their field, and Biden seems to dominate policies that directly impact the young generation.
McGough continued, “Biden would push for climate change and job creation more than Trump would, which is great because this is something that will have a lasting impact on our generation.”
Adrian Martin ‘25 countered with the benefits of Trump’s economic policies: “Trump made it so restaurants paid less taxes on their income by allowing income deductions before taxes, and this makes a noticeable difference.” Generally, policies created by Trump have the larger impact on businesses.
Overall, the statistics show that neither president has had a more significant impact on the economy than the other, but by implementing policies that directly relate to the younger generation, Biden has developed a better economy.