A recent Gallup poll has revealed that 55% of Americans are deeply concerned about inflation, indicating that the economy will be a significant factor in the upcoming presidential race. Analysts believe that Biden's economic performance will heavily influence voters' perceptions of his candidacy, given the historical relevance of the economy in electoral outcomes.
With the 2024 presidential race looming on the horizon, the state of the economy has emerged as a pivotal issue that could determine the outcome. A recent survey by Gallup showed that 55% of Americans consider inflation a major concern, underscoring the growing anxiety surrounding economic conditions.
The economy, healthcare costs, and federal spending have consistently ranked among the top issues in recent polls. Notably, the only non-economic concern to make the top six was crime and violence, highlighting the profound impact of economic factors on voter sentiment.
Political analysts believe that the economy's performance and the price of goods and services will play a dominant role in shaping the election. As the famous quote by Democratic strategist James Carville suggests, "It's the economy, stupid!"
To assess the economic track records of President Biden and former President Trump, a detailed analysis of government reports was conducted. The findings revealed that the U.S. economy under Trump significantly outperformed its current state under Biden's leadership.
One of the most striking differences between the two administrations lies in full-time employment. While the Biden administration has claimed a high number of new jobs, most of them represent post-COVID-19 recovery rather than real growth.
In contrast, the economy under Trump added 6.33 million jobs in his first three years, a figure more than double that of Biden. Furthermore, nearly all of the jobs created under Trump were full-time positions, while under Biden, part-time employment has surged.
Another significant disparity is the reliance on government spending to create jobs. Under Biden, about 16% of new jobs have been government-related, compared to just 7.4% under Trump. This increased government dependence suggests a less sustainable economic recovery.
Inflation has also emerged as a major concern, with the Consumer Price Index showing a 19% increase since Biden took office. This is significantly higher than the 6.29% inflation rate experienced from January 2017 to March 2020.
Other economic indicators, such as rent affordability, mortgage rates, and gasoline prices, were also more favorable during the Trump era.
The overall conclusion drawn from this analysis is that the Trump administration's economic policies yielded better results than those implemented by the Biden administration. The latter's economic policies have failed to alleviate the concerns of American citizens and have contributed to rising inflation and unemployment.
Hopefully, Americans have learned from the mistakes of the Biden administration and will demand reforms that mirror the successful policies that characterized the pre-coronavirus Trump era. These reforms should focus on reducing taxes, minimizing regulations, supporting small businesses, and strengthening domestic oil and gas industries. By embracing these policies, the United States can once again experience economic prosperity and growth.
