In an unprecedented occurrence in modern history, two presidents go head-to-head in a single election. Both bring to the table a distinct legacy of their terms in offices. Former President Donald Trump and current President Joe Biden will be evaluated by the electorate not only on their pledges but also their past records.
A casual observer may erroneously believe Biden excelled in job creation compared to Trump. The statistics seem to trumpet Biden’s supposed achievement of expanding payroll employment by 15.8 million, in stark contrast to a 2.7 million reduction in payrolls during Trump’s tenure.
But one cannot ignore the elephant in the room: the global pandemic that ravaged economies worldwide during Trump’s presidency. The employment contraction during the Trump years was predominantly a result of temporary layoffs incited by the unprecedented disruptions by COVID-19.
In contrast, Biden was fortunate enough to serve in a period of recovery when job markets were rebounding from the pandemic meltdown, giving him a skewed advantage in terms of employment statistics. The swell in payrolls seen during Biden’s term were simply a reflection of normalcy returning, rather than a testament to any significant policy initiatives on his part.
When we inspect the realm of income growth, households under Trump’s administration exceeded expectations. The prosperity of American homes caught many by surprise during the COVID-19 pandemic. A stark contrast is revealed when we juxtapose this with the dwindling ‘stimulus-induced’ highs suffered under Biden’s regime.
While the Biden administration may claim the rate of income growth has held steady, by citing stats similar to the Trump era when adjusted for inflation, this oversimplification overlooks the significant factor of pandemic-driven economic stimuli. They have inevitably waned under Biden’s term as was expected.
Such inescapable economic realities place a dampener on Biden’s claims of financial leadership, starkly contrasting the financial prosperity that was achieved during President Trump’s tenure.
As we pivot to the stock market performance, Trump again outperforms Biden. Despite the noise created by Biden’s supporters, market facts do not lie. The stocks performed noticeably better during Trump’s presidency than they have under the current Biden’s administration.
The S&P 500 witnessed a sizeable escalation, soaring by 65% during Trump’s reign in the midst of all the challenges it faced. While there was a certain level of growth visible under Biden, the numbers pale in comparison to what was achieved under Trump’s leadership.
The increase in S&P 500 value stood at a comparatively measly 48% during Biden’s tenure, which tracks through early October. This once again decisively highlights the superiority of Trump’s handling of the nation’s economy and financial prosperity.
Although Biden’s reign has witnessed market growth, it trails behind the growth seen under Trump’s leadership. It makes a significant difference when voters elect a business tycoon for state leadership, over a career politician like Biden.
In conclusion, the records show a clear divergence in the paths taken by Trump and Biden. While Trump’s presidency was characterized by robust economic growth and prosperity, Biden’s term appears lackluster in comparison.
Drawing from the above comparison, the stark contrast between Trump’s prosperous economic period and Biden’s mediocre record could play a pivotal role in the upcoming election.