To the editor:
In a letter I composed four years ago, I compared and contrasted the last three years of Obama's administration with the first three years under Trump to illustrate Trump's lack of progress vis-'-vis the economy. I chose to focus on three years because it would not have been fair to include the final year of Trump's presidency as it was impacted by the COVID pandemic.
This letter will compare Biden's economic record against Trump's, even though Biden's no longer the candidate. I would prefer contrasting Harris' economic policy plans (raising the federal minimum wage, strengthening worker protections, investing in workforce development, eliminating taxes on tips, curtailing price gouging, lowering drug prices, focusing on fair housing costs, safeguarding retirement benefits, transitioning to clean energy and supporting families to eliminate child poverty) with Trump's economic plan but since he hasn't got one despite having been running for re-election for four years to her two months, we'll have to focus on his record against the administration she was part of.
Metrics I used in 2020 were: GDP, job creation, unemployment, median income, the deficit and the stock market. Let's use those same metrics.
Again, I won't be considering the last year of Trump's presidency because of COVID, and I won't be focusing on Biden's last year because it isn't over. Beginning with GDP and quoting my 4-year-old letter, "in Trump's first three years it rose only 2.5 percent (per year) on average, although he promised 6 percent and more." Under Biden/Harris, GDP overall has increased 8.4 percent, but just looking at years one through three, in 2021, USGDP rose nearly 6 percent, 2 percent in 2022 and 2.5 percent in 2023. That averages 3.5 percent per year.
Job creation: Again, quoting myself, "In Trump's first three, only 6.5 million." In 2021 alone Biden/Harris added 6.4 million jobs. In one year, they almost tied Trump's three.
Unemployment: "… came down between 2017 and 2019 to 3.6 percent." Under Biden/Harris, unemployment was 3.4 percent in 2023, the lowest it had been in a decade.
Median income: "Real median household income grew 5.8 percent under Obama, but only 2.7 percent under Trump." Under Biden/Harris, median household income rose from $63,688 in 2019 (Trump's last year before COVID) to $103,172 in 2023, an increase of over 6 percent. Note: Average wages actually kept pace with inflation, which was the eighth lowest of all industrialized nations for the same period.
The deficit: Trump ballooned the deficit by 74 percent in three years. Biden/Harris increased it 57 percent by 2023 but have lowered it 8 percent this year.
Finally, the stock market: "The booming Dow Trump inherited rose 31 percent." When Joe Biden took office in January 2021, it was at just under 32,000 points. Three years later it was just under 33,000, which is just about 10 percent. However, at the end of last month, the Dow was at 41,000-plus, an increase of 58 percent. Your 401(k) owes Biden/Harris thanks.
They are lying to you. The economy's fine. Harris/Walz 2024.
J. David Core
Toronto