Biden says U.S. economy is world’s best. Trump calls it a ‘cesspool.’ Data is clear.
President Joe Biden is telling Americans that the U.S. economy is the world’s best while Trump. routinely depicts the United States as a commercial wasteland. By the numbers, Biden is correct: America’s economy is stronger than that of any other developed nation.
While Trump says....“We are a nation whose economy is collapsing into a cesspool of ruin, whose supply chain is broken, whose stores are not stocked, whose deliveries are not coming,”
The numbers paint a different picture than what Trump parrots, one more in line with Biden’s narrative of American economic dominance than Trump’s apocalyptic warnings.
Inflation has fallen sharply from its 2022 highs. U.S. gross domestic product grew 2.5% in 2023, significantly outpacing that of other developed economies according to the International Monetary Fund. The IMF projected that the U.S. will hold that lead in 2024
“The U.S. economy is leading the way for the global economy. It’s driving the global economic train,” That from Moody’s chief economist Mark Zandi.
The labor market is strong. In March, U.S. private companies added 184,000 jobs, well ahead of the Dow Jones upwardly revised estimate of 155,000 jobs. It is the fastest employment growth the U.S. economy has seen since July 2023.
The stock market has also made record gains over the past several months and housing values have soared.
Zandi said that the fundamentals of the current U.S. economy are nearly ideal: “The economy is picture perfect. It’s hard to argue with it.”