Trump’s Record Far Superior to Biden’s on Debt and Inflation

E

Earl

Well-known member
Trump’s Record Far Superior to Biden’s on Debt and Inflation
Jul 17, 2024 3 min read
COMMENTARY BY
Stephen Moore
@StephenMoore

Senior Visiting Fellow, Economics
Stephen Moore is a Senior Visiting Fellow in Economics at The Heritage Foundation.

Key Takeaways

Over Biden’s near-four years in office, inflation is up roughly 20%. Under Trump, inflation was up 8%.

Even adjusting for Bidenflation, deficits have been at least 50% higher under Biden than Trump.

Only a Ph.D. in economics who teaches at an Ivy League school would believe that these Biden policies will bring inflation and interest rates DOWN.
www.heritage.org

Trump’s Record Far Superior to Biden’s on Debt and Inflation

A new Wall Street Journal poll of academic and Wall Street economists finds that most believe that President Biden would do a better job holding down inflation, the debt and interest rates than former President Trump. This is a patently ridiculous conclusion that says more about the state of...
www.heritage.org www.heritage.org
 
Feeling the Financial Pinch? Here’s Why

Let’s start with inflation. Over Biden’s near-four years in office, inflation is up roughly 20%. Under Trump, inflation was up 8%. So how could anyone argue that Biden will be better on inflation given that his rate is nearly three times HIGHER than Trump’s. This would be like saying a batter who has struck out four times in a row is more likely to hit a home run than a batter who has hit three homers in his last four at bats.

By the way, Biden did NOT inherit inflation from Trump. In his last four months in office the inflation rate was

Oct. 20—1.2%
Nov. 20—1.3%
Dec. 20—1.5%
Jan. 21—1.4%

Then, 18 months later, under Biden, it was 9.1%.

Now let’s look at interest rates. The mortgage interest rate was 2.9% when Trump left office. The mortgage interest rate is now roughly 7%. That’s more than twice as high.

The higher interest rates and the inflation in rents and housing prices mean that the mortgage payment on a median value home is now TWICE as high under Biden as under Trump.

How about the interest rate on federal borrowing? During Trump’s last year in office, the 10-year Treasury bill was 0.9%. After three and a half years of Biden, the interest rate is at 4.3%.
 
The higher interest rates and the inflation in rents and housing prices mean that the mortgage payment on a median value home is now TWICE as high under Biden as under Trump.

How about the interest rate on federal borrowing? During Trump’s last year in office, the 10-year Treasury bill was 0.9%. After three and a half years of Biden, the interest rate is at 4.3%.

Finally, there is the issue of the federal deficits and debt. Neither president has a good record on controlling spending and borrowing. That’s because both parties like to spend money and play Santa Claus. The question is which president had a worse record?

When we take out the two COVID years, 2020 and 2021, we find that the average deficits under Trump were roughly $750 billion. That’s bad. But under Biden, the average deficit was $1.5 trillion. Even adjusting for Bidenflation, deficits have been at least 50% higher under Biden than Trump.

But let’s put aside the real world record of Trump and Biden and look at their policy proposals. Trump wants to make the tax rate reductions permanent, continue to deregulate the economy, and encourage greater production of U.S. energy.
 
>>> Washington’s Reckless, Bipartisan Deficit Extremism

All of these policies are DISinflationary. They will make America more competitive in the world economy, bring capital to the United States, keep the dollar strong, and increase the production of goods and services.

Biden wants to raise tax rates on American businesses, increase regulations, and continue to waste hundreds of billions of dollars on low-return green energy programs while curtailing U.S. production of oil, gas and coal.

Only a Ph.D. in economics who teaches at an Ivy League school would believe that these Biden policies will bring inflation and interest rates DOWN. They need to take a history class.

When Jimmy Carter endorsed high tax rates, more regulation, and green energy policies, the inflation rate went to above 10%. When Reagan came into office and cut tax rates, deregulated, and went all in for American energy, the inflation rate fell by half.

Biden also points to the 16 Nobel Prize-winning economists who say he will be better on taming inflation than Trump. These are the very same economists who assured us when Biden proposed trillions of dollars of new spending that these policies would NOT cause inflation.

Maybe these economists should simply send back their Ph.D.s and their Nobel medals and admit that they have no idea what they are talking about.
 
Earl said:
Trump’s Record Far Superior to Biden’s on Debt and Inflation
Jul 17, 2024 3 min read
COMMENTARY BY
Stephen Moore
@StephenMoore

Senior Visiting Fellow, Economics
Stephen Moore is a Senior Visiting Fellow in Economics at The Heritage Foundation.

Key Takeaways

Over Biden’s near-four years in office, inflation is up roughly 20%. Under Trump, inflation was up 8%.

Even adjusting for Bidenflation, deficits have been at least 50% higher under Biden than Trump.

Only a Ph.D. in economics who teaches at an Ivy League school would believe that these Biden policies will bring inflation and interest rates DOWN.
www.heritage.org

Trump’s Record Far Superior to Biden’s on Debt and Inflation

A new Wall Street Journal poll of academic and Wall Street economists finds that most believe that President Biden would do a better job holding down inflation, the debt and interest rates than former President Trump. This is a patently ridiculous conclusion that says more about the state of...
www.heritage.org www.heritage.org
Click to expand...
My grandsons monetary policies are better than brandon's
 
Biden/Harris want to raise tax rates on American businesses, increase regulations, and continue to waste hundreds of billions of dollars on low-return green energy programs while curtailing U.S. production of oil, gas and coal.
 
Treasury yields remain inverted as investors continue to weigh risk of recession

July 9, 2024
 
An inverted yield curve shows that long-term U.S. Treasury debt interest rates are less than short-term interest rates. When the yield curve is inverted, yields decrease the farther out the maturity date is. Sometimes referred to as a negative yield curve, the inverted curve has proven to be a reliable indicator of a recession.


Treasury yields remain inverted as investors continue to weigh risk of recession

July 9, 2024
 
Earl said:
Indeed, mine too...he is seven years old.

The Biden/Harris monetary policy is harming hard working Americans.

All of the Biden/Harris policies are harming hard working Americans.
Click to expand...
Yep and your grandson is mentally older than Biden.
BTW: We are hosting my grandson's 7th birthday party this week.
 
ExpressLane said:
Yep and your grandson is mentally older than Biden.
BTW: We are hosting my grandson's 7th birthday party this week.
Click to expand...
Happy birthday to that fine young boy.

My grandson is two grade units higher in reading than the national average. His teacher told my daughter that he is a genius.

Of course we agree with her.

He outsmarts me every time we have him at our house…his bed time is 8PM but he usually hits the sack at about 10PM.

“”I want some water…I have to go to the B/R…tell me a story…”
 
Last edited:
You must log in or register to reply here.
Back
Top