Economy, Trump vs. Biden

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Every American who honestly looks at the economy over the past 38 months (since February 2021, Biden’s first full month as president) knows the American economy has gotten worse, not better.  Even the media can’t hide it, try as they might, and Biden’s deceptions about it are only believed by the robotic faithful.  Here is some data (properly sourced) which indicates some of the differences in the economy, Trump vs. Biden.

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Gasoline prices.  Americans don’t need to be told that gas prices have gone up.  If they own a car, they know it. Gasoline prices have surged 46% from January 2021, when Trump left office, to March 2024, 38 months later under Biden.  The nationwide average has risen from $2.42 per gallon to $3.54 per gallon.  This information comes from the U.S. Energy Information Administration.  

Biden’s “green policy” is obviously mostly to blame for this rise, as domestic oil production has been cut.  The less of something there is, the more it is going to cost.  That’s basic economic law, not to mention common sense, but the Biden administration ignores both in its mad rush to implement its “green” globalist, totalitarian agenda.  That middle- and lower-class Americans are being hurt the most is of no consequence.   The ideology and the power are all that matter to Biden and the Democrats.

Real wages.  After accounting for inflation, real wages have declined since Biden took office.  In the first quarter of 2021, right as Biden was taking office, median weekly real earnings averaged $373.  In the 4th quarter of 2023, wages had fallen to $371. With gas, food, and mortgage costs soaring, declining income, needless to say, is not going to help the average American.  And, once again, it is middle- and lower-class American workers who are feeling this pinch the most.  

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Raising the minimum wage to $20, as the economic ignoramuses of California recently did, won’t help those workers who get the increase—that is, those who don’t lose their jobs.  Prices will have to rise to cover the escalating labor costs, thus diluting any wage increase.  But the reports are already out about numerous small businesses that are closing, or letting off workers, because they can’t afford to pay the higher wages.   Government cannot dictate wages to the market.  Capitalism knows that, socialism doesn’t.  And it’s a major reason why socialism always fails.

Under Trump real wages went from $352 average per week on January 1, 2017, to $373 on January 1, 2021.  That’s not a monumental leap, but still up, especially with the tax cuts he instituted. This information is data from the Bureau of Labor Statistics.

Mortgage rates.  This is astounding.  Mortgage rates are now more than twice the average rate home buyers paid under Trump.   During Trump’s four years, the average 30-year fixed mortgage fell from 4.09% to 2.77%.  But, by April 4, 2024, after 38 months of Biden, the average mortgage rate had more than doubled to 6.8%.  And you people wonder why I live in Thailand.  How can I afford a house—or even a car to sleep in—under Biden in America?

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Savings rates.  Concomitant with the rise in mortgage rates has been the declining savings rate of average Americans.  Savings rates have, not surprisingly, declined under Biden.  Higher prices and lower wages will do that.  Under Trump, from February 1, 2017, to February 1, 2021, average personal savings rates increased 129%, from 5.6% to 12.8%. Three years later, by February 1, 2024, under Biden, they had fallen to 3.6%, less than a third of its pre-Biden level (the above information comes from Federal Reserve Bank of St. Louis, incorporating Bureau of Labor Statistics data). Again, this information is not surprising in the least.  When people meet rising prices with less income, the only thing they can do is dip into their savings.  And that is exactly what has happened under Joe Biden.

Consumer Price Index.  Basically, what we call “inflation.”  Under Trump, the CPI rose 7.6% in the 48 months of his administration.   Since February 1, 2021 (38 months under Biden), prices have already risen 18.9%.  On a monthly basis, inflation averaged 1.9% under Trump compared to 5.5% under Biden (thus far).  And numbers indicate inflation has been creeping up even more in 2024.  

Sometimes economic ups and downs take place in spite of who is in office.  Many factors can influence a nation’s economy, and not all of them (thankfully!) are under government control.  But a huge, profligate government that spends recklessly and “invests” poorly can decidedly affect an economy in a negative way.  And that has been the Biden administration.  They are Marxist totalitarians who believe they can “plan” and “run” an economy.  In history, such economic arrogance has ALWAYS failed.  The tragedy is, the best examples are the ones closest to us in time, especially the Soviet Union.  But Marxism is a religion to the Left.  They don’t believe it failed in Russia because there is something inherently wrong with the system, but because it was ineffectively applied.  OUR Marxists (Democrats) will get it right.

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No, they won’t, because Marxism, and all of Leftism, violates economic law and basic human nature.  The Democrats have been trying to ram it down America’s throat the last 38 months, and the above numbers indicate the results.  The people are suffering, but “you can’t make an omelet without breaking eggs” we’re told.   However, not only are human beings not eggs, but nothing even near an omelet has been produced.  But the Left will never give up until they are totally obliterated.

If America elects Biden this November, the country will get four more years of the kind of economy noted above. The country may not survive it.

Check my substack mklewis929.substack.com.   There’s lots of other good stuff on Leftism, the Founders, etc., along with Biblical studies, so sign up.  Follow me on Twitter:  @thailandmkl.   Read my western novels, Whitewater , River Bend,  Return to River Bend, and Allie’s Dilemma all available on Amazon.