The Trump Economic Record Looks Better Every Day
The Trump Economic Record Looks Better Every Day

By Stephen Moore

When running against former President Donald Trump, Joe Biden often made the now-ironic charge that any president who has allowed so many deaths from COVID-19 should never be in the White House. Yet today, there are more deaths from COVID-19 under Biden than under Trump, even with the vaccine.

But it isn’t just on health issues that Trump’s presidency is looking so much better and competent in hindsight.

Everywhere I go these days, people come up to me and say something like this: “I didn’t like some of the things Trump said or the way he acted, but I have to admit I like what he did for the economy.”

No one has vindicated Trump’s “Make America Great Again” policies more persuasively than Biden. High gas prices, the highest inflation rate in four decades, a plan to double the national debt in 12 years, and paychecks that have lessened in real dollars for workers are waking voters up to the real broad-based prosperity under Trump.

Inflation is at its highest level since 1982. Gasoline prices are still a dollar higher than a year ago and 60-70 cents higher than they were pre-pandemic. Supply chain bottlenecks and labor shortages have kept grocery prices higher. Retail prices have increased, and naturally, Biden and other Democrats blame retailers for “price gouging” instead of recognizing the damage of their preferred policies.

Trump’s strategy was to reduce taxes, slash regulation, massively increase domestic energy production, and overhaul trade deals to get tough with China.

No one in the liberal movement thought it could possibly work. The Washington Post famously claimed before the 2016 election that “Trump could destroy the world economy.” Did that turn out to be true?

Here are just the facts. Over his first three years in office, before the coronavirus hit, the unemployment rate fell below 4%, which was near the lowest in half a century. In addition, the inflation rate fell to 1%, which was even below the target level set by the Federal Reserve. It kept the interest rates on mortgages and many other loans down to the lowest level in modern times.

Poverty rates fell to their lowest levels ever recorded, including rates for women, children, blacks, whites, Hispanics, and Asians. The median household income rose to nearly $68,000, and the $5,000 gain in three years was more than the span over the second term of former President George W. Bush and the eight years of former President Barack Obama.

Here was another remarkable feat: Under Trump, the United States became energy independent. The month that Trump left office one year ago, America imported no oil from Saudi Arabia — mainly because U.S. oil and gas production had surged. Now we have a president 12 months later who has to beg the Saudis and the Iranians to produce more oil. How humiliating.

The bumper stickers are starting to appear everywhere: “Miss Trump Yet?” Not many voters miss some of his antics. But every day that inflation surges, the border remains in chaos, COVID-19 runs amok, and government spending and debt surges to multitrillion-dollar highs, Trumponomics sounds like a better idea.

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