BIDENomics vs MAGAnomics
Shared By Peter Boykin – American Political Commentator / Citizen Journalist / Political Candidate
BIDENomics vs MAGAnomics
In recent times, Joe Biden, alongside his advisers, economists, and media proponents, has championed what was initially a disparaging term – Bidenomics – and attempted to portray it in a favorable light. However, regardless of the spin applied, characterizing Bidenomics as a positive force for the economy often feels like an attempt to dress up a less-than-ideal situation.
As Mark Twain once famously remarked, “There are three kinds of lies: lies, damned lies, and statistics.” Statistics and data can be manipulated to support various arguments, but they must align with reality to be meaningful.
Fortunately, we don’t need intricate charts, graphs, or economic experts to grasp the situation.
Biden has sought to juxtapose his presidency with Trump’s, branding it as “MAGAnomics” and suggesting that Trump’s fiscal policies fell short. Excluding the exceptional challenges posed by the COVID-19 pandemic, a fair question arises: Were Americans better off in 2019 or 2023?
Setting aside the administration’s talking points about job “reclamation” or “creation,” it’s crucial to consider whether people today have more job security than they did in 2019.
Turning our attention to personal savings, Americans enjoyed relatively higher savings rates in 2019, with figures reaching the high 8% to mid-9% range. Fast forward to July 2023, and the personal savings rate stands at just 3.5%.
Furthermore, it’s evident that Americans today face a more substantial burden of debt, particularly in the realm of credit card debt, which now exceeds a staggering $1 trillion.
Consider also the rising cost of everyday living. Is it fair to say that Americans feel less financially strained in 2023 compared to 2019? The answer to these questions is apparent without resorting to complex economic analyses.
Undoubtedly, Biden inherited a challenging economic landscape due to questionable decisions made by the previous administration. However, many argue that his policies exacerbated the situation, with increased government spending and a shift away from traditional energy sources. These factors have played a significant role in driving the highest inflation rates in over four decades.
What’s more, during his tenure, Biden has made limited efforts to rectify the course and steer the nation’s fiscal ship toward smoother waters. Lingering concerns over debt, deficits, and energy policies remain critical issues contributing to persistent inflation.
The national debt recently exceeded $32.96 trillion, as reported by the U.S. Treasury Department, while the federal deficit projection for the 2023 fiscal year is an astounding $2 trillion.
Regarding energy policy, the Biden administration’s recent cancellation of “the seven remaining oil and gas leases in Alaska’s Arctic National Wildlife Refuge” raises questions about its impact on America’s fiscal future.
In an era where political discourse often obscures the truth, let’s take a closer look at the economic legacy of former President Donald Trump, which continues to shine brightly.
As writer David Marcus aptly noted, “Under MAGAnomics, people have more money to buy things. Under Bidenomics, the government has more money to buy things.”
As we reflect on Trump’s time in office, it’s evident that his economic policies, often referred to as “MAGAnomics,” delivered results that positively impacted Americans. Despite the challenges posed by the COVID-19 pandemic, let’s examine some key indicators that highlight the success of the Trump era.
First and foremost, consider the state of employment. Under Trump’s leadership, the United States witnessed record-breaking job growth, with historically low unemployment rates across various demographics. The robust economy created opportunities for countless individuals who found meaningful work and security for their families.
Now, let’s discuss personal finances. During Trump’s presidency, Americans experienced significant improvements in their financial well-being. The personal savings rate soared to impressive levels, allowing families to save and invest in their future with confidence. This stood in stark contrast to the decline observed in recent years.
Furthermore, Trump’s administration tackled the issue of debt head-on. Fiscal responsibility was a cornerstone of his policies, resulting in a reduction in government deficits. By controlling spending and implementing pro-growth policies, Trump successfully steered the nation toward a more fiscally responsible path.
Another area of Trump’s success was his energy policy. His commitment to unleashing the energy sector led to increased energy independence, reduced reliance on foreign oil, and lower energy costs for American consumers. This strategic approach not only bolstered the economy but also enhanced national security.
In contrast to the inflation concerns we see today, the Trump era was marked by stable prices and controlled inflation. Americans enjoyed the benefits of a strong dollar and a predictable economic environment, providing stability and confidence to businesses and consumers alike.
Trump’s presidency left an indelible mark on the American economy, characterized by job growth, increased savings, reduced deficits, and a thriving energy sector. These achievements should not be overshadowed by the noise of political rhetoric but celebrated as a testament to the power of pro-growth policies.
Americans deserve a transparent and honest assessment of their economic reality, free from manipulated statistics and political rhetoric. If Biden wishes to chart a course toward effective economics, it may be worth considering a different approach than the one currently in play.
As we move forward, let’s remember the successes of the past and strive for a future where economic prosperity is not a partisan issue but a shared goal for the benefit of all Americans.