· Trump - economy lost 2.9 million jobs. Biden has gained 15 million, so far.
· Trump - unemployment rate rose by 1.6 percentage points to 6.3 percent. Biden - unemployment under 4 percent for the longest stretch in over 50 years.
· Trump campaigned against the trade deficit with China. In the first three years of the Trump administration (before COVID-19), it worsened, averaging almost $379 billion per year.
· Under Biden, America’s trade deficit with China has improved dramatically, falling by $103 billion, or 27 percent, to $279 billion. It’s the lowest bilateral deficit in goods since 2010.
· Under Biden, the stock market has soared. The Dow Jones Industrial
Average hovers at about 40,000 for the first time in history, exceeding the market’s annualized return under Trump.
· Under Trump, the national debt rose from about $19.9 trillion to about $27.8 trillion, an increase of about 39 percent, and more than in any other four-year presidential term, because of his enormous tax cuts for wealthy Americans and big corporations. The Trump (and Bush) tax cuts have added $10 trillion to the debt and are responsible for 57 percent of the increase in the debt ratio since 2001. Under Biden, the national debt has grown at a far slower pace.
· Under Trump, Americans lacking health insurance rose by 3 million. Under Biden, enrollment in Obamacare has surged from 12 million in 2021 to 21.3 million today. In addition, the American Rescue Plan (ARP) and the Inflation Reduction Act (IRA) signed by President Biden, in addition to their popular economic features, expanded and extended the refundable tax credits to help Americans purchase health insurance. His administration also attacked prescription drug prices, bringing about a $35 cap for insulin for those on Medicare, with promises of more such limits to come..
· Meanwhile, the actual prices of goods and services is lower today than it was four years ago under Trump, according to the nonpartisan Congressional Budget Office. That’s because incomes have grown faster than prices over that four-year period.
· Biden's investments in infrastructure, semiconductors, and green
technologies are rebuilding the middle class. Biden is making the biggest
investment in infrastructure in sixty years. Trump never did. Spending on new factories has almost tripled over the past three years, as
companies rush to locate in the U.S. market. Construction employment in April hit an all-time high of 8.2 million workers.
· The CHIPs Act, besides creating large numbers of manufacturing jobs, also activates the Davis Bacon Act, requiring that contractors and subcontractors pay the prevailing wage. It commits companies receiving grants to allow workers to unionize. It builds new plants in areas that have suffered job losses and decline. And it commits companies getting
grants to include daycare facilities in their new plants.
Trump and other Republicans pretend to be on the side of average working
Americans, but actually cut taxes on big corporations and the wealthy. By contrast, Biden made it easier for workers to qualify for overtime pay and made it easier to unionize. He was the first president in history to walk a picket line.
Trump's record on antitrust enforcement was abysmal. By contrast, Biden has been the most activist trust-buster in a half century.
· When it comes down to the Democrat's core goal of rebuilding the middle class, Biden's administration has been the most successful over the past forty years. Trump’s was the least successful and in fact, his policies from 2016 to 2020 increased the pressure on the middle class to keep up. Of course, he does not hesitate to lie about this, blaming it on Democrats, minority groups, and of course, President Biden. It bears repeating that in terms of their core goal of rebuilding the middle class, Biden’s administration has been the most successful of any administration over the past forty years.
The only skills Trump has are in lying, misrepresenting, and as proven in court in New York, paying off people. If the remaining litigation against this convicted felon ever gets off the ground in Georgia (where he asked its Sec'y of State to fiddle with the voting results), in Florida (where he hid classified documents he illegally took with him on leaving office in 2021), and in Federal court in D.C. (where he instigated a riot to prevent the counting of electoral votes), further indefensible sins are certain to come to light.
Meanwhile, Republicans are working hard to delay these trials forever, the best way being to elect their scoundrel candidate to the presidency again. Tragically, democracy will permit many who, for a variety of unwholesome reasons, will vote for the Republican/MAGA/Convicted Felon/Scoundrel candidate, Donald John Trump, or a third party candidate designed to drain off Biden votes in 'battleground' states. That's why your vote for Joe Biden's re-election is vitally important. That is what David Remnick wrote about.
JL
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