I try to avoid listening to politicians, particularly Joe Biden. But his remarks in a speech that he inherited a train wreck from Republicans struck me as … wrong and grossly misleading.
First, Democrats had a majority in the House of Representatives, not Republicans.
Second, since 2020 was the outbreak of Covid-19 and subsequent economic shutdowns, I am going to look at things at January 2020 just prior to the economic shutdowns, mostly by state governors and city mayors.
Let’s start with unemployment. It was 3.5% under Trump in January 2020 BC (before Covid). It is now 3.5%. Advantage? Tie.
Inflation: 2.5% in January 2020 BC, today? 8.2%. Advantage? Trump.
Mortgage rate: 4.75% in January 2020 BC, today? 7.1% (Bankrate 30yr rate). Advantage? Trump.
Home price growth: 4.95% in January 2020 BC, today? 12.99% (Case-Shiller National HPI YoY). Advantage (for housing affordability)? Trump
Diesel fuel (the lifeline of the shipping industry): $2.947 in January 2020 BC. Today? $5.309. Advantage? Trump.
Regular gasoline: $2.477 in January 2020 BC. Today? $3.76. Advantage? Trump.
I could go on and on with heating fuel, food, electricity, rent, etc. But you get the picture.
And what Biden failed to mention is the enormous boost that both Trump and Biden received from The Federal Reserve in terms of monetary stimulus.
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