Economic Indicators
Democrat House Leader Hakeem Jeffries claims that “Republican policies have tanked the economy,” “the American people know it,” and it’s “time for dramatic change.”
IN FACT, the rate of inflation, real median income growth, and the poverty rate are all better under Trump and a Republican Congress than they were under Biden and a Democrat Congress. Here are the specifics:
- Average annual inflation during Trump’s second term (with Republicans controlling both the House and Senate) has been 2.9%, which is 41% below the 5.0% average under Biden and 55% below the 6.5% average under Biden while Democrats controlled both the House and Senate.
- Real median household income, which is published only on an annual basis, grew from $85,210 to $87,460 during the first year of Trump’s second term, or by 2.6%, which is 445% higher than the average annual growth rate of 0.5% under Biden and markedly better than the average annual decline of 1.3% under Biden and Congressional Democrats.
- The poverty rate, which is published only on an annual basis, was 10.2% during the first year of Trump’s second term, which is the lowest level ever recorded in U.S. history, 9% below the average annual rate of 11.2% under Biden, and 13% below the average annual rate of 11.6% under Biden and Congressional Democrats.
- Because association doesn’t prove causation, the data above cannot prove which politicians have done a better job on the economy, but they do deflate Jeffries’ rhetoric.
- In prior election cycles, major media outlets, in concert with leading Democrats, have misled the American people by talking down the economy despite robust economic indicators during Republican presidencies and then talking up the economy with similar indicators during Democrat presidencies.
