{"id":1261,"date":"2024-07-17T08:31:11","date_gmt":"2024-07-17T08:31:11","guid":{"rendered":"http:\/\/forefrontnews.cn\/?p=1261"},"modified":"2024-07-17T08:31:41","modified_gmt":"2024-07-17T08:31:41","slug":"trumps-record-far-superior-to-bidens-on-debt-and-inflation","status":"publish","type":"post","link":"http:\/\/forefrontnews.cn\/?p=1261","title":{"rendered":"Trump’s record far superior to Biden’s on debt and inflation"},"content":{"rendered":"

A new Wall Street Journal poll of\u00a0academic and Wall Street economists<\/a>\u00a0finds that most believe that President Biden would do a better job holding down inflation, the debt and interest rates than former President Trump.<\/p>\n

This is a patently ridiculous conclusion that says more about the state of economics than it does about\u00a0Trump or Biden<\/a>. It reminds me of the old saying that if all the economists in the world were laid end to end\u2026 it would be a good thing.<\/p>\n

We know these predictions are suspect because both Biden and Trump have actual records on inflation in their first terms. So we don\u2019t have to throw darts at a dart board blindfolded as these economists apparently are doing. We can examine what happened while they were president.<\/p>\n

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President Biden and former President Trump<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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On each one of these three measures, Trump\u2019s achievements aren\u2019t just a little better. They are FAR superior to Biden\u2019s.<\/p>\n

DEMOCRATS ARE SETTING UP TRUMP FOR AN ECONOMIC DISASTER<\/strong><\/a><\/p>\n

Let\u2019s start with inflation. Over Biden\u2019s near-four years in office, inflation is up roughly 20%.\u00a0 Under Trump, inflation was up 8%. So how could anyone argue that Biden will be better on inflation given that his rate is nearly three times HIGHER than Trump\u2019s. This would be like saying a batter who has struck out four times in a row is more likely to hit a home run than a batter who has hit three homers in his last four at bats.<\/p>\n

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By the way,\u00a0Biden did NOT inherit inflation<\/a>\u00a0from Trump. In his last four months in office the inflation rate was<\/p>\n

Oct. 20 \u2013 1.2%
\nNov. 20 \u2013 1.3%
\nDec. 20 \u2013 1.5%
\nJan. 21 \u2013 1.4%<\/p>\n

Then, 18 months later, under Biden, it was 9.1%.<\/p>\n

TRUMP ECONOMIC ADVISER PUSHES BACK ON BIDEN’S NEWS CONFERENCE CLAIMS<\/strong><\/a><\/p>\n

Now let\u2019s look at interest rates. The mortgage interest rate was 2.9% when Trump left office. The mortgage interest rate is now roughly 7%. That\u2019s more than twice as high.<\/p>\n

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The\u00a0higher interest rates and the inflation<\/a>\u00a0in rents and housing prices mean that the mortgage payment on a median value home is now TWICE as high under Biden as under Trump.<\/p>\n

How about the interest rate on federal borrowing? During Trump\u2019s last year in office, the 10-year Treasury bill was 0.9%. After three and a half years of Biden, the interest rate is at 4.3%.<\/p>\n

Finally, there is the issue of the federal deficits and debt. Neither president has a good record on controlling spending and borrowing. That\u2019s because both parties like to spend money and play Santa Claus. The question is which president had a worse record?<\/p>\n

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ALL THE REASONS WHY TRUMP’S TAX-FREE TIPS PLAN IS BRILLIANT<\/strong><\/a><\/p>\n

When we take out the two COVID years, 2020 and 2021, we find that the average deficits under Trump were roughly $750 billion. That\u2019s bad. But under Biden, the average deficit was $1.5 trillion. Even adjusting for Bidenflation, deficits have been at least 50% higher under Biden than Trump.<\/p>\n

But let\u2019s put aside the real world\u00a0record of Trump and Biden<\/a> and look at their policy proposals. Trump wants to make the tax rate reductions permanent, continue to deregulate the economy, and encourage greater production of U.S. energy<\/p>\n

All of these policies are DISinflationary. They will \u00a0make America more competitive in the world economy, bring capital to the United States, keep the dollar strong, and increase the production of goods and services.<\/p>\n

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CLICK HERE FOR MORE FOX NEWS OPINION<\/u><\/strong><\/a><\/p>\n

Biden wants to raise tax rates<\/a>\u00a0on American businesses, increase regulations, and continue to waste hundreds of billions of dollars on low-return green energy programs while curtailing U.S. production of oil, gas and coal.<\/p>\n

Only a Ph.D. in economics who teaches at an Ivy League school would believe that these Biden policies will bring inflation and interest rates DOWN. They need to take a history class.<\/p>\n

When Jimmy Carter endorsed high tax rates, more regulation, and green energy policies, the inflation rate went to above 10%. When Reagan came into office and cut tax rates, deregulated, and went all in for American energy, the inflation rate fell by half.<\/p>\n

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CLICK HERE TO GET THE FOX NEWS APP<\/u><\/strong><\/a><\/p>\n

Biden also points to the\u00a016 Nobel Prize-winning economists<\/a>\u00a0who say he will be better on taming inflation than Trump. These are the very same economists who assured us when Biden proposed trillions of dollars of new spending that these policies would NOT cause inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new Wall Street Journal poll of\u00a0academic and Wall Street economists\u00a0finds that most believe that President Biden would do a better job holding down inflation, the debt and interest rates… <\/p>\n","protected":false},"author":1,"featured_media":1263,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[263,260],"tags":[369,269],"views":127,"_links":{"self":[{"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/posts\/1261"}],"collection":[{"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1261"}],"version-history":[{"count":3,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/posts\/1261\/revisions"}],"predecessor-version":[{"id":1270,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/posts\/1261\/revisions\/1270"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/media\/1263"}],"wp:attachment":[{"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1261"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}