As the US is still under the worst economic crisis in the last 100 years, the hottest topics on the table now are that: How fast can this country recover? And who can get us to that point faster, Trump or Biden?
Joe Biden has never been a real President before, so we do not have any of his statistics to tell. But as Biden has been the Vice President of Obama administration, people start to raise the comparison between Trump vs Obama administration. In fact, Biden himself has been using the achievement of Obama administration as his key points in his campaign.
It is not the first time the comparison between Trump vs Obama being raised. However, considering that all of Trump’s economic achievements (they ARE huge) have been wiped out by the Covid-19 pandemic, this topic got pretty hot again, thanks to Biden. Biden has been extremely proud of the economic achievements from Obama administration, especially when Obama has brought the US economy out of the 2008 recession. Biden claims that he knows how to bring the US economy back again, and he can do it fast with all the experience from the 2009 economic recovery.
The Democrat candidate also shows no hesitations when he points his fingers toward Trump for the current situation of the US. According to Biden, Trump administration handled this pandemic terribly, and that is the reason for this enormous economic crisis. With all of the claims from 2 candidates, let’s take a look at the economy of USA under Obama and Trump administration to see between Trump vs Obama, who has handle the economy better.
1. New jobs created (and lost)
2014 and 2015 have been one of the best period of time for the employment situation in the US. During these 2 years of Obama’s second term, roughly more than 225,000 jobs were created each month. Trump’s statistics shows that his best year was 2018 when he created about 193,000 jobs each month. So in this category we can clear see who was better between Trump vs Obama.
2. Trump vs Obama economic growth
Trump himself has claimed that he has the “greatest economy in the history“, real statistics shows a different story. Of course, Trump has had wonderful first three years in his term before Covid-19 storm hits all of us. Moreover, Trump did not have better economic growth in those three years, comparing to Obama.
3. Unemployment rate
The Covid-19 pandemic has surely made Trump’s number on unemployment rate look really bad. However, Trump administration has been giving out numerous policies to bring people back to work. It is debatable whether this is a good decision, but those policies have proven to be effective. Trump actually lowers the number of unemployed people by nearly 50% in just a few weeks.
4. US Stock Market
Although any amateur economist can tell you that stock market is not the whole economy, we can never deny the effort of Trump for Wall Street. Trump has skyrocketed the US stock market in 2017 to 2019. He has also brought Wall Street back alive after it lost 30% in March. Under Obama administration, Wall Street also went up huge, but that growth was because the US economy was in terrible situation when Obama got into the White House. Overall, both two Presidents have been wonderful to Wall Street during their terms.
5. The Government Debt
This is a terrible category for both Presidents. Obama had to revise the country from the 2008 Recession, and he still had to fund the war in Iraq and Afghanistan, so the government debt was terrible at his time.
However, Trump made the situation worse. He has given out some tax reduction policies, and that resulted in $1.5 trillion more to the government debt. And then during the pandemic, the Congress had to pass an aid of $3 trillion.
All experts agree that spending more money during hard times is unavoidable, but they still criticize Trump and Obama for not doing anything for this problem in the good economic years.
6. US Wages
In this category, both two Presidents have done well (before Covid-19). Obama came into the White House during an extremely hard time, but he turned the economy back, and the wages have been going up since then. Taking over the White House while the economy was doing good, Trump still sees the wages going up, until Covid-19 pandemic hits us all.
7. Business Investment
The business investment in the US has been low for about 7-8 years, so both Obama and Trump have to deal with this issue. Although in 2017, the tax cut policies from Trump did help the business investment went up a little bit in 2018, but then the Covid-19 started, and things are not okay at all now.