As President Joe Biden hailed his Bidenomics policies this week in Milwaukee, former President Donald Trump shot back with a new campaign video on economic policy, contrasts his and Biden's administrations on their handling of the nation's fiscal challenges.
Trump dissected what he dubbed "Crooked Joe Biden's economic catastrophe" and touted his own administration's policies in an Agenda47 policy video posted to Rumble.
"One of the most important issues in this campaign will be who can rescue our country from ... Bidenomics, which shall henceforth be defined as inflation, taxation, submission, and failure," Trump said.
In crafting his arguments, Trump alluded to recent polls gauging presidential approval ratings on the economy.
"It's no surprise that under our leadership, approval of the economy was three times higher than it is under Biden," Trump said in a video that ran for nearly four minutes. "When I was president, 63% of Americans rated the economy as excellent or good. Today, that number is just 19%."
Trump asserted, as he has done before, that he rebuilt America's economy twice: first from the Great Recession of the Obama era, and then from the pain inflicted by the COVID-19 pandemic.
He vowed to bring back America's economic "boom" from the depths of the "Biden economic bust."
"America's economic resurgence is coming soon," Trump's policy video concluded. "With tax cuts, regulatory cuts, tariffs, energy independence, and even energy dominance — which we will have — we will end Bidenomics and the disastrous Biden era — the most incompetent president we've ever had — will soon be over.
"We will do it quickly. We will do it effectively, and we will make America great again."
A Trump campaign memo went on to list what it described as 10 "key contrasts" between the Biden and Trump administrations.
Among the stats his campaign claimed were these items:
- A swing of $13,400 in "annual real family incomes," with Biden turning Trump's $6,000 increase into a $7,400 decrease.
- Trump's boasts of creating "2.8 million more jobs" in his first 30 months in office compared to Biden, who created only "a net 2.1 million new jobs, after accounting for workers returning to the work force after the pandemic."
- Trump created 250,000 more manufacturing jobs than Biden in his first 30 months in office.
- Inflation: Trump left office with gas at $2.42 and a low of $1.41 per gallon; Biden has it at an average of $3.83 today, after hitting a record $4 last year. Average Trump inflation was just 1.9%, but inflation is now 5.5% under Biden, including a 16.6% inflation number since Trump left office.
- A swing of a $21,000 regulatory cost burden on U.S. households, having turned Trump's $11,000 decrease into a $10,000 hike.
- Labor force participation under Trump was 63.4% and is now 62.6% under Biden, a difference of 1.9 million Americans no longer working.
- Trump's economic approval rating of "excellent" or "good" was more than three times higher (63%) than Biden's (19%).
- Mortgage rates have soared to almost 7% under Biden, while they hit an all-time low of 2.65% under Trump, with Americans now having to pay more than $366,000 in interest on average, on a new home.
- Americans under Biden have set a record of $1 trillion in new credit card debt, an almost $200 billion increase from 2020 under Trump.
- Trump cut taxes, to Democrats' objections; Biden is vowing "to hike taxes by $4.7 trillion" to fund progressive social programs, Green New Deal initiatives, and big spending plans.
"On day one, the Biden economic bust will be replaced with the historic Trump economic boom," Trump says in the video. "Any numbers you see that are economically positive in the Biden administration are because they're running on the fumes of what we created years prior to their taking office.
"Under Biden, people have been set back for years to come. Biden even forced us into a recession, and then the media tried to change the definition of recession to protect him.
"They're always trying to protect him. But the people are getting wise to it now."
According to recent reporting by outlets including USA Today, inflation has been easing for some 12 straight months and has at it's lowest rate since March 2021. But that follows a two-year price run-up and a record high 9.1 percent inflation rate under Biden a year ago. And prices on some items, such as gas, continue to creep upward, fueling skepticism among Biden critics.