LETTER TO THE EDITOR: Economy under Biden has flourished

Published 2:03 pm Tuesday, May 21, 2024

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National polls show that some individuals believe our country’s economy under President Biden isn’t as “Great” as it was under Trump.

Let’s look at the facts:

  • The US had the best economic recovery from the pandemic of any major economy.  Biden added jobs faster than any of his four predecessors, including Trump.
  • Biden’s Infrastructure Law and the Chips and the Inflation Reduction Acts have spurred a 6.5% increase in manufacturing jobs. Under Trump, that number was 3.4 percent.
  •  Unemployment is below 4 percent (not seen in 50 years).
  • Wages are now rising faster than prices.
  • The stock market S&P 500 has hit an all-time high under Biden and that affects roughly 61 percent of Americans, including middle-class investors and retirees.
  • Under Biden, Medicare is now able to negotiate with drug companies to lower the cost of prescription drugs. The cost of insulin has already been dramatically reduced and negotiations to reduce the cost of other drugs are underway.

And yes, a tax course correction is needed.  No surprise, Trump’s 2017 tax law mostly favors the rich.  In 2025, this law gives households in the top 1 percent tax bracket a cut of $60,000 vs a tax cut of $500 for households in the bottom 60 percent. The top 1 percent of US households hold 32.3 percent of the wealth while the bottom 50 percent only hold 2.6 percent of the wealth.  Over several years, three US billionaires (Musk, Bezos, Bloomberg) and many very profitable corporations (including Tesla, Netflix, and Ford) paid no federal income tax.

It’s time we all do our research. Those who think that the economy under Trump was better than the economy under Biden are mistaken. Because of the many positive changes President Biden has brought to the U.S. economy, the “Good Old Days” are right now.

Kenneth Peterson

MAJ USA (Ret.)