President Joe Biden has been facing challenges with the economy, especially after Covid. The closure of large parts of the economy during the pandemic resulted in a temporary growth when it reopened. However, economists fail to recognize this simple concept of easy growth post-Covid.
Recent reports show weak GDP, poor job numbers, high unemployment rates, fiscal issues, and inflation. Even the media can’t hide the reality of the economic situation under Biden.
Before Covid, the US had a strong economy with real GDP growth under the Trump administration. Post-Covid, the US economy has not reached the same levels of growth, despite being entirely open.
The Trump administration played a significant role in the economic recovery during Covid. Trump’s administration achieved more growth in GDP in a shorter time compared to Biden’s term.
Under Biden, the economy has been facing challenges with cumulative inflation, declining full-time jobs, poor labor force participation, and increasing bankruptcy filings. Additionally, real median household income has dropped, savings have decreased, and credit card debt has increased.
The current economic situation under Biden is facing multiple issues, including draining savings, growing debt, and reliance on deficit spending. The next president will face economic challenges due to the impact of Bidenomics on the country’s financial state.
