What has been the trend in the trade balance during the Trump administration and what are Joe Biden’s plans to address it?
Battle of the Economies: Trump vs. Biden – A Visual Comparison in 17 Charts
In the lead-up to any Presidential election, the state of the economy is always a hot-button issue. With the 2020 election, this was especially true as the Coronavirus pandemic sent shockwaves through the global economy. With so much at stake, both President Trump and former Vice President Biden have been touting their respective economic policies, claiming they are best suited to lead the country through these uncertain times. In this article, we will take a closer look at the state of the economy under the Trump administration and compare it to the economic proposals put forth by Joe Biden, using 17 carefully curated charts.
GDP Growth
One of the key indicators of a healthy economy is Gross Domestic Product (GDP) growth. Under President Trump, the GDP growth rate experienced fluctuations, reaching a high of 3.1% in 2018 but faltering to 2.2% in 2019. Meanwhile, Joe Biden has proposed an economic plan that aims to boost GDP growth by investing in infrastructure, clean energy, and education.
(WordPress table)
| Year | GDP Growth Rate (%) |
|---|---|
| 2017 | 2.3% |
| 2018 | 3.1% |
| 2019 | 2.2% |
Unemployment Rate
The unemployment rate is another critical metric for assessing the health of the economy. Under President Trump, the unemployment rate saw a significant decrease, hitting a 50-year low of 3.5% in February 2020. Conversely, Joe Biden has emphasized the need to create new jobs, particularly in renewable energy and infrastructure, as part of his economic plan.
(WordPress table)
| Year | Unemployment Rate (%) |
|---|---|
| 2017 | 4.4% |
| 2018 | 3.9% |
| 2019 | 3.7% |
| 2020 | 3.5% |
Labor Force Participation Rate
The labor force participation rate is the percentage of working-age people who are either employed or actively seeking employment. Under the Trump administration, the labor force participation rate has remained relatively stable, hovering around 63%. Joe Biden’s economic proposals include measures to increase labor force participation by expanding access to affordable childcare and paid family leave.
(WordPress table)
| Year | Labor Force Participation Rate (%) |
|---|---|
| 2017 | 62.7% |
| 2018 | 62.7% |
| 2019 | 63.0% |
| 2020 | 63.4% |
Income Inequality
Income inequality has been a significant issue in the United States, with the gap between the wealthiest and the rest of the population widening. Charting the changes in income inequality under the Trump administration and comparing them to Joe Biden’s proposed policies provides a valuable tool for voters to assess the candidates.
(WordPress table)
| Year | GINI Coefficient (0 = perfect equality, 1 = perfect inequality) |
|---|---|
| 2017 | 0.482 |
| 2018 | 0.482 |
| 2019 | 0.485 |
Federal Budget Deficit
The federal budget deficit is a measure of how much the government’s total expenditures exceed its total revenue. The deficit has increased significantly under President Trump, mainly due to the Tax Cuts and Jobs Act of 2017. Joe Biden has outlined plans to increase taxes on high-income individuals and corporations, aiming to reduce the deficit and shore up government revenue.
(WordPress table)
| Year | Federal Budget Deficit ($ billion) |
|---|---|
| 2017 | $665 |
| 2018 | $779 |
| 2019 | $984 |
Trade Balance
The trade balance reflects the difference between a country’s exports and imports. Despite President Trump’s emphasis on reducing the trade deficit, it has widened during his tenure in office. Joe Biden’s economic agenda includes a focus on revitalizing domestic manufacturing and investing in American-made goods.
(WordPress table)
| Year | Trade Balance ($ billion) |
|---|---|
| 2017 | -$807 |
| 2018 | -$872 |
| 2019 | -$866 |
Stock Market Performance
The performance of the stock market is often seen as a barometer of economic health. Under President Trump, the stock market experienced both highs and lows, but overall showed long-term growth. Joe Biden has proposed measures to prevent excessive risk-taking on Wall Street and to ensure that the benefits of stock market gains are shared more equitably among the broader population.
(WordPress table)
| Year | S&P 500 Index |
|---|---|
| 2017 | 2,673 |
| 2018 | 2,506 |
| 2019 | 3,230 |
| 2020 | 3,756 |
Healthcare Expenditure
Healthcare expenditure is a significant component of the overall economy. This chart will detail the changes in healthcare spending under the Trump administration and compare them to Joe Biden’s proposed healthcare reforms.
(WordPress table)
| Year | Healthcare Expenditure per Capita ($) |
|---|---|
| 2017 | $10,348 |
| 2018 | $10,654 |
| 2019 | $11,072 |
Education Expenditure
Investment in education is crucial for long-term economic growth. Joe Biden’s economic proposal includes significant investments in education, which will be compared to the changes in education expenditure under the Trump administration.
(WordPress table)
| Year | Education Expenditure per Student ($) |
|---|---|
| 2017 | $12,756 |
| 2018 | $13,043 |
| 2019 | $13,410 |
Environmental Protection Expenditure
Environmental protection and sustainability are key components of Joe Biden’s economic plan. This chart will detail the changes in environmental protection expenditure under the Trump administration and compare them to Biden’s proposed environmental policies.
(WordPress table)
| Year | Environmental Protection Expenditure ($ billion) |
|---|---|
| 2017 | $44.7 |
| 2018 | $45.8 |
| 2019 | $47.8 |
Infrastructure Expenditure
Investment in infrastructure is a cornerstone of Joe Biden’s economic agenda. This chart will compare the changes in infrastructure expenditure under the Trump administration to the proposed investments outlined by Biden.
(WordPress table)
| Year | Infrastructure Expenditure ($ billion) |
|---|---|
| 2017 | $442.5 |
| 2018 | $446.8 |
| 2019 | $450.5 |
Climate Change Impact
The economic impact of climate change is a growing concern. This chart will outline the economic cost of climate change under the Trump administration and compare it to Joe Biden’s proposed climate policies.
(WordPress table)
| Year | Estimated Economic Cost of Climate Change ($ billion) |
|---|---|
| 2017 | $306 |
| 2018 | $319 |
| 2019 | $335 |
Business Regulatory Environment
The regulatory environment for businesses has seen significant changes under the Trump administration. This chart will detail the changes in business regulations and compare them to the proposed regulatory policies put forth by Joe Biden.
(WordPress table)
| Year | Number of Business Regulations |
|---|---|
| 2017 | 2,024 |
| 2018 | 1,834 |
| 2019 | 1,771 |
Consumer Confidence Index
The Consumer Confidence Index is a measure of how optimistic consumers are about the state of the economy. This chart will outline changes in consumer confidence under the Trump administration and compare them to Joe Biden’s proposed economic policies.
(WordPress table)
| Year | Consumer Confidence Index |
|---|---|
| 2017 | 101.1 |
| 2018 | 98.3 |
| 2019 | 99.6 |
Wage Growth
Wage growth is a key indicator of economic prosperity
Every presidential campaign season has upheld the famous expression, ”It’s the economy, stupid!” since James Carville coined it in 1992. The significant aspect of the upcoming elections is the clear economic records of both President Biden and former president Donald Trump, as each claims to have the superior economic performance, with Trump even suggesting that his success has been the best in history.
Throughout the years, the U.S. economy has experienced remarkable growth but also faced significant challenges under both leaders. Trump’s presidency started with a tepid economy which he stimulated through substantial tax cuts and additional government spending, resulting in a surge in growth and jobs. However, the outbreak of the pandemic led to 23 million people losing their jobs. On the other hand, Biden took office during the ongoing difficulties of the COVID-19 pandemic but implemented considerable government spending and investments to drive a rapid economic recovery. Consequently, the economy experienced rapid growth, the addition of over 15 million jobs, and a resurgence in manufacturing and increased startup activities. Nevertheless, the persistent challenge of soaring inflation has affected the economy.
The following are 17 graphical representations depicting various aspects of the Trump and Biden economies, although it’s important to note that presidents only exert a limited influence. Despite the data showing positive results during Biden’s tenure, most voters express trust in Trump regarding the economy, primarily due to the psychological impact of inflation.
- The Impact of Inflation on Wages
During Biden’s presidency, inflation has had a significant effect, particularly when comparing the rise in prices with wage growth. Under Trump’s leadership, wages for rank-and-file workers increased by 15.4 percent, nearly double the rate of inflation, resulting in people feeling they were making progress. In contrast, under Biden, wages for these workers have barely kept