{"id":1050867,"date":"2025-01-20T10:30:55","date_gmt":"2025-01-20T15:30:55","guid":{"rendered":"https:\/\/democrats.org\/?p=1050867"},"modified":"2025-01-20T10:30:55","modified_gmt":"2025-01-20T15:30:55","slug":"trump-is-inheriting-a-remarkable-and-exceptionally-performing-economy-and-will-risk-it-all-for-his-billionaire-backers","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/trump-is-inheriting-a-remarkable-and-exceptionally-performing-economy-and-will-risk-it-all-for-his-billionaire-backers\/","title":{"rendered":"Trump Is Inheriting a \u201cRemarkable\u201d And \u201cExceptionally Performing\u201d Economy \u2013 And Will Risk It All For His Billionaire Backers"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

As Donald Trump takes office, he\u2019s ready to enact an extreme agenda on Day One that will risk tanking the \u201cremarkable\u201d and \u201cexceptionally performing\u201d economy he is inheriting. The Biden-Harris administration delivered one of the strongest labor markets<\/a> in U.S. history and lowered inflation and costs \u2014 but Trump wants to roll back this progress and instead give tax handouts to the ultra-wealthy and big corporations. Trump and his billionaire Cabinet will always put Wall Street over Main Street, and working families will pay the price. <\/p>\n\n\n\n

Here\u2019s a look at the Biden-Harris economy Trump is inheriting:<\/em><\/p>\n\n\n\n

JOBS: Trump is inheriting the best jobs market for an incoming president in decades, with more jobs added per month under President Biden than any other president on record. The economy has added more than 16.6 million jobs since President Biden took office, an average of 354,000 per month.<\/em><\/strong><\/p>\n\n\n\n

NPR<\/a>: \u201cThere is one major gift Trump is inheriting from Biden: A good job market\u201d<\/p>\n\n\n\n

Axios<\/a>: \u201cThere have been more jobs gained under Biden\u2019s term than under the full terms of former Presidents Trump, Obama, or George W. Bush.<\/strong> \u2026 Biden is now at +16.1 million\u201d<\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cThe US has now added jobs for 48 months in a row, tying the second-longest period of employment expansion on record<\/strong>.<\/p>\n\n\n\n

New York Times<\/a>: \u201cArguably the best piece of news in this report is that long-term unemployment \u2014 generally defined as the number of people out of work for more than six months \u2014 fell slightly in December, to 1.6 million.<\/strong>\u201d<\/p>\n\n\n\n

Reuters<\/a>: \u201cUS labor market exits 2024 with strong job gains<\/strong>, drop in unemployment rate\u201d<\/p>\n\n\n\n

Treasury Department<\/a>: \u201cUnemployment remains low, and the prime-age labor force participation rate is higher than it has been in two decades<\/strong> (Figure 1).\u201d<\/p>\n\n\n\n

Forbes<\/a>: \u201cAnd the unemployment rate decreased by 2.6 percentage points<\/strong> from 6.7% to 4.1% during Biden\u2019s presidency, the best end-of-term jobless rate since the 3.9% unemployment at the end of Bill Clinton\u2019s stint in the Oval Office.<\/strong>\u201d<\/p>\n\n\n\n

WAGES: Inflation is down more than two-thirds from its Covid-era peak. Wages have grown faster than inflation for nearly two years, and are now higher than before the pandemic.<\/em><\/strong><\/p>\n\n\n\n

Forbes<\/a>: \u201cAmericans\u2019 average hourly wages rose from $29.84 to $35.69 over the last four years, a 19.6% pay bump.\u201d<\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cThe next president is likely to bear much less of the burden of inflation than Biden did.\u201d<\/p>\n\n\n\n

US News<\/a>: \u201cIn terms of the economy, the minutes noted that participants at the Fed\u2019s monetary policy meeting \u2018remarked that consumption had been supported by a solid labor market, rising real wages, and elevated household wealth.\u2019\u201d<\/p>\n\n\n\n

Reuters<\/a>: \u201cUS inflation still slowing<\/strong> as producer prices rise below expectations in December\u201d<\/p>\n\n\n\n

ECONOMIC STRENGTH: Trump is inheriting robust economic growth that has consistently been above 2% since the end of 2022, and was 3% in the latest quarter of data. Unfortunately, forecasts of future GDP growth have had to be revised down to account for the threat of Trump\u2019s policies.<\/em><\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201c[Trump is] inheriting a stable economy, an economy with lots of possibility,\u2019<\/strong> said Glenn Hubbard, who was a top adviser to Bush.\u201d <\/p>\n\n\n\n

Marketplace<\/a>: \u201cTrump inherits a sturdy economy\u201d<\/strong><\/p>\n\n\n\n

Wall Street Journal<\/a>: \u201cThe Next President Inherits a Remarkable Economy\u201d<\/strong> <\/p>\n\n\n\n

Reuters<\/a>: \u201cOn their face, [Trump\u2019s] planned combination of tariffs, deportations, and deficit-funded tax cuts \u2018will do harm.<\/strong>\u2019\u201d<\/p>\n\n\n\n

Equitable Growth<\/a>: \u201cReal GDP in the United States has grown at an average annualized rate of 2.7 percent<\/strong> over the four quarters ending in the third quarter of 2024 and by 2.9 percent on average over the prior eight quarters.\u201d<\/p>\n\n\n\n

Associated Press<\/a>: \u201cUS economy grew at a solid 3% rate last quarter, government says in final estimate\u201d<\/p>\n\n\n\n

Reuters<\/a>: \u201cThe economy is expanding at well above the 1.8% pace that Fed officials regard as the non-inflationary growth rate<\/strong>.\u201d<\/p>\n\n\n\n

USA Today<\/a>: \u201cEconomists predict the economy will grow a solid 2.1% this year, down from an estimated 2.7% in 2024<\/strong>.\u201d<\/p>\n\n\n\n

EXPORTS & TRADE: As Trump prepares to upend global trade, U.S. exports just hit a record high under President Biden.<\/em><\/strong><\/p>\n\n\n\n

Inside Trade<\/a>: \u201cGoods and services exports in November 2024 were the \u2018highest on record\u2019 thanks to continued growth for services exports<\/strong>, the U.S. Census Bureau says in its latest monthly report.\u201d<\/p>\n\n\n\n

INTEREST RATES: The Fed has begun cutting interest rates, providing further relief to families that is jeopardized by fears of Trump\u2019s inflationary policies.<\/em><\/strong><\/p>\n\n\n\n

New York Times<\/a>: \u201cInflation cooled substantially, and by last fall, policymakers concluded they had made enough progress that they could gradually begin easing off the brakes.<\/strong>\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

As Donald Trump takes office, he\u2019s ready to enact an extreme agenda on Day One that will risk tanking the \u201cremarkable\u201d and \u201cexceptionally performing\u201d economy he is inheriting. The Biden-Harris administration delivered one of the strongest labor markets in U.S. history and lowered inflation and costs \u2014 but Trump wants to roll back this progress […]<\/p>\n","protected":false},"author":292,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1050867","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nTrump Is Inheriting a \u201cRemarkable\u201d And \u201cExceptionally Performing\u201d Economy \u2013 And Will Risk It All For His Billionaire Backers - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/trump-is-inheriting-a-remarkable-and-exceptionally-performing-economy-and-will-risk-it-all-for-his-billionaire-backers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-20T15:30:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/democrats.org\/wp-content\/uploads\/2025\/01\/Black-Logo-White-Fill-For-Email.png?w=1024\" \/>\n<meta name=\"author\" content=\"Adrianna Tomasello\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adrianna Tomasello\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/trump-is-inheriting-a-remarkable-and-exceptionally-performing-economy-and-will-risk-it-all-for-his-billionaire-backers\/\",\"url\":\"https:\/\/democrats.org\/news\/trump-is-inheriting-a-remarkable-and-exceptionally-performing-economy-and-will-risk-it-all-for-his-billionaire-backers\/\",\"name\":\"Trump Is Inheriting a \u201cRemarkable\u201d And \u201cExceptionally Performing\u201d Economy \u2013 And Will Risk It All For His Billionaire Backers - 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