What Would President Biden’s Economy Look Like? Way Worse Than Trump’s
If the economic data from President Barack Obama’s administration is any indicator, a potential President Joe Biden administration would see lackluster economic growth, a return to the absurdity of “clean energy,” and a complete loss of optimism.
Rumors continue to swirl about a former Vice President Joe Biden mounting a presidential campaign in 2020 after he met with failed presidential candidate Hillary Clinton earlier this month, which leads many to wonder what a return to Obama-era policies may mean for the United States economy.
If the 8 years Biden spent riding shotgun to President Obama are any indication, a hypothetical Biden administration could bring below average economic growth, lackadaisical job growth, and a return to massive spending on failed pet projects.
When President Obama took office in 2009, he unveiled a massive stimulus package designed to jump start the American economy. Instead, the economy grew at an average pace, and even constricted during several quarters during the Obama administration.
For example, in the last four years of President Obama’s administration alone, the economy shrunk three times. On another four occasions, it grew less than 1 per cent.
Meanwhile in President Donald J. Trump’s still-young presidency, the economy has grown steadily, sometimes achieving growth rates as high as 4.2 per cent in a quarter, and never less than the 1.8 per cent from the first quarter of 2017, when President Obama was still in office for 20 days.
Under President Obama, the annual GDP growth was never higher than 2.6 per cent, and sometimes was as low as 1.6 per cent.
Again, President Trump has exceeded his predecessor and expectations set for the United States, so far achieving an average growth rate of 2.5 per cent. Under Obama’s administration, economists expected the United States economy to grow at an average rate of only 1.8 per cent from 2018-2028.
Most tellingly are the different approaches to economic growth. While President Trump has focused on renegotiating or abandoning globalist trade deals, cutting and simplifying taxes, and working with businesses to increase investment in the United States, President Obama released stimulus package focused on “clean energy” and “low-carbon technologies.”
While the Obama administration was still attempting to brag about its futile spending as recently as February of 2016, its failures are well noted. Among them is Solyndra, the solar panel company that received $500 million in taxpayer dollars and promptly went bankrupt.
Of course, again drawing a sharp contrast to the Obama-Biden agenda, President Trump has instead focused on clean coal production. In the first few months of his administration, mining support jobs had already risen in demand by 37 per cent.
Unless Biden offers something substantially different from the man he shared the White House with, we can expect a return to the same failed policies of President Obama’s reign, and we can expect the economy to suffer accordingly.