One of the main reasons Joe Biden is doing so poorly in the polls is that people can remember how much better the economy was under Donald Trump. Wages were up, prices were low, and you didn’t need someone touring the country to convince you the economy was booming.
The media likes to pretend something different is going on. They always do. The usual suspects in the media predicted economic disaster if Trump was elected, and despite getting serious egg on their faces, they continue to push the myth that Biden has been better for the economy—largely based on the long-debunked claim that he created more jobs than all of his recent competitors combined—when, in fact, once you account for pre-pandemic job levels, Biden’s actual record isn’t much to brag about.
But I digress.
It doesn’t take a political genius to predict that the economy is bound to improve should Trump (or any Republican) win the presidency next year. We all know it, even if most Democrats won’t admit it—though polls show quite a few do admit that Biden’s policies have hurt them.
Naturally, Trump is making a point to remind people that an economic boom awaits them upon his election. In fact, on Saturday, Trump gave a speech in New Hampshire, during which he promised that such a boom would happen almost immediately after he's elected.
“The next economic boom will begin the instant the world knows that Crooked Joe Biden is gone, and Donald J. Trump has won four more years as president of the United States,” Trump said, according to prepared remarks obtained by Breitbart. “Powered by the momentum of our historic victory, by Christmas next year, the economy will be roaring back, energy prices will be plummeting, the hordes of people charging across our border will have ended—the invasion will have stopped."
According to Trump, a historic economic collapse awaits the country if Biden wins another four years.
“The Biden administration is running on the fumes of the great success of the Trump administration—without us, this thing would have crashed to levels never seen before, and if we are not elected, we’ll have a depression very much like the Depression of 1929," Trump continued. “While the stock market is making the rich richer, Biden’s inflation catastrophe is demolishing your savings and ravaging your dreams."
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Trump also noted that nothing has gotten better under "Crooked Joe Biden,” but that under the Trump administration, "you were better off, your family was better off, your neighbors were better off, your communities were better off, and our country was better off.”
I have no doubt that things will get better if Biden is booted out of office. We've seen elections move markets before, and I don't doubt that a Trump victory will be very good on our stock portfolios and retirement accounts. That said, I think it will take more than the election to really get the economic engine of this country running again. Trump did an incredible job with deregulation during his first term—which of course has been reversed under Biden—and we'll need to see the shackles of overregulation removed from businesses before we can really see major change.
Things will get better when Biden is gone, but things have gotten so bad that I dare say it won't change like flipping a light switch.
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