Trump Is Inheriting a “Remarkable” And “Exceptionally Performing” Economy – And Will Risk It All For His Billionaire Backers Arrow

As Donald Trump takes office, he's ready to enact an extreme agenda on Day One that will risk tanking the "remarkable" and "exceptionally performing" economy he is inheriting. The Biden-Harris administration delivered one of the strongest labor markets in U.S. history and lowered inflation and costs - 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.

Here's a look at the Biden-Harris economy Trump is inheriting:

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.

NPR: "There is one major gift Trump is inheriting from Biden: A good job market"

Axios: "There have been more jobs gained under Biden's term than under the full terms of former Presidents Trump, Obama, or George W. Bush. … Biden is now at +16.1 million"

CNN: "The US has now added jobs for 48 months in a row, tying the second-longest period of employment expansion on record.

New York Times: "Arguably the best piece of news in this report is that long-term unemployment - generally defined as the number of people out of work for more than six months - fell slightly in December, to 1.6 million."

Reuters: "US labor market exits 2024 with strong job gains, drop in unemployment rate"

Treasury Department: "Unemployment remains low, and the prime-age labor force participation rate is higher than it has been in two decades (Figure 1)."

Forbes: "And the unemployment rate decreased by 2.6 percentage points from 6.7% to 4.1% during Biden's presidency, the best end-of-term jobless rate since the 3.9% unemployment at the end of Bill Clinton's stint in the Oval Office."

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.

Forbes: "Americans' average hourly wages rose from $29.84 to $35.69 over the last four years, a 19.6% pay bump."

Wall Street Journal: "The next president is likely to bear much less of the burden of inflation than Biden did."

US News: "In terms of the economy, the minutes noted that participants at the Fed's monetary policy meeting 'remarked that consumption had been supported by a solid labor market, rising real wages, and elevated household wealth.'"

Reuters: "US inflation still slowing as producer prices rise below expectations in December"

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's policies.

Wall Street Journal: "[Trump is] inheriting a stable economy, an economy with lots of possibility,' said Glenn Hubbard, who was a top adviser to Bush."

Marketplace: "Trump inherits a sturdy economy"

Wall Street Journal: "The Next President Inherits a Remarkable Economy"

Reuters: "On their face, [Trump's] planned combination of tariffs, deportations, and deficit-funded tax cuts 'will do harm.'"

Equitable Growth: "Real GDP in the United States has grown at an average annualized rate of 2.7 percent over the four quarters ending in the third quarter of 2024 and by 2.9 percent on average over the prior eight quarters."

Associated Press: "US economy grew at a solid 3% rate last quarter, government says in final estimate"

Reuters: "The economy is expanding at well above the 1.8% pace that Fed officials regard as the non-inflationary growth rate."

USA Today: "Economists predict the economy will grow a solid 2.1% this year, down from an estimated 2.7% in 2024."

EXPORTS & TRADE: As Trump prepares to upend global trade, U.S. exports just hit a record high under President Biden.

Inside Trade: "Goods and services exports in November 2024 were the 'highest on record' thanks to continued growth for services exports, the U.S. Census Bureau says in its latest monthly report."

INTEREST RATES: The Fed has begun cutting interest rates, providing further relief to families that is jeopardized by fears of Trump's inflationary policies.

New York Times: "Inflation cooled substantially, and by last fall, policymakers concluded they had made enough progress that they could gradually begin easing off the brakes."

Public link

Please use the above public link if you want to share this noodl on another website.