Donald Trump says he can fix the economy. Joe Biden says he’s already done it. Both claim they have the magic solution to America’s financial problems.
But which plan is less likely to tank the country? Let’s break down these two clashing economic ideologies — “Bidenomics” versus “Trumponomics” — and see who’s full of it.
Back on his campaign trail, Trump is pushing his version of an economic master plan that he claims will rescue America from Joe Biden’s so-called failures. He’s talking big, as usual.
He claims Americans are drowning in “mayhem and misery” under Biden’s policies and promises that his economic genius will solve all of that.
You know, with lower taxes, lower interest rates, and all-around lower costs for everything.
Trump’s MAGAnomics
Trump’s economic plan is essentially built on populist promises to bring back American manufacturing and slap tariffs on anything foreign that moves.
His plan hinges on the belief that by turning inward, particularly on Chinese products, he can boost domestic manufacturing and revive industries that have been bleeding jobs for years.
Let’s get specific.
Trump wants to impose a whopping 60% tariff on Chinese imports. That’s not a small number. In fact, it’s so large that many economists are giving scary warnings.
The idea is to protect American jobs, but history has shown us that protectionism often leads to higher prices for consumers.
Does anyone remember the 1930s and the Great Depression? If Trump’s tariffs go through, we’re talking about prices rising across the board, from basic electronics to consumer goods. Just declare World War III.
The global economy is deeply connected, and pulling out of trade relationships never ends well.
Trump’s also got his eye on the Federal Reserve, which he spent much of his first term publicly trashing.
He still blames the Fed for getting interest rates wrong, and he hasn’t exactly been subtle about his desire to have more control over monetary policy.
The Fed “has gotten it wrong a lot,” according to him. Safe to assume they’d clash even more aggressively in a second term.
And then of course, Trump plans to deliver a slew of cuts, ranging from income taxes to pension benefits and overtime pay.
He’s doubling down on his signature 2017 tax cuts, which primarily benefited corporations and the wealthy.
For working-class Americans, Trump promises relief by cutting taxes on overtime pay and tips. Sounds nice, but will it really improve anyone’s day-to-day life?
Cutting taxes always sounds good in theory, but if it’s not accompanied by solid fiscal planning, it could be trouble for long-term economic stability.
And Bidenomics?
Joe Biden’s Bidenomics goes in the opposite direction. Instead of turning inward with tariffs, Biden has focused on public investment and boosting middle-class empowerment.
He’s all about infrastructure and green energy, which he claims will build a stronger, more resilient economy.
In fact, the Biden administration is behind some of the largest public spending initiatives in recent history, including the $1.9 trillion American Rescue Plan.
Bidenomics is also about promoting competition, cracking down on monopolies, and giving workers more rights.
The president’s big labor initiatives include backing unions and offering free community college.
His administration even passed the CHIPS and Science Act to pump up semiconductor manufacturing — something Trump likes to claim he supports but didn’t actually do much to achieve.
As for results? Well, Biden’s got some decent numbers.
Since he took office, the economy has added over 13 million jobs, many in the manufacturing sector, a part of the economy that has been shrinking for decades.
Unemployment is sitting at around 3.8%, which is impressive when you look at the past five decades.
On top of that, the GDP grew at an annual rate of 3.1% in the second quarter of 2024, showing resilience in the face of inflation.
But the average American still doesn’t feel great about Bidenomics, mainly because inflation hit an ugly peak at 9.1% in 2022.
Even though it cooled down to 3.5% in 2024 and the Fed cut rates, the cost of groceries and gas is still a pain for most people.
When it comes down to it, both economic plans are terrible, so they suck equally. And get this, Kamala Harris really isn’t any better.
Sure, Trump and Biden’s failures make her more appealing to the public, but the gaping hole of national debt keeps getting wider in the meantime, and that’s what could crash America’s economy eventually.
