Data revealed by The Wall Street Journal shows the true extent of havoc Bidenomics has wrecked on the U.S. economy. Even as the Dow Jones Industrial Average surpassed 40,000 points, the economy under Joe Biden‘s tenure in the White House has struggled to grow beyond a sluggish rate. Despite the seeming market success that has recently occurred under the Biden government, the numbers belie just how successful investors were under former President Donald J. Trump.
While the market has been up roughly 28 percent under Biden since his inauguration in 2021, former President Trump finished his first term in office with the market up 57 percent.
When measured from election day, market performance under former President Trump looks even more impressive than that of Biden. Since the 2020 election, the market has been up 45 percent. However, when measuring market performance from the 2016 election date, the Dow Jones finished 70 percent up under former President Trump.
However, the U.S. stock market — and the Dow Jones Industrial Average — is only a small component of the U.S. economy overall. Other economic indicators are not nearly as favorable for Biden but remain impressive for the Trump presidency. The change in net household income surged upwards under Trump, nearly hitting a 40 percent increase in nominal value at this point in his presidency. Meanwhile, when controlling for inflation, household income surged almost 30 percent under Trump.
Under the Biden government, however, American households continue to struggle. Nominal income has increased just 19 percent at this point, and when controlled for inflation, that number drops to a near zero percent increase.