Lower Costs and Raising Wages: President Biden Is Delivering for Hardworking Families After Trump’s MAGAnomics Agenda Failed Them

In response to today’s CPI report showing the strongest recovery in 50 years for wage growth, DNC Rapid Response Director Alex Floyd released the following statement:

“While Donald Trump is rooting for the economy to crash after leaving office with the worst jobs record since Herbert Hoover, President Biden’s economic agenda continues to deliver for hardworking families by easing inflation and overseeing one of the strongest job markets in American history. The American people’s choice this November is clear: President Biden’s record of the strongest wage growth of any recovery in the last 50 years versus the same failed MAGAnomics agenda that incentivized companies to ship jobs overseas and rigged the economy for the ultra-wealthy.”

Thanks to President Biden’s leadership, inflation is down two-thirds from its peak — the strongest recovery in 50 years for wage growth.

NBC News: “NEW: Inflation slowed further in January to 3.1%, inching closer to the Fed’s goal.”

Washington Post: “The inflation rate dropped in January compared with the year before, as the Fed weighs when to cut borrowing costs.”

The American economy is off to a strong start in 2024, continuing the momentum seen under President Biden’s watch. 

CNN: “The US economy added 353,000 jobs in January, starting off 2024 with a bang”

Axios: “The first look at the 2024 labor market shows it’s on fire.”

Washington Post: “Falling inflation, rising growth give U.S. the world’s best recovery”

“Since 2020, the United States has powered through a once-in-a-century pandemic, the highest inflation in 40 years and fallout from two foreign wars. Now, after posting faster annual growth last year than in 2022, the U.S. economy is quashing fears of a recession while offering lessons for future crisis-fighting.”

“On Friday, President Biden hailed fresh government data showing that annual inflation over the second half of 2023 fell back to the Federal Reserve’s 2 percent target. Coupled with Thursday’s news that the economy grew by 3.1 percent over the past 12 months, the Commerce Department report showed that the United States appears to have achieved an economic soft landing.”

Axios: “U.S. winning world economic war”

“The United States economy grew faster than any other large advanced economy last year — by a wide margin — and is on track to do so again in 2024.”

Associated Press: “American consumers feeling more confident than they have in two years”

Forbes: “U.S. Economy Grew 2.5% Last Year, Defying Recession Calls”

Politico: “US growth shatters expectations, boosting Biden’s economic pitch”

While President Biden has helped create 14.8 million new jobs, Trump owns the worst jobs record in modern American history. 

Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”

Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”

Trump blames the pandemic for his economic failures, but the truth is that Trump’s jobs record was falling short even before the pandemic.

Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”

Bloomberg: “Job growth was slightly slower in Trump’s first three years before Covid than it was during the last three years of the Obama administration, when the economy added 2.7 million jobs a year on average. Under Trump, that average was 2.2 million, until this year’s tumult more than wiped out the gains.”

Trump’s MAGAnomics agenda put hardworking American families last, running up the deficit and gifting large tax breaks to the ultra-wealthy and big corporations.

Forbes: “Trump Tax Cuts Helped Billionaires Pay Less Taxes Than The Working Class In 2018”

CBS News: “Two years after Trump tax cuts, middle-class Americans are falling behind”

The Guardian: “They were billed as a ‘middle-class miracle’ but according to a new book Donald Trump’s $1.5tn tax cuts have helped billionaires pay a lower rate than the working class for the first time in history.”

Washington Post Analysis: “One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump’s time in office.”

Washington Post Analysis: “The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.”

Politico: “The nation’s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump’s first term, Congress’ nonpartisan budget scorekeeper projected Tuesday.”

Trump created incentives for large corporations to send jobs overseas, shuttering factories and leaving hardworking Americans without jobs. 

Brookings: “So over the years of the Obama administration there was a gradual recovery in manufacturing jobs and hours worked. Trump managed to destroy that through his ill-advised tariff tantrums in a short two years and put manufacturing into a recession.”

Bloomberg: “Another signature Trump policy, the trade war with China, actually hurt some of the manufacturers and farmers it was supposed to help. The Tax Foundation estimates if tariffs remain, 179,800 full-time equivalent jobs could be lost.”

Washington Post: “U.S. manufacturing was in a mild recession for all of 2019, according to data released Friday by the Federal Reserve.”

Trump tried to take credit for the success of the American economy under President Biden after predicting the stock market would collapse if President Biden won in 2020.

The Hill: “Trump claims credit for record-high stock market under Biden”


Trump: “If Biden wins, you’re going to have a stock market collapse the likes of which you’ve never had. You will have a collapse.”

Trump is now rooting for the U.S. economy to crash for his own political gain. 

Trump: “And when there’s a crash — I hope it’s going to be during this next 12 months because I don’t want to be Herbert Hoover. The one president I just don’t want to be, Herbert Hoover.”

Daily Beast: “Donald Trump admitted Monday that he wants a severe economic downturn to happen during the next year, because it will help his odds of winning the presidential election.”