Comments by "MrEkzotic" (@MrEkzotic) on "Harris is ‘working hard’ to separate herself from Bidenomics: Hegseth" video.

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  21. I compared those elements to Trump's pre-covid economy: 1. Job Growth Trump: Before COVID-19, Trump’s administration saw robust job creation. Between January 2017 and February 2020, over 6.6 million jobs were added. Trump's policies, such as tax cuts and deregulation, aimed to stimulate business investment and growth, particularly in manufacturing and energy sectors. Biden: While Biden has overseen the creation of more jobs in absolute terms, this is largely due to the recovery from COVID-19. Under Biden, over 13 million jobs have been added since he took office. However, many of these jobs are recovery-based, rebounding from the pandemic shutdowns rather than entirely new positions. Nonetheless, there has been a continued upward trend in hiring, particularly in manufacturing and clean energy sectors. Contrast: Trump’s economy saw strong job growth based on pre-pandemic factors such as deregulation and corporate tax cuts, while Biden’s job growth is partly driven by pandemic recovery. Biden’s administration also focuses more on clean energy jobs, whereas Trump favored traditional energy sectors. 2. Manufacturing Jobs Trump: Trump placed a significant emphasis on bringing back manufacturing jobs, a key component of his "America First" agenda. While the sector saw some resurgence with about 500,000 manufacturing jobs added during his first three years, gains were modest compared to earlier decades, and many plants still relocated overseas. Biden: Biden has continued to focus on manufacturing, with 800,000 manufacturing jobs added as of mid-2023. His policies emphasize the green energy sector and infrastructure investments, with substantial federal spending aimed at revitalizing American manufacturing through clean energy and semiconductor production. Contrast: Both administrations sought to boost manufacturing, but Trump’s focus was more on traditional industries like steel and coal, whereas Biden has leaned heavily into green energy and tech industries. 3. Wage Growth Trump: Wages under Trump grew steadily, with average hourly earnings rising about 3% annually. Real wage growth outpaced inflation during much of his presidency, giving Americans more purchasing power. His tax cuts for individuals and businesses aimed to further stimulate wage increases. Biden: While nominal wages have risen under Biden (by about 17% in three years), real wage growth has struggled to keep up with inflation. Many workers have seen their purchasing power eroded due to inflation, which hit a 40-year high during Biden’s first two years. Contrast: Wage growth under Trump outpaced inflation, while under Biden, real wages have declined, primarily due to inflationary pressures. Biden's nominal wage increases have been negated by the rising cost of living. 4. Inflation Trump: Inflation during Trump's term was relatively low and stable, averaging around 1.9% annually. Low inflation was partly attributed to restrained Federal Reserve policies, low oil prices, and global trade practices. Biden: Inflation surged under Biden, peaking at 9.1% in 2022, largely due to supply chain disruptions from COVID-19, increased government spending, and the war in Ukraine impacting global energy markets. Inflation has since moderated, but remains above pre-pandemic levels. Contrast: Trump's economy was marked by historically low inflation, whereas Biden has faced significant inflationary pressures, partly due to global factors and domestic policy decisions. 5. GDP Growth Trump: Trump’s first three years saw solid GDP growth, averaging around 2.5% annually. His administration's focus on tax cuts and deregulation aimed to boost corporate investment and consumer spending, leading to a strong stock market and consistent growth. Biden: GDP under Biden saw a rapid rebound in 2021, growing by 5.8% as the economy reopened after COVID-19. However, growth has slowed, with 1.9% in 2022 and projections of around 2-2.5% for 2023. While Biden’s economic policies have fueled short-term growth through stimulus spending, economists predict a potential slowdown due to inflation and interest rate hikes. Contrast: Trump's growth was steady and driven by tax reforms, while Biden's initial surge in GDP growth was more recovery-based. Current economic growth under Biden is slower, and concerns about inflation and rising interest rates loom larger than during Trump's term. 6. Tax Policy Trump: Trump’s signature legislative achievement was the Tax Cuts and Jobs Act (2017), which significantly lowered corporate tax rates from 35% to 21% and cut individual tax rates. Proponents argue that this fueled job creation and economic growth, though critics point out that much of the benefit went to the wealthy and corporations. Biden: Biden has sought to raise taxes on corporations and the wealthiest individuals while offering more targeted tax credits, such as those for green energy projects. His administration has also reversed parts of Trump’s tax cuts through policies aimed at funding infrastructure and social programs. Contrast: Trump focused on broad tax cuts aimed at stimulating investment and consumption, while Biden’s tax policies are more progressive, aiming to reduce income inequality and fund large-scale public projects. 7. Stock Market Trump: The stock market flourished under Trump, with major indices like the Dow Jones and S&P 500 hitting record highs due to tax cuts, deregulation, and strong corporate profits. Biden: While the stock market initially continued to rise under Biden, 2022 saw market corrections and volatility due to inflation concerns, interest rate hikes, and geopolitical tensions. The market has stabilized somewhat in 2023, but growth has been slower compared to Trump's first three years. Contrast: Trump’s policies led to sustained stock market gains, while under Biden, inflationary concerns and global instability have caused more volatility and slower growth.
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