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Will Donald Trump or Joe Biden be better for the US economy? Show more Show less
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As the 2020 US election approaches, the candidates' approach to key policy areas is coming under scrutiny. Their plans for the economy are especially important in the wake of the coronavirus and subsequent soaring unemployment rates and economic recession. Will Donald Trump or Joe Biden be better for the US economy?

Donald Trump will be better for the US economy Show more Show less

In the four years since Donald Trump became US President, the economy has surpassed growth expectations and created millions of new jobs.
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Donald Trump has increased income levels across all economic groups

Trump's economic policies have increased quality of life across all income groups. Since 2016, real median household income is at its highest level in decades.
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The Argument

In 2019, real median household income rose above $68,000, a 6.8% increase on 2018, the largest one-year increase since records began in 1967,[1] and the poverty rate fell by almost 1% during the first two years of the Trump administration.[2] The growth in jobs has benefited all Americans, with real wages adjusted for inflation growing throughout the first three years of Trump’s presidency at the same time as the full-time workforce expanded. Trump has remained committed to improving the position of working class Americans - the largest increase in average household income in 2018 went to those between the 20th and 40th percentile, with an increase of 2.5%. Around 4.2 million people were also lifted out of poverty between 2018 and 2019, whilst poverty rates for black and Hispanic Americans had been as close to the overall poverty rate than they ever had been in 2018. Rates of childhood poverty and poverty among single mothers also fell. Whilst the overall increase in median income was 6.8%, the increase was higher for Black, Hispanic and Asian Americans.[3]

Counter arguments

The growth in real wages under Trump is a continuation of the upwards trend that began during Obama’s first term as president, as part of the longer term recovery following the 2008 financial crash - more on this can be found under the argument ‘Joe Biden is responsible for the strong economy under Donald Trump’. Trump has also introduced tax cuts on the upper classes and corporations, whilst poverty among black Americans was 18.8% in 2019, significantly higher than the national average, which was 10.5%.[4] The unemployment rate is also higher among black, Hispanic and Asian workers.[5] Income inequality persists, however, with a $30,000 difference between the average median income between white (non-Hispanic) households and black households in 2019.

Premises

Rejecting the premises

References

  1. https://www.foxbusiness.com/economy/trump-economy-mainstream-media-andy-puzder
  2. https://www.whitehouse.gov/articles/president-trumps-policies-continue-benefit-americans-especially-disadvantaged/
  3. https://www.census.gov/content/dam/Census/library/publications/2020/demo/p60-270.pdf
  4. https://www.bbc.co.uk/news/world-45827430
  5. https://edition.cnn.com/2020/09/04/economy/jobs-report-august-2020/index.html

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This page was last edited on Friday, 2 Oct 2020 at 08:32 UTC

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