“It’s the economy, stupid!” is the mantra that’s been uttered every presidential campaign season since James Carville coined it in 1992. What’s unique this year is that both President Biden and former president Donald Trump have clear economic records now, and they each claim to have the superior one — and even, in Trump’s case, the best in history.
The truth is that the U.S. economy has had spectacular moments — and real train wrecks — under both men. Trump inherited a lukewarm economy that he pumped up with massive tax cuts and extra government spending. The result was a hot growth spurt and a lot of new jobs, until the pandemic hit and 23 million people were suddenly out of work. Biden inherited a nation still living through the dark days of covid-19. He injected a large dose of government spending and investment and spurred a rapid, widespread rebound. The…
