close
close

first Drop

Com TW NOw News 2024

Trump, Harris Presidential Debate Economic Facts
news

Trump, Harris Presidential Debate Economic Facts

US economy still on track for soft landing and Fed isn't lagging behind: Economist

When Vice President Kamala Harris and former President Donald Trump take the debate stage in Philadelphia on Tuesday night, expect them to arrive with a host of talking points about the American economy.

In the weeks leading up to their live debate, hosted by ABC News, both Harris and Trump have unveiled new economic proposals and attempted to portray their rival as a threat to the health and stability of the U.S. economy.

As candidates try to paint a favorable picture of the economy on Tuesday, these key figures should be kept in mind.

Inflation and prices

People walk past a grocery store in Brooklyn on August 14, 2024 in New York City.

Spencer Platt | Getty Images

  • 1.4%: The consumer price index in January 2021 at the start of the Biden-Harris administration. President Joe Biden has repeatedly claimed that he inherited a 9% inflation rate from Trump, which is not true.
  • 9.1%: The June 2022 CPI, the peak of Biden’s post-pandemic inflation spike, and the highest rate since 1981. Trump has repeatedly claimed this was the highest inflation rate in U.S. history, but that is not true.
  • 2.9%: The annual CPI in July of this year, the most recent measurement. This is the lowest 12-month inflation figure since March 2021. The next CPI report is released on Wednesday.
  • 19.4% The cumulative increase in prices since Biden and Harris took office, according to a CNBC analysis of CPI data. Trump has falsely claimed that cumulative prices have risen more than 50% since January 2021.
  • 7.8%: The cumulative price increase over Trump’s four years in office, according to a CNBC analysis of CPI data over time.

Jobs and wages

A staff member stands on a ladder on the day of Republican presidential candidate and former U.S. President Donald Trump’s visit to Potterville, Michigan, U.S., August 29, 2024.

Brian Snyder | Reuters

  • 14.8%: The unemployment rate in April 2020, the highest single month of the Trump administration, as employers shed jobs due to Covid-19. It was also the highest monthly rate since the BLS first started tracking unemployment in 1948.
  • 6.4%: The unemployment rate in January 2021, when Biden and Harris took office. This was the highest monthly rate of the Biden-Harris administration to date.
  • 17.6%: The average increase in hourly wages since Biden took office, according to a CNBC analysis of BLS data. Biden claims wage growth has outpaced inflation during his presidency, which is not true since prices have risen a cumulative 19.4%.
  • 15.9 million: The jobs created so far under the Biden-Harris administration, according to BLS data.
  • 2.7 million: The net number of jobs lost during the Trump administration, a figure largely attributable to the pandemic-induced economic recession.
  • 6.7 million: The jobs added from Trump taking office in January 2017 through February 2020, just before the pandemic collapsed the U.S. labor market.

Deficits, expenditures and debts

An exterior view of the U.S. Capitol on September 9, 2024, in Washington, D.C. Members of the Senate and U.S. House of Representatives return to the nation’s Capitol after their August recess.

Kent Nishimura | Getty Images

  • $8.4 trillion: The Trump administration’s estimated net total spending. This figure represents the amount Trump has approved in gross 10-year borrowing, minus the amount he has approved in deficit reduction, according to the nonpartisan Committee for a Responsible Federal Budget. If the COVID-19 stimulus and relief packages are removed from the total, that number drops to $4.8 trillion.
  • $4.3 trillion: The estimated net total spending during Biden’s first three years and five months in office, according to the CRFB. Excluding the American Rescue Plan, Biden’s big pandemic stimulus package, the net total falls to $2.2 trillion.
  • 39.1%: The percentage increase in the U.S. national debt from Trump’s inauguration to Biden’s inauguration day, according to a CNBC analysis of Congressional Research Service figures.
  • 30.6%: The percentage increase in the U.S. national debt from Biden’s Inauguration Day through this month, according to a CNBC analysis of Treasury data.

GDP

  • 2.7%: The average annual growth rate of U.S. gross domestic product from 2017 to 2019, the first three years of Trump’s presidency before the Covid-19-induced economic crash, according to World Bank data. GDP measures the value of goods and services the U.S. produces.
  • 3.4%: Average annual U.S. GDP growth from 2021 to 2023, the first three years of the Biden-Harris administration. This number was fueled by a warm 2021, fueled in part by the series of pandemic-era stimulus packages passed by both Trump and Biden.

Stock market

Stock chart iconStock chart icon

hide content

The S&P 500 vs. the Dow Jones Industrial Average vs. the Nasdaq Composite since Trump’s Inauguration Day.

  • 12.3%: Average return of the S&P 500 from 2021 to 2023, the first three years of the Biden-Harris administration, according to figures from Berkshire Hathaway.
  • 16.3%: Average returns of the S&P 500 from 2017 to 2019, the first three years of the Trump White House.

Don’t miss these insights from CNBC PRO