Presidential debate crib sheet: U.S. economy numbers to know

1 month ago 17

 Economist

When Vice President Kamala Harris and erstwhile President Donald Trump instrumentality the debate signifier successful Philadelphia connected Tuesday night, expect them to get with a stockpile of talking points astir the U.S. economy.

In the weeks starring up to their head-to-head debate, hosted by ABC News, some Harris and Trump person unveiled caller economic proposals. They person besides tried to overgarment their rival arsenic a menace to the wellness and stableness of the U.S. economy.

As the candidates effort to framework the system successful favorable presumption Tuesday, support these cardinal numbers successful mind.

Inflation and prices

People locomotion by a nutrient store successful Brooklyn connected August 14, 2024 successful New York City. 

Spencer Platt | Getty Images

  • 1.4%: The Consumer Price Index successful January 2021 astatine the commencement of the Biden-Harris administration. President Joe Biden has repeatedly claimed that helium inherited a 9% ostentation complaint from Trump, which is false.
  • 9.1%: The CPI successful June 2022, the tallness of the post-pandemic ostentation surge nether Biden, and the highest complaint since 1981. Trump has repeatedly claimed it was the highest ostentation complaint successful U.S. history, but this is false.
  • 2.9%: The yearly CPI successful July of this year, the astir caller reading. This is the lowest 12-month ostentation complaint since March 2021. The adjacent CPI study volition beryllium released Wednesday.
  • 19.4% The cumulative summation successful prices since Biden and Harris took office, according to a CNBC investigation of CPI data. Trump has falsely claimed that cumulative prices person soared much than 50% since Jan. 2021.
  • 7.8%: The cumulative summation successful prices implicit the 4 years Trump was successful office, according to a CNBC investigation of CPI information implicit time.

Jobs and wages

A unit subordinate stands connected a ladder connected the time of Republican statesmanlike nominee and erstwhile U.S. President Donald Trump's sojourn successful Potterville, Michigan, U.S., August 29, 2024. 

Brian Snyder | Reuters

  • 14.8%: The unemployment complaint successful April 2020, the highest single month of the Trump administration, erstwhile employers hemorrhaged jobs owed to Covid-19. This was besides the highest monthly rate since the BLS archetypal began tracking unemployment successful 1948.
  • 6.4%: The unemployment complaint successful January 2021, erstwhile Biden and Harris took office. This was the highest monthly complaint of the Biden-Harris medication truthful far.
  • 17.6%: The average hourly wage summation since Biden took office, according to a CNBC investigation of BLS data. Biden claims that wage maturation outpaced ostentation during his presidency, which is not existent since prices person cumulatively accrued by 19.4%.
  • 15.9 million: The jobs created nether the Biden-Harris medication truthful far, according to BLS data.
  • 2.7 million: The nett fig of jobs mislaid during the Trump administration, a fig mostly attributable to the pandemic-induced economical recession.
  • 6.7 million: The jobs added from the clip Trump took bureau successful January 2017 until February 2020, conscionable earlier the pandemic tanked the U.S. occupation market.

Deficits, spending and debt

An exterior presumption of the U.S. Capitol connected September 9, 2024 successful Washington, DC. Members of the Senate and U.S. House of Representatives instrumentality to the Nation's capitol, pursuing their August recess. 

Kent Nishimura | Getty Images

  • $8.4 trillion: The estimated nett full spending by the Trump administration. This fig represents the magnitude Trump approved successful gross ten-year borrowing, minus the magnitude helium approved successful shortage reduction, according to the nonpartisan Committee for a Responsible Federal Budget. If Covid-19 stimulus and alleviation packages are removed from the total, that fig drops to $4.8 trillion.
  • $4.3 trillion: The estimated nett full spending during Biden's archetypal 3 years and 5 months successful office, per the CRFB. Without the American Rescue Plan, Biden's large pandemic stimulus package, the nett full falls to $2.2 trillion.
  • 39.1%: The percent summation of the U.S. nationalist indebtedness from Trump's inauguration until the time of Biden's inauguration, according to a CNBC investigation of figures from the Congressional Research Service.
  • 30.6%: The percent summation successful U.S. nationalist indebtedness from Biden's inauguration time until this month, according to a CNBC investigation of Treasury data.

GDP

  • 2.7%: The mean yearly maturation complaint of U.S. gross home merchandise from 2017 to 2019, the archetypal 3 years of Trump's presidency earlier the Covid-19-induced economical crash, according to World Bank data. GDP measures the worth of the goods and services that the U.S. produces.
  • 3.4%: The mean U.S. yearly GDP maturation complaint from 2021 to 2023, the archetypal 3 years of the Biden-Harris administration. This fig was boosted by a blistery 2021, stoked successful portion by the slew of pandemic-era stimulus packages passed by some Trump and Biden.

Stock market

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The S&P 500 vs. the Dow Jones Industrial Average vs. the Nasdaq Composite since Trump's inauguration day.

  • 12.3%: Average instrumentality of the S&P 500 from 2021 to 2023, the archetypal 3 years of the Biden-Harris administration, according to figures from Berkshire Hathaway.
  • 16.3%: Average instrumentality of the S&P 500 from 2017 to 2019, the archetypal 3 years of the Trump White House.
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