Considering a Trump Versus Biden Economy, Americans Pick Trump
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Key Takeaways
- Americans feel worse economic strain under Biden in all aspects of their lives, particularly rising costs, limited upward mobility, and economic instability.
- Between the Biden and Trump administrations, Americans feel a tangible shift in the impact of inflation as the country weathers historic increase under Biden.
- Public optimism from the onset of Trump’s administration has been completely eroded, with many Americans beginning to seriously worry about their future and children’s future.
Our Methodology
Demographics
All Voters
Sample Size
54,000
Geographical Breakdown
National
Time Period
7 Days
MIG Reports leverages EyesOver technology, employing Advanced AI for precise analysis. This ensures unparalleled precision, setting a new standard. Find out more about the unique data pull for this article.
Recent economic data from the Federal Reserve Bank of St. Louis went viral showcasing economic disparities for Americans between the Trump and Biden administrations. MIG Reports analyzed voter commentary to identify sentiment patterns and reaction trends.
What Americans are Saying
When comparing economic strains under the Biden administration versus the Trump administration, it's important to consider consumer prices, household net worth, and discussions involving taxes.
Consumer prices as measured by the Consumer Price Index, a measure of the average change over time in the prices paid by consumers for goods and services, have illustrated a rising trend with inflation. Between the two administrations, the American public has witnessed a noticeable shift in inflation rates under Biden.
As for household net worth, which is a measure of the value of all assets, minus the total of all liabilities—there is a mixed view. Changes in household net worth are not only determined by economic policies but also influenced by a variety of other factors like changes in property values, stock market performance, savings rates, debt levels, and more.
Generally, the housing market has seen significant increases, as has the stock market. However, disparity remains, as not all Americans hold assets in the form of property or stocks. Regardless of individual situations, both the housing and stock markets performed better during Trump’s administration.
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Americans are also discussing day-to-day costs and are vocal about their tax obligations under Biden's administration. There are common concerns about taxation fairness, particularly concerning churches that engage in political expression, mega-churches, and big corporations. By contrast, Trump was often touted as the president for deregulation and tax cuts, particularly with the 2017 tax reform which lowered corporate tax rates. However, critics argued this increased wealth disparity.
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Household Net Worth
During Trump's presidency, some Americans expressed optimism about lower taxes and the benefits to business owners and wealthy investors. Trump’s promise to reduce taxes was welcomed by those who view it as an incentive for economic growth and personal wealth accumulation. Some commend wealthy business owners under Trump's leadership, acknowledging their roles in job creation and charity donations.
Under Biden's presidency, discussions around wealth have also centered on taxation but with a different tone. People express concerns about increased taxes and their impact on personal and corporate wealth. This sentiment is particularly pronounced among the wealthy and business owners who claim they are unfairly targeted by higher tax rates.
The discourse also includes those championing higher taxation for the rich as a means of wealth redistribution. Some argue the wealthy and corporations should pay more taxes to fund government projects and programs that benefit the wider populace.
Many American voters express views about illegal immigrants and their impact on the economy. Some support amnesty for illegal immigrants, arguing they could contribute more substantially to America's tax revenue, however a consistently growing number of Americans disagree.
This study of online conversations gives a sense of the current mood and concerns of Americans. Perspectives for Americans of their economy under Biden and Trump consider and reflect multiple factors, including consumer price index, household net worth, day-to-day living expenses, and taxes. Notably, former President Trump gives Americans more confidence in all aspects.
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