FACT CHECK: President Trump’s Economic Record
The following comes from the Trump Team.
On the economy (and everything else), the record shows Americans were better off under President Donald J. Trump — and they soon will be once again.
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There couldn’t be more of a difference between the economic records of President Donald J. Trump and Joe Biden — and the proof is in the numbers:
MANUFACTURING
- After nearly four years, the Biden administration has actually LOST 22,000+ manufacturing jobs when taking into account jobs added back post-pandemic and massive downward revisions.
- Manufacturing has been on the decline since Biden took office as the industry sees some of the fastest contractions on record.
- Manufacturing industrial production is down -0.5% from one year ago, while the number of job openings in the manufacturing sector has cratered by -20.8% (-126,000 jobs) over just the past year.
- President Trump created 414,000 manufacturing jobs in his first 38 months.
GAS PRICES
- Under President Trump, the nationwide average for regular gas never rose above $3/gallon. Under Biden, it has been above $3/gallon for 1,345 days in a row — or 92% of his time in office.
- Under President Trump, gas prices averaged $2.48/gallon. Under Biden, gas prices have averaged $3.49/gallon — more than a dollar higher.
- Under President Trump, gas prices fell below $1/gallon in 13 states. Under Biden, gas prices hit new record highs in ALL 50 states.
HOUSEHOLD INCOMES
- In President Trump’s first three years, Americans saw a 10.5% boost ($7,690) in median household income — seven times larger than the 1.3% increase ($1,050) after the first three years of Biden.
- Under President Trump, Black Americans saw a 9.2% increase ($4,540) — nearly twice as high as the increase under Biden ($2,650).
- Under President Trump, Hispanic Americans saw an 11.7% increase ($6,960) — ten times higher than the increase under Biden ($700).
- Under President Trump, Asian Americans saw a 14.4% increase ($14,600) — ten times higher than the increase under Biden ($1,500).
- Under President Trump, White Americans saw a 10.8% increase ($8,320) — ten times higher than the increase under Biden ($830).
EARNINGS
- Under President Trump, real average weekly earnings increased 8.2%. Under Biden, real average weekly earnings have declined by 3%.
- Men saw a 5.6% increase ($3,620) in real median earnings after President Trump’s first three years. Men saw a 7% decrease (- $4,990) after three years of Biden.
- Women saw an 8.1% increase ($4,170) in real median earnings after President Trump’s first three years. Women saw a 7.4% decrease (- $4,430) after three years of Biden.
SAVINGS
- In President Trump’s first three years, the personal savings rate rose from 5.3% in 2017 to 19.3% in 2021 — a 264% increase. In Biden’s first three years, the personal savings rate fell from 19.3% in 2021 to 2.9% in 2024 — an 85% decrease.
HOMEOWNERSHIP
- Under President Trump, the average 30-year fixed mortgage rate decreased by 32% between 2017 and 2021. Under Biden, the average 30-year fixed mortgage rate increased by 120% between 2021 and 2024.
- When President Trump left office, the average 30-year fixed mortgage rate was 2.77%. Under Biden, the average 30-year fixed mortgage rate hit 7.79% — a 23-year high.
- Under President Trump, the rate of homeownership increased by 2.1%. Under Biden, the rate of homeownership decreased by 0.2%.
CREDIT CARD DEBT
- Under President Trump, the credit card delinquency rate fell by 11% between 2016 and 2020. Under Biden, credit card delinquency skyrocketed by 54% between 2020 and 2024.
- Americans’ credit card debt hit a record $1.14 trillion under Biden.
- Americans’ credit card debt has increased by 39% since Biden took office.
POVERTY
- In President Trump’s first three years in office, more than 6.6 million Americans were lifted out of poverty. In Biden’s first three years, just 760,000 Americans were lifted out of poverty.