On the Economy: Biden Needs to Go Back and Take Remedial Math

Stephen Moore on Mar 12, 2024

Gas prices were $2.39 per gallon -- about $1 lower than today.

4. "Fifteen million new jobs created in three years."

This is an intentional attempt to distort reality. It IS true that 15 million more Americans are working today than in 2020.

What ISN'T true is that these are "new" jobs. Some are, but most aren't. In fact, two of every three jobs "created" under Biden were simply jobs that went away during COVID-19 then came back after the pandemic was over and blue states FINALLY reopened their businesses. This distortion would be like comparing the number of jobs on a Sunday and then taking credit for all the people going back to work on Monday. Comparing the first three years of the Trump administration versus Biden's first three years, the rate of NEW job creation was higher under Trump.

"Inflation keeps coming down and mortgage rates will come down as well."

Mortgage interest rates under Biden have more than doubled. When Biden came into office, the rate was 2.9%, and it averaged about 3.5% under Trump. Under Biden, the rate skyrocketed to 8%, and now nationally it stands at 7.1%. Consequently, according to data from Redfin, the average mortgage payment on a 30-year mortgage for a median-value home has risen from roughly $1,000 a month to nearly $2,000 a month today. Under the Biden plan, some homebuyers will receive a $400 monthly taxpayer subsidy on their mortgage. Even with the new handout, they are STILL roughly $600 a month worse off under Biden policies. Biden is the enemy, not the friend, of the dream of homeownership.

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Stephen Moore is a visiting fellow with the Heritage Foundation and chief economist with FreedomWorks. He is the co-author of "Trumponomics: Inside the America First Plan to Revive the Economy."