05/18/2026
Donald Trump inherited an economy from Joe Biden that was perhaps not firing on all cylinders but was in pretty good shape all the same. Real GDP grew at 2.8 percent in 2024. Wages were growing at a higher rate, 4.8 percent. Inflation closed out 2024 at 2.9 percent—high, but way down from the 7 percent of 2021. Compared to the EU and China, the U.S. economy was, as The Economist famously put it right before the election, “The envy of the world.”
What has Trump done? What he usually does: Make things worse. Real GDP growth in the first quarter of this year was 2 percent. Okay, you say, but that’s just a quarter. What about Trump’s first full year back on the job, so as to compare apples to apples? GDP growth in 2025 was 2.1 percent—substantially lower than Biden’s 2.9 for 2024. And inflation right now in the United States stands at 3.8 percent, way above the 2024 number.
And now, The New York Times told us Sunday, we’ve hit another grim milestone: The national debt is bigger than the economy. It’s true that presidents of both parties have racked up big debt numbers. In this century, Democratic and Republican presidencies have contributed almost equally to the explosion in the national debt, from around $5.8 trillion at the dawn of the century to $39 trillion today. But only one party carries on about how awful the debt is. So, it’s only that party, the Republicans, who are complete hypocrites about it.
Donald Trump is different in many ways from the Republican presidents who preceded him. But there’s one way he’s exactly the same.