A pair of graphs comparing household wealth under former President Donald Trump and President Joe Biden are going viral on social ...
A pair of graphs comparing household wealth under former President Donald Trump and President Joe Biden are going viral on social media this weekend, particularly for showing how inflation creates a significant disparity between them.
The Wall Street Journal published the illustrations last week in a reportthat examined household net worth—with the metric measuring stocks, bonds, cash, and property minus debts—during Trump’s first three years in office and Biden’s first three years in office.
Using information from the Federal Reserve, including seasonally adjusted data for the Biden years, the newspaper found total household net worth rose 23% during the first three years of Trump’s presidency and 19% during the first three years of Biden’s term.
When those figures were adjusted for inflation, The Wall Street Journal reported that net worth rose 16% during Trump’s first three years in office and 0.7% during Biden’s first three years.
The graphs that illustrated the data on household wealth — which showed the inflation adjustment putting the Trump years line higher in relation to the line for the Biden years — were posted to X on Sunday by the Republican National Committee and other accounts.
“This is the difference between the Trump and Biden presidencies — inflation has destroyed everything, we all have less than we did before Biden entered office,” said OutKick founder Clay Travis, who shared the graphs on X.
Scott Jennings, a CNN political commentator, said, “As Biden camp gropes for answers, this is all you need to know … about the president’s struggles with every demographic.” Journalist and podcast host Saagar Enjeti reacted with a post that simply declared, “My goodness.”
Although the rate of inflation has slowed down from a peak of 9.1% in June 2022, consumer prices in April rose 3.4% when compared to the costs of goods and services one year ago, according to federal statistics.
Polling from Gallup conducted last month showed that Americans named inflation or the high cost of living as the most important financial problem facing their families.
Forty-one percent selected inflation or the high cost of living for the open-ended question, which is the highest figure yet in Gallup’s annual Economy and Personal Finance poll.
Biden and Trump are both now running campaigns seeking a second term in the White House with less than six months before the November election. In response to the Wall Street Journal graphs, the “Team Trump” account on X said, “BETTER OFF WITH TRUMP.”
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