During his 2024 campaign, Donald Trump hammered the message that he was the only one who could ‘fix’ the economy, painting a dire picture of economic collapse under President Biden. But here’s the truth: the U.S. economy in 2024 was the envy of the Western world, with record job growth, strong GDP numbers, and inflation dropping back to manageable levels. Trump knew this—but lying has always been his most effective strategy.
The Reality of the 2024 Economy
By the time the 2024 election season rolled around, the U.S. had rebounded from the economic setbacks caused by COVID-19, supply chain disruptions, and yes, Trump’s own policies. Under Biden, unemployment had reached historic lows, wages were rising, and the stock market was thriving. Compared to other major economies, the U.S. was leading in growth and stability, while European nations still struggled with inflation and sluggish recoveries.
Yet Trump’s message? Doom and gloom. He told his supporters that America was falling apart economically, conveniently ignoring the actual data.
Trump’s Economic Sabotage
Let’s not forget: the economic pain of the early 2020s wasn’t just about COVID-19. Trump’s tax cuts for the rich exploded the deficit, his trade wars hurt American farmers and manufacturers, and his mismanagement of the pandemic led to a deeper economic downturn than necessary. Biden’s administration had to clean up that mess while also dealing with global inflationary pressures and lingering supply chain issues.
Trump knew the economy was recovering. He knew that inflation had cooled significantly. He knew that jobs were being added at a record pace. But acknowledging that wouldn’t serve his agenda. Instead, he needed his base to believe they were suffering so they would turn to him as the ‘savior.’
Exploiting Prices of Eggs and Everyday Goods
One of the most blatant examples of Trump’s misinformation was his focus on food prices, particularly the cost of eggs. He repeatedly pointed to high egg prices as evidence of a failing economy, even though he knew the price spikes were caused by an avian flu outbreak that decimated poultry farms. While prices did rise temporarily, they had already started stabilizing as the supply chain recovered. Yet Trump and his allies ignored these facts, choosing instead to exploit economic anxieties for political gain.
The ‘Strong Economy’ Myth
Trump also tried to rewrite history, claiming his presidency had a ‘booming’ economy before COVID-19 hit. But the truth is more complicated. Yes, the economy was doing well in 2019, but it was largely following the trajectory set by the Obama-Biden recovery. And let’s not forget that his economic policies disproportionately benefited the ultra-wealthy while wages for working-class Americans stagnated.
The Bottom Line
Trump’s 2024 campaign wasn’t about fixing the economy—it was about gaslighting Americans into believing they were worse off than they actually were. He relied on fear, misinformation, and selective memory to push a false narrative, all while hoping voters wouldn’t look at the actual numbers.
The real question isn’t whether Trump could ‘fix’ the economy—because it wasn’t broken. The question is how many Americans fell for the con again.