Today, the Misery Index is 7.56. In Trump’s second term, it has so far averaged 6.98.
But under President Joe Biden? The Misery Index peaked at close to 13 in June 2022, and averaged 9.1 over his four years in office.
What’s more, the economy was slowing in Biden’s last year, with quarterly GDP growth going from 3.3% in Q3 2024 to 1.9% in Q4 to -0.6% in Q1 2025, before Trump’s policies took effect. Then it shot up by 3.8% and 4.4% in the next two quarters.
Last month’s job numbers came in “unexpectedly strong.” Real wages are growing under Trump after finishing down under Biden. The TIPP Poll’s Economic Optimism Index, while down in April, is still higher than it was for much of Biden’s term.
We’d say that, if anything, the economy today is still clearing the air of the foul odor that Biden left behind.
— Written by the I&I Editorial Board
I & I Editorial Board
The Issues and Insights Editorial Board has decades of experience in journalism, commentary and public policy.