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A Tale of Two Economies: Leading Economist Contrasts the Trump and Biden Economic Strategies

Posted on Wednesday, November 3, 2021
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AMAC Exclusive – By Seamus Brennan

Economic

According to one of America’s top economists, there is no mystery to the contrast between Donald Trump’s economic success and Joe Biden’s setbacks. “Deregulation is definitely where everything happens and nobody notices,” said Casey Mulligan, former Chief Economist for the Council of Economic Advisors under Trump. “It’s one of the best-kept secrets from citizens in general.” Trump made it a priority. Biden has done the exact opposite—and the economic impacts have been severe.

In a recent interview with AMAC Newsline, Mulligan helped to explain exactly why Biden’s economic policies have been so devastating to working Americans. Mulligan, who has taught economics at the University of Chicago since 1993, was tapped by Trump to serve on his administration’s economic team for the 2018-2019 academic year, during which time the U.S. economy saw some of its largest gains in recent history. Following his service under President Trump, Mulligan authored a book entitled You’re Hired!: Untold Successes and Failures of a Populist President (2020) detailing his experience in the White House and his role in the economic policymaking process.

Mulligan indicated that, during the Trump years, the effectiveness of deregulation was perhaps most noticeable in the Food and Drug Administration (FDA). “It started out with the President’s promise to cut drug prices,” he said. “And as economists, we understood one thing that makes products expensive is when there’s a lot of regulation preventing competition, preventing innovation.”

Through a series of attempts to make the FDA less burdensome, Mulligan said, “Trump learned that “it’s not easy to get a bureaucracy to move and change and do things differently.” Nonetheless, market drug prices—including for generic products—began to fall. “When Trump got that done,” Mulligan noted, “he saw a whole bunch of generic products come in,” and eventually, prescription drug prices “went down for the first time in 46 years.”

The removal of longstanding FDA regulations notably continued following the beginning of the Covid-19 pandemic in mid-2020. “Before the pandemic, when we worked on [these] principles,” Mulligan said, “we said deregulation has got to be the key” to combatting any hypothetical global pandemic. “The FDA normally takes too long on these things, and we can do better, and we can move quicker.” Mulligan emphasized that the CEA explained in 2019—prior to the arrival of Covid-19—that the best defense against a pandemic is a “vaccine that’s done quickly” through a streamlined review process.

Once the pandemic struck, Mulligan continued, the administration followed that very deregulatory blueprint. Despite claims from Dr. Anthony Fauci and other public health bureaucrats that it would take years for vaccines to be made publicly available, they were created and distributed in record time. “So, it’s made a massive difference in people’s lives in just that one area,” Mulligan said.

On the current state of the economy, Mulligan observed that President Joe Biden is “generally doing the opposite of Trump” and is “very deferential to the bureaucracy”—which has caused the FDA to move “slow” again, a change that ultimately, according to Mulligan, “harms people.” “They were moving fast under Trump, making things cheaper, getting the vaccine quick. But then Biden walks in and everything slows down to a crawl.”

Biden’s economic policies also harm businesses, Mulligan said, with a series of punitive and coercive mandates. “And the solution ought to be obvious,” he maintained. “Let’s go back to doing what Trump was doing, which is to let people flourish rather than get in their way.”

Among the most valuable lessons Mulligan said he took from his time in the federal government was the importance of listening to elected officials rather than only Washington bureaucrats, who are ultimately unaccountable to the people they serve. “I’ve never been elected to anything. I’m a professor, an academic, an expert, you might say. And throughout my career, I’ve been frustrated—you hear politicians say things that don’t sound very expert, they don’t sound all that educated, and it was frustrating.”

“But when I was working in the White House, my eyes were opened,” he said, to the “huge swaths of this world that we experts don’t understand, and will never understand, because we’re not accountable to people the way the elected officials are,” Mulligan said. “And by being accountable, the elected officials pick up on some very important things before we experts ever wake up to the problem”—citing challenges like the Covid-19 pandemic and the opioid crisis. “I’ve got my expertise, but I really need to listen to what elected officials are saying, because they’re the only ones who are accountable.”

Though the Biden administration is highly unlikely to suddenly reverse course and begin adopting the deregulatory economic policies championed by the Trump administration, the solutions to the current economic predicament, as Mulligan suggests, are readily available to them. By failing to follow the lead of his predecessor and implement proven pro-growth policies, Biden is willingly exacerbating Americans’ economic troubles and bears responsibility for the economic letdowns occurring on his watch.

As always, the American people are watching carefully. Their displeasure is already showing up in Biden’s dreadful poll numbers, and voters will soon have a chance to make their frustrations heard at the ballot box. As Mulligan said of the failures of the Biden economy, “The results are obvious to everyone”—except, apparently, to Biden himself.

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David
David
2 years ago

This is because Biden is a blind ba****d. A straw man controlled by the CCP driving us down the road to communism.

Sally Duncan
Sally Duncan
2 years ago

If Biden cared, that would be one thing, but he doesn’t! ALL he cares about is power and the fact that he wants to ruin everything President Trump did because he was SO VERY SUCCESSFUL.

Rik
Rik
2 years ago

Democrats = Communism!. . . And MUST BE DEFEATED AT ALL COSTS!!!

PaulE
PaulE
2 years ago

Very good article. Straight-forward, completely accurate and concise. Regulation, in many instances, is essentially stealth taxation designed to obstruct or impede activities that the government wants to punish for a variety of reasons. Mostly centered around protecting either the favored status quo or promoting a particular political agenda.

J. Farley
J. Farley
2 years ago

The difference between the Economic plan of President Trump, knew how to make money and use it wisely and the Democrats know how to take your Money and Squander it, which Economic plan do you like.

Stevo
Stevo
2 years ago

The difference is an American economy under Trump vs.
The intentionally failing fast economy of communism under the career organized crime , terrorist & genocide virus funding , communist biden total criminal !

Max
Max
2 years ago

Good article, precise and to the point. nothing to add.

Stephen Russell
Stephen Russell
2 years ago

Compare both, use graphics, models to Educate

anna hubert
anna hubert
2 years ago

Pilgrims at the beginning lived in commune there was hunger.Only after each family had a plot of it’s own and kept what they produced hunger was no more surpluss was traded this is nothing new

Steven
Steven
2 years ago

We need mature individuals in office that will look out for the best interest of the American people. We don’t need politicians that govern like children, my predecessor did it that way, so I’m going to do it this way…in other words, don’t cut off your nose to spite your face type attitude.

Biden did exactly that, as soon as he was in office he immediately began to dismantle everything Trump had put in place that was working.

Bidens mind is so diluted he should not be in office. Either that or he’s doing exactly what his handlers are telling him to do. Whichever way it is, the man and his administration needs to go.

D.P.
D.P.
2 years ago

I have often heard of what is called an “aha moment”…you know an epiphany! But what we have in this article as it compares the two administrations and their approach to the way of economics is what I would call a “duh” moment. The Trump administration had the means and mentality to do what needed to be done and most all of those tactics worked, and worked well, even if they were not all that recognized overall. In contrast we have what we have today under Biden…..and by comparison one has to say “duh”…..and rightly so. When you see what was working and how well in the previous administration and see what is not working and not working in a terrible way….you have to say “duh.”
What might we expect when good actions and good results are rejected and reversed. All I can say, after the fact, after the comparison……………is DUH!

Torch
Torch
2 years ago

You are all, of course, referring to the Soros administration.

THOMAS
THOMAS
2 years ago

I believe that we are dealing with a very well organized attack on our country and, on our way of life. Our worst enemies are not China, Iran, North Korea or Russia, our worst enemy is our very own corrupt, illegitimate and treasonous government! Donald Trump knew what he was dealing with (The Swamp) domestically and also realized that, to maintain peace around the globe, he had to show our strength and determination to both, our allies and our enemies. The Obama Administration and now, the illegitimate and corrupt Biden Administration, are/were content to show the world our ass rather than our teeth! The mess that our economy is in, is no accident or a case of an error in judgement. It’s just another step in the plan to bring our country to it’s knees so that our foreign and DOMESTIC ENEMIES will have an easier time destroying our country!

Frank
Frank
2 years ago

The Liberal democrats have NEVER been good for the American economy. Every democrat in my lifetime (63 years) has produced nothing more then high inflation, high fuel and food prices, high taxes and their negative list goes on and on and on. They always sold us out in favor of foreign entities that put money in their pockets and took money out of ours. They also made us out to be the laughing stock and weaklings of the globe. The biggest problem came when a group of turncoats called the Rhino republicans took the side of those liberal democrats. President Trump changed everything to our favor, in only 4 years, only to have the Liberal democrats and rhinos take us right back to the Status Quo. We know exactly who creates our problems. The biggest thing now is fighting to get rid of the problem but the fight has to start NOW.

Becky
Becky
2 years ago

Unfortunately, what is happening in America under Biden is the completion of the Communist attack on us that began in earnest in 1960. It hardened again in the 80s to an assault level after we dared to elect Reagan to undo some of the Communist and Fascist controls put on America.
Those in power believed the foreign, jihadi mooslem would finish off America to the point where Clinton could step in and make the slit throat permanent.
Then we dared to elect Trump to stop them again.
This time, Trump was taken out.
And…they have every intention of taking us out too.
Either we get rid of the “village idiots”this time, and permanently end this long standing Communist attack against us, or America is dead.
The global Communists began this with Wilson. It’s been long planned out, and carried out since 1960. The beginning was the infiltration into America in the 1920s of Communists. Then the European school of Communism was brought in via education.
This is a massive battle. I think few people really understand how deep and long this has been in place.
We must end the control of Soros, Bilderbergs participants, and now, Davos participants as well.

BAE
BAE
2 years ago

Good article. I guess Biden will go down in history as Biden The Terrible. Worse administration ever. And CNN and MSNBC the WOKE joke networks. Sad………….

Hal
Hal
2 years ago

Think about it … the Republicans seek to GOVERN the Nation based on the Constitution … the DemocRats seek to RULE the Nation according to how it prospers the DemocRat Party and its main followers and supporters. Put more concisely: The Republicans Govern while the DemocRats Rule!!

Verl Herriman
Verl Herriman
2 years ago

If I’m going to be dictated I would rather be dictated by a person that believes in God for one thing and a person that has compassion for the people in the world and that would be Donald J Trump

Barb
Barb
2 years ago

Judging by the recent elections it seems to me there may be a lot of positive things happening for our country! TRUMP 2024 MAGA

Danny
Danny
2 years ago

Things will chang for the better im confident, I only hope that there’s not going to be any long term damage like the lose of Taiwan,

Boomer
Boomer
2 years ago

Deregulation is so important, especially for small business.

When a sole proprietor needs to spend 4 weeks instead of 1 week out of the year on regulation this is a huge productivity loss and cost to customers. From required forms and reports to time spent waiting in government offices to meet with inspectors for permits that in California can take over a year for a house. q

Many environmentally beneficial projects just don’t happen due not to the cost of construction, but the cost and time of getting permit. Bring back Trumps WOTUS rules and get projects done.

Ron
Ron
2 years ago

What we are experiencing are two different philosophies. Our Constitutional freedoms and communism. It’s that simple and if Americans don’t stand up, not just speak up, but stand up and hold our elected representative’s feet to the fire this country will fail. We need to be as(more) vocal than the democratic left wingers because the mainstream media is controlled by the communists.

Linda Sweet
Linda Sweet
2 years ago

Elect a successful businessman and your country will be run like a good, strong business! Keep electing a career politician and disaster ensues, and tax dollars are wasted.

As a Virginian, I am overjoyed that Glenn Youngkin will be our next governor, another successful, caring businessman who loves his state/country, as Donald Trump does. Corrupt career politicians like Joe Biden will always put their own interests first.

Also, hooray for that New Jersey truck driver! It’s a blessing to see that many Americans are starting to wake up.

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