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

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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Linda Sweet
2 months 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.

Ron
2 months 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.

Boomer
2 months 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.

Danny
2 months 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,

Barb
2 months 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

Verl Herriman
2 months 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

Hal
2 months 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!!

Nick Patriot
2 months ago
Reply to  Hal

Sadly sir, we had the best President in my elderly lifetime and half of the Republican Rinos refused to support him and brought this scourge of evil on our great nation. And of the other half, only a handful of the Republicans have any fight left in them.

WILLIAM
2 months ago
Reply to  Nick Patriot

Amen Brother!

BAE
2 months 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
2 months ago
Reply to  BAE

CNN and MSNBC have been Commie biased far-left propaganda outlets for the DemocRat Party since their inception. For a short period CNN did allow some Conservative views and standards to be involved in some of their broadcasts, but when MS-NBC came along, CNN jumped in to the liberal Commie propaganda mode to compete with them. In recent times, CNN (Clinton News Network) has rolled over to the liberal dark side of news presentation.

Becky
2 months 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.

D.P.
2 months ago
Reply to  Becky

Becky…while this is old news….that is to say the words of Kruschev of the USSR, what he said is still in play….they will bury us….they will chip away in small bits and take democracy and America down.
Yes, the USSR is gone, but the ideology of that socialist/communist order is not dead. And yes, we are and have been under attack for over 50 years….now they are in our midst, and working the same agenda. And you are right, very few people understand the battle, or even the players and their mindset. This is yet a part of the plan to re-educate over time,, so that the youth of those days will be open to the “new order”. Powerful people are behind the scene and no one seems to be willing to shine the light on these “roaches”. Until that happens, they will operate with impunity, and if left to that will succeed over time.

PapaGrouch
2 months ago
Reply to  Becky

Magnificent job of articulating historical facts and putting the light on the evils and problems (dems and the left) and emphasizing a proven solution (Reagan and Trump administrations). Yet, the useful idiots persist, and always will. Could write volumes. Instead I’ll just opine: Becky, very accurately and well said!

Frank
2 months 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.

Ron
2 months ago
Reply to  Frank

I will give one democratic President a shout out for trying to get America going in the right direction and that was Kennedy but he went against his party and especially the New York mob bosses. He was killed and we won’t know what he could have accomplished. I would like to add that the AOC squad doesn’t care about getting reelected, their soul purpose is to advance communism by getting as much of their agenda into law because they know once it’s law it won’t be repealed. Just like Obama care, once the Republicans had control they didn’t get rid of it, and this is what the deep state(communists) are counting on. They will just get new legislators elected to further their agendas.

THOMAS
2 months 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!

Torch
2 months ago

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

D.P.
2 months 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!

PaulE
2 months ago
Reply to  D.P.

Yes, DUH pretty much sums up the stark contrast between the two administrations. The Trump administration, despite the unrelenting obstruction from all sides, managed to achieve more positive things for the United States, both domestically and on the foreign stage, than any other President in the last 40 years. By contrast, the Biden administration has spent the last 10 months systematically creating one crisis after another both domestically and on the foreign stage. Yet the brain dead portion of our population still manages to given the Biden administration an approval rating above zero. Just goes to show that you can kick, punch and throw some people down a flight of stairs and some folks are stupid enough to come back and ask for some more from the Biden regime. Yes, DUH sums it up nicely.

D.P.
2 months ago
Reply to  PaulE

And I say again….DUH!!

Garye
2 months ago
Reply to  D.P.

DUH…..is about the only smart uttetance joebama can manage.
He is an embarrassment to America.

Arlene Kummetz
2 months ago
Reply to  D.P.

The Biden regime is hell bent on undoing anything Trump did whether good or bad! Only because of the democrats hatred of Trump. They will never admit he did a lot of great things for this country! If Trump said blue is a nice color, Biden would hate it!

Steven
2 months 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.

Becky
2 months ago
Reply to  Steven

He’s doing EXACTLY what his Globalist, Communist ‘handlers’ order him to do.

Nick Patriot
2 months ago
Reply to  Becky

Led by Comrade Obama no doubt!

anna hubert
2 months 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

Stephen Russell
2 months ago

Compare both, use graphics, models to Educate

Max
2 months ago

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

Stevo
2 months 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 !

J. Farley
2 months 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.

PaulE
2 months 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.

D.P.
2 months ago
Reply to  PaulE

Our business friends dealings in the past with OSHA, FTC, EPA, ICC and many others demonstrates the exact point.
Business costs went up. Work quality suffered. Employees were hindered and nearly all the added costs of regulations had to be passed on to the customer….and the economy was muted. Most of the regs were less than needed, less than helpful, and some made things even more dangerous than before their being implemented. Productivity dropped and jobs were lost. Every time one of the government people came around they gained little, had more paperwork to handle and, by law, were arm twisted…..to the point that they shut down completely. Then the parent company moved their operations out of the country. It was no fun at all.

PaulE
2 months ago
Reply to  D.P.

Yes, what you describe is something I’ve seen myself and a lot of other fellow business owners also experienced the joys of “Hi we’re from the government and we’re here to help you” (right into the ground). The Democrat Party figured out decades ago, that they could use the power of regulations to orchestrate the managed decline of the American economy, while also aiding their political allies around the world. All without the knowledge of the average American who pays little attention to this sort of stuff.

The alphabet soup of regulatory agencies serve the purpose of increasing the costs for American businesses to compete on the world stage, while providing little to no tangible benefit to either the American consumer or the businesses they are intentionally driving off-shore.

The latest addition to the paperwork and endless morass of regulatory filings is this new ESG reporting mandate. Hundreds of pages of useless paperwork that has to be done quarterly to show how every business is genuflecting to the agencies now consumed with tracking “carbon footprints” and other climate change nonsense. We’re talking hundreds of very expensive man hours wasted on this useless government-mandated exercise. Yet another reason why companies are moving back to China and other points in Southeast Asia, where this nonsense doesn’t exist. When asked what the government does with all this information, the response is “We collect the information for future use to create new regulatory standards.”

Gunny Joe
2 months ago
Reply to  PaulE

In the late 70’s a United States Marine Corps Major, was arrested on Camp Pendleton Marine Base. His crime, washing a helicopter, that was needed for a VIP mission, in front of the squadron hanger. The very expensive new wash area did not work, it was designed by osha standards, we tried to correct the design flaws to no avail. I retired shortly after, never learned of the Majors fate, sure it was not good, for violating ecological rules was and is apparently still a big no no. Do not like all the petty b.s. I endured during my civilian life. My heart goes out to the brave business owners who are shackled by all the alphabet agencies. President Regan had comments about that same good feeling when they showed up.

D.P.
2 months ago
Reply to  Gunny Joe

In one company I worked for we had a punch press (gigantic size) operated by two men for over 20 years with nary a pinched finger and production levels that put the competition to shame. OSHA came along and pushed their regs…..now it took a dozen men (ten to put up and take down the guards and rails) and production fell to two items punched per day compared to 25. The company shut down that department and shipped the work off sight to a contractor. Cost of operations shot up and the whole process was choked. Jobs lost, money lost, customers lost. Thank you OSHA! Likewise, one vender for a store who sold auto parts provided them with rebuilt items (alternators, pumps, carborators, etc>) the gov. came in and demanded he have the right quota of racial mix in his employees…..based on their figures he was required to have 9 non-white workers. He had eleven. All long time employee/friends…..so “in their face” (the gov. guys) he shouted back to the plant manager…”how many non-whites work back there? answer , “eleven”…response of the boss…………”fire two of them!” Then he told the gov. guys to get the he– out off his property. They never came back. I laughed, as did all the rest of the workers…

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