Each president’s term had its economic ups and downs, with good, bad, and sometimes unexpected twists. Today, we’re looking at 18 of the most recent presidents and the state of the economy under each one. We’ll see who did what, who thrived, who survived, and who we’re still talking about.
Joseph R. Biden (2021-2024)
This information comes from a Nasdaq report. Biden’s term has focused on recovering from a pandemic, with a lot of money pumped into the economy. Under Biden, America’s GDP grew by about 2.6% and inflation by 5.0%, while disposable income per person is about $46,557. Of course, we’re watching to see where this goes, as anything could still happen.
Donald Trump (2017-2021)
During Donald Trump’s presidency, GDP growth increased to around 2.5% until the pandemic hit. Before 2020, unemployment rates were at historic lows; everything went sideways worldwide. His term ended with economic indicators all over the place and almost at complete odds than during his presidency.
Barack Obama (2009-2017)
Coming in during the aftermath of the recession, Obama had much on his plate. GDP growth averaged 1.5%, but he managed to turn the unemployment situation around, lowering it significantly by 14% by the end of his second term. Obama’s main aim was recovery, which he seemed to have achieved.
George W. Bush (2001-2009)
George W. Bush’s tenure took place during the Great Recession. While GDP growth was okay at 2.1%, unemployment climbed to 7.3%, and the economic mood was definitely tense. It wasn’t exactly the best of times, especially with the financial markets plummeting right towards the end of his presidency.
Bill Clinton (1993-2001)
Bill Clinton’s time in office saw minimal GDP growth at 0.3%, but he scored better on unemployment at 4.2% and kept inflation at a reasonable 3.7%. During his time as president, real disposable income increased by quite a bit, which suggests that his tenure may have been quite successful.
George H.W. Bush (1989-1993)
Bush Sr. had a difficult time as President, with the lowest GDP growth at 0.7% and unemployment peaking at 7.3%. On the positive side, he did at least keep inflation on the lower end at 3.3%. His term did have some other difficulties, though, particularly with a high poverty rate of 14.5%.
Ronald Reagan (1981-1989)
Ronald Reagan’s era saw moderate GDP growth at 2.1% and a relatively steady inflation rate of 4.7%. Unemployment was slightly higher at 5.4%, but he kept things steady. Even so, many modern-day economists have questioned his “trickle-down” economic policy, with some saying it did more harm than good.
Jimmy Carter (1977-1981)
Jimmy Carter was another president who had a difficult time in charge. He dealt with sky-high inflation at 11.8% and a pretty high unemployment rate of 7.4%. But he did see the highest GDP growth of 4.6% among the lot. It seems like things did grow under Carter, but the real question is, at what cost?
Gerald Ford (1974-1977)
Stepping into the office during a particularly tough time, Gerald Ford increased America’s GDP by 2.8%. But don’t cheer just yet, as unemployment was at a high 7.5%, and inflation wasn’t much kinder at 5.2%. His short stint had its moments, though, like a reasonably good handle on poverty rates.
Richard Nixon (1969-1974)
Richard Nixon’s economic policies were a bit of a mixed bag. While his GDP growth was only 2.0%, he had the second-highest inflation rate at a whopping 10.9%. Unemployment wasn’t great either, at 5.5%. Once you factor in the political scandals of his time in power, it’s clear that his presidency was wild.
Lyndon B. Johnson (1963-1969)
Lyndon B. Johnson did well in juggling plenty of things in the economy. Under his presidency, the GDP grew 2.6%, and he managed one of the lowest unemployment rates on this list at 3.4%. Though inflation was a bit higher at 4.4%, people had more money in their pockets, with real disposable income reaching $17,181.
John F. Kennedy (1961-1963)
JFK began his term during the 1960 recession but quickly turned things around through proactive government spending and strategic tax cuts. His administration pumped billions into the economy and lowered the federal funds rate. He managed to recover the nation’s GDP, with growth rates climbing to 2.6% in 1961 and peaking at 6.1% in 1963.
Dwight D. Eisenhower (1953-1961)
Under Eisenhower, America saw some good economic growth, which was mostly done through government spending on infrastructure like the Interstate Highway System. He kept growth steady and also kept inflation in check, even with the recessions of 1953, 1958, and 1960. During his presidency, the GDP grew annually by around 2.8%.
Harry S. Truman (1945-1953)
Harry Truman stepped in at the end of World War II and had quite the economic ride. He had to cut back military spending, which initially caused a minor recession, but his Marshall Plan helped economies abroad and back home. While he was president, America’s GDP grew by roughly 1.4% annually.
Franklin D. Roosevelt (1933-1945)
FDR entered the Oval Office right during the Great Depression and immediately rolled up his sleeves with the New Deal. He made reforms to fix the economy, stabilize banks, and improve employment. These worked well for the most part, as annual GDP growth was an incredible 10.1% during his term.
Herbert Hoover (1929-1933)
Herbert Hoover became president just before the Great Depression destroyed the economy. Although he tried hard with things like public works projects, Hoover’s attempts to improve the economy were pretty much useless. GDP fell by an average of -9.3% annually during his tenure.
Calvin Coolidge (1923-1929)
Calvin Coolidge was president during the “Roaring Twenties,” and he favored tax cuts and minimal government intervention. This encouraged private investment and consumer spending but later caused the stock market crash just after his presidency. While he was in office, the GDP grew by approximately 3.5%.
Warren G. Harding (1921-1923)
We might remember Warren G. Harding’s presidency for its scandals, but economically, there was quite a bit of recovery and stability. He came in right after a post-war recession and pushed policies that reduced government intervention and lowered taxes. Under his presidency, the gross national product increased by approximately 16%.
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