Are the Trump and Biden Economies the Same?

Photograph Source: The White House – Public Domain

Jason Furman is a very good economist, but sometimes he gets some things wrong. His NYT column, saying the Trump and Biden economies are largely the same, is in that category.

Before saying what I think he got wrong, let me mention some very big things he got right. First, people do hugely overrate the impact of a president on the economy. The big things that happen to the economy are usually beyond a president’s control, like Covid or the OPEC price shocks in the 1970s.