Trump and Biden Clash on Best Route to Recovery for U.S. Economy

The economy looked like a winner for President Donald Trump through most of his first term, with strong growth and unemployment declining.

has recovered millions of jobs, but remains about 11.5 million short of pre-pandemic levels.

Trump has promised to create 10 million new jobs in 10 months, though both details and the precise time frame are fuzzy.

Permanent business closures have likely eliminated at least 5.5 million jobs, said Aneta Markowska, chief U.S.

employment beyond pre-pandemic levels with a series of new government programs he calls “Build Back Better.” They include $400 billion for manufacturing and $300 billion for research and development, which Biden says could create 5 million jobs on top of those lost to the coronavirus outbreak.

Trump has said he wants to build on tax cuts passed in his first term, while Biden has pledged to at least partly reverse them.

The president says he’ll make the 2017 reductions to income and corporate taxes permanent (they’re currently due to expire in 2025), and his team has hinted at a “Tax Cuts 2.0” without giving much detail.

Biden says he’ll undo half of Trump’s corporate tax cut by lifting the rate to 28% from 21%.

On the outlays side of the budget, Trump -- who funneled more cash to the Pentagon during his first term -- has hinted he might look to slash spending in a second term, but has also promised to increase federal funding for law enforcement and infrastructure.

Trump has said he would prohibit federal contracts for companies that outsource to China, and impose tariffs on those that “desert America.”.

Both Trump and Biden have identified the energy industry as a key sector for job creation.

Biden says his plan for $2 trillion in clean-energy projects would create at least 10 million jobs –- including some in the auto industry, driven by a shift to electric cars