Mind-Blowing New Data: Did Americans Gain 10x More Income Under Trump Than Biden?

In recent months, claims have gone viral on social media and in some media outlets stating that Americans gained ten times more income under Donald Trump than under Joe Biden. One particularly striking statistic suggests that poor Americans saw a $4,000 income increase during Trump’s presidency compared to a far smaller gain under Biden. These claims, if accurate, would have major implications for how Americans evaluate recent economic policy. But what do the facts actually say?

Let’s dive deep into the data, separate fact from exaggeration, and explore the real economic picture under both administrations.

The Source of the Claim

The “10x income growth” claim originates from a variety of think tanks and economic policy groups that have analyzed U.S. Census Bureau data and other federal income reports. These groups typically compare median household income changes across the Trump (2017–2020) and Biden (2021–2024) years, adjusting for inflation.

According to some reports:

• Under Trump, median real income grew by about $6,000 from 2016 to 2019, before the COVID-19 pandemic struck in 2020.

• Under Biden, median real income increased by $500–$700 from 2021 to 2023, depending on the data source and adjustment method.

If we compare $6,000 to $600, that’s a 10x difference.

For the poor, some conservative analysts claim low-income households gained $4,000 in real income under Trump and much less under Biden. But it’s important to note that Trump’s income gains mostly occurred before COVID, while Biden inherited a post-pandemic economy still in recovery mode.

Context Matters: Economic Cycles and COVID

While these numbers sound dramatic, economic data is highly dependent on context, especially external events.

• Trump’s first three years (2017–2019) benefited from a strong post-Obama recovery, low interest rates, and low inflation. Unemployment dropped to a 50-year low of 3.5% by the end of 2019. Wage growth, particularly for lower-income Americans, began accelerating.

• However, the COVID-19 pandemic struck in 2020, causing one of the most severe economic contractions in U.S. history. Over 20 million jobs were lost in months, and median household income dropped significantly in 2020.

• Biden took office in January 2021 amid that economic collapse. His administration passed the American Rescue Plan, and under his watch, the economy regained over 13 million jobs, unemployment dropped back to pre-pandemic lows, and GDP growth rebounded.

In short: comparing pre-pandemic Trump data to post-pandemic Biden data can be misleading unless we account for the shock of COVID and the global inflation surge that followed.

Real vs. Nominal Income: Why Inflation Matters

Another key factor in this debate is inflation. During Trump’s presidency, inflation averaged around 1.9% annually. Under Biden, inflation surged to over 8% in 2022, though it has since fallen.

This has a direct impact on real income, which is adjusted for inflation. Even if workers receive higher paychecks (nominal income), if inflation rises faster, their purchasing power drops.

Here’s a simplified breakdown:

• Under Trump (2017–2019): Real median household income rose due to steady job growth and low inflation.

• Under Biden (2021–2023): Nominal wages increased, but high inflation eroded most of the gains, keeping real wage growth flat or negative for many households.

So while both administrations saw rising wages, Trump-era gains had more staying power due to lower inflation, while Biden-era gains were partially eaten up by price increases for essentials like food, rent, and gas.

Income Gains for the Poor

The claim that the poor gained $4,000 under Trump deserves specific attention.

According to Census data:

• From 2016 to 2019, households in the lowest quintile (bottom 20%) saw their incomes grow by around 10–13% in real terms, thanks to low unemployment and wage pressure in low-skill industries.

• The poverty rate also fell to historic lows, particularly for Black and Hispanic Americans.

Under Biden, the picture is more mixed:

• The American Rescue Plan’s direct payments and expanded Child Tax Credit briefly reduced poverty in 2021 to its lowest level ever recorded.

• However, once those policies expired in 2022, the poverty rate increased again.

• Real incomes for low-income Americans have remained stagnant or modestly rising, but not matching the pace seen under Trump pre-COVID.

So while the $4,000 gain may be roughly accurate during the 2017–2019 period, it overlooks the COVID recession in 2020, which erased many of those gains temporarily. Likewise, Biden’s policy gains in 2021 were also temporary and heavily reliant on federal stimulus.

Other Economic Indicators: Jobs, Markets, and Consumer Confidence

Income is just one economic measure. Here are some others:

Job Creation:

• Trump: Created about 6.7 million jobs before COVID. Lost 9 million net jobs by the end of his term due to the pandemic.

• Biden: Over 13 million jobs created as of mid-2024, recovering all COVID job losses and more.

Stock Market:

• Trump: S&P 500 rose ~67% during his term.

• Biden: S&P 500 has risen ~35% so far during his term (as of August 2024).

Consumer Confidence:

• Generally higher under Trump pre-COVID.

• Under Biden, confidence has been volatile due to inflation, but improved in 2024 as inflation eased.

Final Verdict: Is the “10x” Claim Accurate?

Technically, if you cherry-pick the years (2017–2019 for Trump vs. 2021–2023 for Biden), then yes, median income grew about 10 times more under Trump. But this comparison:

1. Ignores the COVID recession of 2020, which hit incomes and jobs hard during Trump’s final year.

2. Ignores the post-COVID recovery Biden had to manage.

3. Fails to consider inflation, which greatly affected real wages under Biden.

4. Overlooks policy timelines—Trump’s tax cuts had longer-term effects, while Biden’s benefits were temporary.

So, while there’s truth to the idea that incomes rose more significantly in Trump’s early years, the “10x” claim lacks context and oversimplifies complex economic realities.

Conclusion

The viral claim that Americans gained “10x more income under Trump than Biden” is rooted in some real data but is deeply misleading without full context. Economic performance depends on many factors—policy, global events, inflation, and timing.

Under Trump, the economy thrived in the pre-pandemic years, especially for low-income workers. Under Biden, the U.S. navigated a turbulent post-COVID economy with significant job growth but also serious inflation challenges.

Voters and readers should be cautious about oversimplified statistics and instead look at the full economic picture, including job recovery, poverty rates, inflation, wage growth, and long-term policy effects. The truth, as always, is more nuanced than any headline.