Under the Biden administration real gross domestic product (GDP) grew by an astonishing annual rate of 4.9% in the third quarter of 2023; under Trump it was 2.5% before the pandemic knocked the bottom out of everything—but also because they illustrate the administration’s return to an economic theory under which the U.S. government operated from 1933 to 1981. In those years the federal government focused on people on the “demand side” of the economy in the belief that what drives economic growth is demand for goods and services. The unemployment rate has stayed below 4% for 22 months.