United States President Joe Biden and former US President Donald Trump faced off in their first debate of the 2024 campaign, bringing attention to their economic performances while in office.

During the debate, Biden highlighted his role in the post-COVID-19 recovery, whereas Trump touted his handling of the economy as the best in the nation's history.

Recent opinion polls indicate that voters have more faith in Trump's ability to address economic challenges.

An ABC News/Ipsos poll showed that 46 percent trust Trump on the economy, compared to 32 percent for Biden.

Trump also garnered more trust on managing inflation, with a 44 to 30 percent margin over Biden.

Americans overwhelmingly prioritize the economy, indicating that Biden's re-election prospects hinge on his economic message.

Economic Growth

Both administrations witnessed strong economic growth periods.

Adjusted for inflation, GDP increased by 8.4 percent under Biden's presidency.

Trump's tenure saw a 6.8 percent GDP growth, factoring in the economic downturn during the first year of the pandemic.

Excluding 2020 data, Biden's growth rate slightly surpasses Trump's at about 2.9 percent annualized compared to under 2.7 percent for Trump.

Inflation

Biden's term experienced significantly higher inflation than Trump's, attributed to factors beyond his control like supply chain disruptions due to COVID.

Prices rose over 19 percent since Biden took office.

During a comparable period in Trump's presidency, prices increased by only about 5 percent.

Inflation, though reduced from its peak, remains elevated with a consumer price index at 3.3 percent, surpassing the 2 percent Fed target.

Jobs

Both leaders oversaw strong labor markets, with unemployment hitting record lows.

Biden added 15.7 million jobs to the economy, while under Trump, there were about three million fewer jobs at the end of his term.

Job creation was relatively slower during Trump's term, even excluding pandemic-related losses.

Wages

Wage growth was positive under both administrations on paper, although workers experienced real wage declines under Biden due to inflation.

Under Trump, wages remained above inflation, offering modest income increases to workers.

Real median weekly wages declined by 2.14 percent under Biden from the start of his term to early 2024.

While real wages have started to grow recently, they have not fully recovered to pre-inflation levels.

US workers saw a 0.5 percent increase in real wages in May, though the level is still below pre-inflation levels.