“Thanks to Biden’s disastrous economy, interest rates have skyrocketed, making home-ownership out of reach for too many Americans, especially young Americans who in previous generations would be looking to start a family,” said former President Donald Trump in a Wednesday op-ed published in Newsweek.
In the piece, Trump claimed that younger “Americans are putting their lives on hold,” due to the economic policies of President Joe Biden.
“Instead of helping our young people confidently begin their lives, careers, and families, Joe Biden is crushing their dreams with debt, taxes, and inflation, and paving the way for a future of anger and despair,” said Trump.
While Americans have dealt with economic struggles during Biden’s presidency so far, including rebounding from the COVID-19 pandemic, high inflation and high interest rates, data shows that the economy has been strong. This week, CNN reported that “U.S. economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s remarkable resilience in the face of elevated inflation and high borrowing costs earlier this year.”
Even so, a recent Gallup poll found that just 32% of Americans approve of the way Biden has handled the economy.
As for Americans starting families, Trump said “historically high numbers of young people are delaying marriage and children,” citing a survey from the Thriving Center of Psychology. That survey, featured by CNBC, found that 75% Gen Z and Millennial couples believe it’s too expensive to get married today.
“According to U.S. Census Bureau statistics, more than 1 in 3 (34%) people 15 years or older have never been married in 2022,” said the Thriving Center. “That’s up from about 1 in 4 (23%) in 1950.”
Per the U.S. Centers for Disease Control and Prevention, the total fertility rate in the U.S. has been consistently below replacement (the level at which a given generation can exactly replace itself) since 2007. It remained below replacement last year, though the total number of 2022 births did not represent a significant decline over the previous year.
In fact, it seems that at least some American families have grown since Biden took office.
“The 2021 baby bump is the first major reversal in declining U.S. fertility rates since 2007 and was most pronounced for first births and women under age 25, which suggests the pandemic led some women to start their families earlier,” said a working paper KNX reported on last year. “Above age 25, the baby bump was also pronounced for women ages 30-34 and women with a college education, who were more likely to benefit from working from home.”
Still, Trump – the current frontrunner for the GOP nomination – said one of his goals with another term would be to bring down inflation and interest rates so that “young people can once again afford to start a family, buy a home, and plan for a great future.”