While I don't lay all of the blame for our current situation at the feet of the Biden Administration, I think four big factors would have been very different had Trump won the election.
Energy costs - Whatever you think about pipelines and the actual utility of the Keystone Pipeline, the Biden administration launched multiple executive orders at the energy industry which have most certainly impacted the price and availability of oil. The narratives are all over the place but when you attack pipelines, refineries and drilling, you are going to impact the price of oil. The administration is attempting to spin many of these issues like the 9,000 unused leases on federal land without admitting they are holding up many of those leases through lawsuits. Both sides are guilty and there are other factors like Putin going into Ukraine but ultimately Biden's policy has caused the price of oil to nearly doubled since he took office and most of that run up occurred well before Russia launched their attack.
Continuing stimulus - Obviously we needed stimulus and support during a pandemic, but Biden continued to dump gasoline on what most knew was a raging fire. $1.9T in relief and payments kept people out of the workforce WAY longer than was needed. All that extra cash without workers available to produce goods caused a huge bubble of demand to surge through the economy. While the supply chain issues are not entirely Biden's fault, some of that blame does fall on the DNC and their unions, just look at the situation at the Long Beach Port. Crane operators making $250,000 a year refusing to work overtime in an emergency, refusing to allow non-union workers to help in an emergency and refusing to surge the port to 24 hour a day operations. I honestly think Trump would have federalized that operation, at least temporarily. I hope we learned our lesson on this one.
COVID Lockdown Policy - Biden and his Uber left folks kept things closed WAY too long. The implications have had second and third order effects all across the economy.
Fed Policy - While the Fed is meant to be an independent body they do seem to follow the lead of the President. They certainly did under Trump. The Fed COMPLETELY missed the boat on interest rates. They should have been slowly raising rates a year ago but they waited on perception of Biden and partially in response surging energy prices. Now that they are late to the game they are trying to fix everything all at once. When you signal four consecutive 50 basis point raises, the possibility of a 75 point basis raise, openly say interest rates should equal or exceed inflation and out right say the interest rate raises should be "front loaded", you again crush the economy. Most people don't realize the impact of increasing interest rates. Look at the report released today showing 1.4% GDP contraction, if you dig into the numbers you will see a decrease in home sales of over 1.5%. That will further crush the economy as fewer people buy appliances, building materials and other home upgrades. As my wealth advisor put it yesterday, they are going from creating inflation to completely putting out any fire related to the economy. As a frame of reference the U.S. Economy went from 6.9% in Q4 2021 to -1.4% in Q1 2022.