Despite the constant and steep vicissitudes throughout his first year back in the Oval Office, President Donald Trump has ended it with a Goldilocks economy.

After four years of former President Joe Biden’s unprecedented fiscal expansion stoked the worst inflationary crisis in 40 years, annual consumer price index inflation fell from 3% to 2.4% in the year since Trump’s second inauguration. The Federal Reserve’s preferred measure of core CPI inflation, which excludes the volatile categories of food and energy, is down from 3.3% to 2.5%. Productivity growth has soared to almost 5%, with GDP projected to reach the same. And despite bipartisan panic over a supposedly deteriorating labor market, the unemployment rate has remained near historic lows at 4.3%.

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