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Opinion: Biden delivered a new 'Roaring '20s.' Watch Trump try to take the credit.

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Opinion: Biden delivered a new 'Roaring '20s.' Watch Trump try to take the credit.

Poor Donald Trump. Twice elected president only to have to clean up the economic messes left to him by Democrats.

In 2016, he groused about inheriting “a disaster” from Barack Obama. On Thursday, just four days before his second inauguration, he sent out a fundraising email claiming for the gazillionth time, “During my first term, we made the economy stronger than anyone ever thought possible. And then, Joe Biden came in and destroyed it.”

Except that — no surprise — neither Trump claim is true.

Opinion Columnist

Jackie Calmes

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Jackie Calmes brings a critical eye to the national political scene. She has decades of experience covering the White House and Congress.

In fact, it was Obama and Biden who were bequeathed messes, from former Republican presidents George W. Bush and Trump himself. Obama took office after what Ben Bernanke, then the Federal Reserve chair, called “the worst financial crisis in global history, including the Great Depression.” And four years ago, Biden confronted a nation mired in a pandemic and economic distress exacerbated by Trump’s response. Even Trump’s pre-pandemic economy, as good as it was, was far from “the greatest economy in the history of the world,” as he still contends. By various metrics, it was either no better or not as good as under Obama.

As for the handoff in 2017: “Trump inherits Obama boom,” said one headline ahead of his inauguration. And now he’s inheriting even better. “Biden is leaving a stellar economy,” Mark Zandi, chief economist of Moody’s Analytics, wrote as 2024 ended.

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Zandi expanded in October: “The economy is at full-employment, no more and no less. Wage growth is strong, and given big productivity gains, it is consistent with low and stable inflation. One couldn’t paint a prettier picture of the job market and broader economy.” In a letter to clients on Friday, UBS Financial Services declared this a new “Roaring ‘20s.”

And here’s another expert take that might come in handy while listening to Trump’s inaugural address Monday, should he resort to talk of “American carnage” as he did four years ago. Jeffrey A. Sonnenfeld, president of the Yale Chief Executive Leadership Institute, and Stephen Henriques, a fellow there, recently wrote, “As Trump bellows to crowds, ‘Are you better off economically than you were four years ago?’, the answer should be a loud YES!”

The problem for Biden, and for his replacement on Democrats’ losing 2024 ticket, Vice President Kamala Harris, many voters’ answer to that question was a loud “NO!”

For one thing, the pain of pandemic-spawned high inflation lingers in what Americans pay for groceries, goods and services. And yet, it’s worth establishing the facts as a baseline to counter what are sure to be Trump’s claims that he not only revived a destroyed economy but topped his own (nonexistent) world record.

The latest good news came Friday, when the International Monetary Fund forecast that the U.S. economy would grow faster this year than recently projected, given gains in employment and investment. The United States is buoying the global economy. “The big story is the divergence between the U.S. and the rest of the world,” IMF chief economist Pierre-Olivier Gourinchas told reporters.

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But the fund’s forecast also echoed U.S. economists’ concerns that Trump’s agenda — more deficit-financed tax cuts, wholesale deregulation, across-the-board tariffs, immigration crackdowns and challenges to the Fed’s independence — could reignite inflation and add to the nation’s already unsustainable debt load.

In other words, Trump could break what’s not broken.

Inflation peaked at 9% at the midterm of the Biden administration, and as much as any issue, that helped elect Trump. It’s largely subsided, and good thing: After winning, Trump fessed up that, contrary to his campaign boasts, there’s not much he could do about inflation. “It’s hard to bring things down once they’re up,” he told Time magazine.

What’s worse is that his proposed tariffs — “my favorite word,” says Trump — could raise costs for a typical family about $1,700 a year, according to the Peterson Institute for International Economics. And U.S. trading partners could raise those costs even more if they retaliate with tariffs on American products: “Of course we will,” Canada’s foreign affairs minister, Melanie Joly, told CNN on Thursday.

Economic growth was 3.1% on an annual basis in the third quarter, the Commerce Department reported, making 2024 “yet another shocker year in which the U.S. economy surprised to the upside,” as Axios put it. Last month the Fed cut interest rates for the third straight meeting, but indicated fewer reductions ahead amid the Trump-generated uncertainty over what’s coming. The unemployment rate is at 4.1%; it was 6.4% when Trump left office. Job growth in Biden’s final full month of December was a higher-than-expected 256,000 positions, and job openings exceeded the number of unemployed job seekers. In Trump’s first three years as president, before the pandemic, the number of U.S. jobs increased by nearly 6.7 million; Biden’s four-year total is nearly 17 million. And wage growth, though stymied initially by inflation, now is greater than under Trump.

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For all Trump’s talk of “drill, baby, drill,” energy production already is at a record high, according to the U.S. Energy Information Administration. The number of Americans without health insurance is at an all-time low, though Republicans aren’t likely to renew the tax credits that helped make the reduction possible.

Biden used his farewell speech Wednesday for a pre-buttal to Trump’s inevitable attempts to usurp credit for good times — assuming they remain good. The outgoing president hailed the post-pandemic revival on his watch and suggested that the laws he got passed for infrastructure, clean energy and semiconductor investments would keep delivering: “The seeds are planted, and they’ll grow and they’ll bloom for decades to come.”

Zandi, the Moody’s economist, expects the United States economy to continue to lead the world: “Of course, this assumes there will be no policy errors going forward.” And then he added: “Hmmm…”

@jackiekcalmes

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Disneyland Resort President Thomas Mazloum named parks chief

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Disneyland Resort President Thomas Mazloum named parks chief

Disneyland Resort President Thomas Mazloum has been named chairman of Walt Disney Co.’s experiences division, the company said Tuesday.

Mazloum succeeds soon-to-be Disney Chief Executive Josh D’Amaro as the head of the Mouse House’s vital parks portfolio, which has become the economic engine for the Burbank media and entertainment giant. His purview includes Disney’s theme parks, famed Imagineering division, merchandise, cruise line, as well as the Aulani resort and spa in Hawaii.

Jill Estorino will become the head of Disneyland Resort in Anaheim. She previously served as president and managing director of Disney Parks International and oversaw the company’s theme parks and resorts in Europe and Asia.

Estorino and Mazloum will assume their new roles on March 18, the same day as D’Amaro and incoming Disney President and Chief Creative Officer Dana Walden.

“Thomas Mazloum is an exceptional leader with a genuine appreciation for our cast members and a proven track record of delivering growth,” D’Amaro said in a statement. “His focus on service excellence, broad international leadership and strong connection to the creativity that brings our stories to life make him the right leader to guide Disney Experiences into its next chapter.”

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Mazloum had been about a year into his tenure at Disneyland. Before that, he was head of Disney Signature Experiences, which includes the cruise line. He was trained in hospitality in Europe.

In his time at Disneyland, Mazloum oversaw the park’s 70th anniversary celebration and recently pledged to eliminate time limitations for park-hopping, which are designed to manage foot traffic at Disneyland and California Adventure.

Mazloum will now oversee a 10-year, $60-billion investment plan for Disney’s overall experiences business, which includes new themed lands in Disneyland Resort and Walt Disney World. At Disneyland, that expansion could result in at least $1.9 billion of development.

The size of that investment indicates how important the parks are to Disney’s bottom line. Last year, the experiences business brought in nearly 57% of the company’s operating income. Maintaining that momentum, as well as fending off competitors such as Universal Studios, is key to Disney’s continued growth.

In his new role, Mazloum will have to keep an eye on “international visitation headwinds” at its U.S.-based parks, which the company has said probably will factor into its earnings for its fiscal second quarter. At Disneyland Resort, that dip was mitigated by the park’s high percentage of California-based visitors.

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Times staff writer Todd Martens contributed to this report.

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What soaring gas prices mean for California’s EV market

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What soaring gas prices mean for California’s EV market

It has been a bumpy road for the electric vehicle market as declining federal support and plateauing public interest have eaten away at sales.

But EV sellers could soon receive a boost from an unexpected source: The war in Iran is pushing up gas prices.

As Americans look to save money at the pump, more will consider switching to an electric or hybrid vehicle. Average gas prices in the U.S. have risen nearly 17% since Feb. 28 to reach $3.48 per gallon. In California, the average is $5.20 per gallon.

Electric vehicles are pricier than gasoline-powered cars and charging them isn’t cheap with current electricity prices, but sky-high gas prices can tip the scales for consumers deciding which kind of vehicle to buy next.

“We probably will see an uptick in EV adoption and particularly hybrid adoption” if gas prices stay high, said Sam Abuelsamid, an auto analyst at Telemetry Agency. “The last time we had oil prices top $100 per barrel was early 2022 and that’s when we saw EV sales really start to pick up in the U.S.”

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In a 2022 AAA survey, 77% of respondents said saving money on gas was their primary motivator for purchasing an electric vehicle. That year, 25% of survey respondents said they were likely or very likely to purchase an EV.

As oil prices cooled, the number fell to16% in 2025.

In California, annual sales of new light-duty zero-emission vehicles jumped 43% in 2022, according to the state’s Energy Commission. The market share of zero-emission vehicles among all light-duty vehicles sold rose from 12% in 2021 to 19% in 2022.

“Prior to 2022, we didn’t really have EVs available when we had oil price shocks,” Abuelsamid said. “But every time we did, it coincided with a move toward more fuel-efficient vehicles.”

Dealers are anticipating a windfall.

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Brian Maas, president of the California New Car Dealers Assn., predicted enthusiasm for EVs will rebound across California if oil prices don’t come down.

“If prior gasoline price spikes are any indication, you tend to see interest in more fuel-efficient vehicles,” he said.

Rising gas prices could be a lifeline for EV makers at a time when federal support for green cars has been declining.

Under President Trump, a federal $7,500 tax incentive for new electric vehicles was eliminated in September, along with a $4,000 incentive for used electric vehicles.

In California, the zero-emission vehicle share of the total new-vehicle market was 22% through the first 10 months of 2025, then dropped sharply to 12% in the last two months of the year, according to the California Auto Outlook.

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Meanwhile Tesla, the most popular EV brand in the country, has grappled with an implosion of its reputation with some consumers after its chief executive, Elon Musk, became one of Trump’s most vocal supporters and helped run the controversial Department of Government Efficiency.

Over the last several months, Ford, General Motors and Stellantis have pared back EV ambitions.

Other automakers, including Nissan, announced plans to stop producing their more affordable electric models.

The Trump administration has moved to roll back federal fuel economy standards and revoked California’s permission to implement a ban on new gas-powered car sales by 2035.

David Reichmuth, a researcher with the Clean Transportation program in the Union of Concerned Scientists, said the shift in production plans will affect EV availability, even if demand surges.

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That could keep people from switching to cleaner vehicles regardless of higher gas prices.

“This is a transition that we need to make for both public health and to try to slow the damage from global warming, whether or not the price of gasoline is $3 or $5 or $6 a gallon,” he said.

According to Cox Automotive, new EV sales nationally were down 41% in November from a year earlier. Used EV sales were down 14% year over year that month.

To be sure, oil prices can fluctuate wildly in times of uncertainty. It will take time for consumers to decide on new purchases.

Brian Kim, who manages used car sales at Ford of Downtown LA, said he has yet to see a jump in the number of people interested in EVs, hybrids or more fuel-efficient gas-powered engines.

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Still, if the price at the pump stays stuck above its current level, it could happen soon.

“Once the gas prices hit six [dollars per gallon] or more and people feel it in their pocket, maybe things will start to change,” he said.

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Nearly 60 gigawatts of U.S. clean power stalled, trade group finds

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Nearly 60 gigawatts of U.S. clean power stalled, trade group finds

A total of 59 gigawatts of U.S. clean energy projects are facing delays at a time when demand for power from AI data centers is surging, according to a trade group study.

Developers are seeing an average delay of 19 months over issues such as long interconnection times, supply constraints and regulatory barriers, the American Clean Power Assn. said in a quarterly market report.

The backlog is happening despite the growing need for power on grids that are being taxed by energy-hungry data centers and increased manufacturing. The Trump administration has implemented a slew of policies to slow the build-out of solar and wind projects, including delaying approvals on federal lands.

The potential energy generation facing delays is the equivalent of 59 traditional nuclear reactors, enough to power more than 44 million homes simultaneously.

“Current policy instability is beginning to impact investor confidence and negatively impact project timelines at a time when demand is surging,” American Clean Power Chief Policy Officer JC Sandberg said in a statement.

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Despite the hurdles, developers were able to bring more than 50 gigawatts of wind, solar and batteries online in 2025, accounting for more than 90% of all new power capacity in the U.S., the report found. Clean power purchase agreements declined 36% in 2025 compared with 2024, signaling that the build-out of clean power in the U.S. could be lower in the 2028 to 2030 time period, according to the report.

Chediak writes for Bloomberg.

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