Biden completes two years of action on the economy, with new challenges ahead

Biden ended 2022 in a festive mood, vacationing with his wife Jill, daughter Ashley and grandchildren Hunter and Natalie in the Virgin Islands. Aides described him as in good spirits all week, a mood Biden echoed in the few brief public appearances he made on St. Croix.

“Happy New Year next year,” he told reporters after leaving the church on New Year’s Day. “I can’t wait to be there.”

He gave a thumbs up.

Biden has pointed to the positive aspects of the economic recovery since taking office less than a year after the rapid pandemic recession. He pointed to strong job growth, particularly in manufacturing, and said the United States is better positioned than its peers to meet the challenges of the global economy in the years ahead.

Economic events have hampered that message, particularly the rapid rise in consumer prices. Inflation hit a 40-year high last year under the Biden presidency. It’s starting to improve, but it’s still well above historical standards. Les prévisionnistas s’attendent à ce que la croissance économique slowdown considerably this year alors que la Réserve fédérale continues to aggressively increase les taux d’interêt, even if other central bankers du monde entier, dans le but de maîtriser la croissance des Prize.

These rate increases, along with the continuing fallout from the war in Ukraine, threaten a widespread recession that could consume the United States. Several major economies, including England and parts of continental Europe, have already experienced recessions. In the event of a contraction in the United States, Biden is likely to find that Congress is unwilling to spend the money to try to revive growth.

“For most of the global economy, this is going to be a tough year, tougher than the year we’re leaving behind,” Kristalina Georgieva, managing director of the International Monetary Fund, told CBS’s “Face the Nation” on Sunday. . News. But, she added, “America is the most resilient. The United States could avoid recession.

Biden’s economic team argues that resilience is a direct result of the series of bills he pushed through Congress in his first two years, which generated a large part of the economic agenda he laid out during the 2020 campaign and at the start of his run. mandate.

Leave a Comment