President Joe Biden took office in 2021 during a time of uncertainty and chaos amidst the pandemic, with a pledge to promote unity and build a nation that is stronger and more prosperous. Vice President Kamala Harris, now faced with fulfilling Biden’s promises of rebuilding the middle class, investing in infrastructure, boosting domestic manufacturing, and lowering health care costs, has seen positive developments in the US economy since launching her presidential campaign. Strong GDP numbers and falling inflation rates give Harris additional talking points as she campaigns for the White House, banking on the mostly strong economy that Biden has left behind.
Inflation, interest rates, and a resilient economy have been at the forefront of economic discussions during Biden’s presidency. A sharp increase in inflation, fueled by pandemic spending under both Trump and Biden administrations, has since subsided, but Americans are still paying significantly more for goods and services. The economy has managed to keep running despite interest rate hikes by the Federal Reserve, avoiding a recession due to solid GDP growth in the first half of the year. Unemployment rates, which initially spiked at the beginning of the pandemic, have dropped, although cracks in the labor market are beginning to show.
Biden’s infrastructure and inflation reduction acts have injected over $1.6 trillion into infrastructure modernization, clean energy investments, and bolstering American manufacturing. However, the full effects of these legislative efforts will take time to materialize, but the economy has already seen some positive effects, such as increased manufacturing jobs and the launch of long-awaited infrastructure projects. Biden’s energy legacy has focused on clean energy, but domestic oil production has hit record highs, despite his emphasis on electric vehicles and clean energy initiatives.
Biden has been commended for his support of organized labor, with rising union membership and organizing activities during his presidency. His focus on consumers, families, and seniors has led to initiatives to save billions of dollars through student loan debt forgiveness, relief for families during the pandemic, and regulatory crackdowns on corporate America. The administration’s efforts to eliminate hidden fees, cap monthly insulin costs, and reduce poverty through the American Rescue Plan Act have also been significant achievements.
The Biden administration’s regulatory crackdown on corporate America, particularly targeting tech giants, has been notable, with efforts to curb corporate greed and reduce prices for consumers. Biden’s protectionist stance towards the tech industry, including measures to boost domestic chip production, has faced some pushback from Silicon Valley. Meanwhile, Vice President Kamala Harris, who aims to become the first president from Silicon Valley, has received warm reception from the tech industry as she gears up for her presidential campaign.
During Biden’s term, the stock market has seen fluctuations, with notable gains and losses each year, influenced by factors such as interest rate hikes, inflation concerns, and strong corporate earnings. Overall, the economy has shown signs of resilience despite challenges during Biden’s presidency, setting the stage for Vice President Harris as she navigates the final days of the presidential race.
