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Economic policy of the Joe Biden administration

Biden touting his economic record in Chicago, Illinois, June 28, 2023

The economic policy of the Joe Biden administration, dubbed Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations. Other goals include increasing the national minimum wage and expanding worker training, narrowing income inequality, expanding access to affordable healthcare, and forgiveness of student loan debt.[1] The March 2021 enactment of the American Rescue Plan to provide relief from the economic impact of the COVID-19 pandemic was the first major element of the policy. Biden's Infrastructure Investment and Jobs Act was signed into law in November 2021 and contains about $550 billion in additional investment. His Inflation Reduction Act was enacted in August 2022.

Biden's first year in office (2021) saw strong growth in real GDP, wages, employment, stock market returns, and household net worth, coupled with an increase in inflation, as the economy recovered from the pandemic recession of 2020. During 2022-2023, the unemployment rate averaged 3.6%, the lowest since 1969.[2] Monthly job creation averaged a robust 402,000 from inauguration through February 2024, or 273,000 from June 2022, when the pre-pandemic jobs level was regained.[3] Inflation peaked in mid-2022 at 9.0% measured versus one year earlier, and fell to 3.2% by February 2024.[4] The Federal Reserve rapidly raised a key interest rate from March 2022 until August 2023, and is expected to maintain elevated interest rates for some or all of 2024.[5]

  1. ^ Tankersley, Jim (March 22, 2021). "Biden Team Prepares $3 Trillion in New Spending for the Economy". The New York Times.
  2. ^ U.S. Bureau of Labor Statistics (January 1, 1948). "Civilian Unemployment Rate". FRED, Federal Reserve Bank of St. Louis. Retrieved June 4, 2019.
  3. ^ FRED (December 28, 2021). "All Employees, Total Nonfarm". FRED, Federal Reserve Bank of St. Louis. Retrieved December 28, 2021.
  4. ^ "CPI All". fred.stlouisfed.org. December 27, 2021. Retrieved December 27, 2021.
  5. ^ "Effective Federal Funds Rate". fred.stlouisfed.org. March 16, 2024. Retrieved March 14, 2024.