This article examines President Biden's presidency as he concludes his term, focusing particularly on the economic challenges that dominated his time in office. Highlighting the impact of inflation, pandemic relief spending, and global supply chain disruptions, the article explores the public's perception of Biden's economic policies and their long-term consequences.
A look at the terms — and tensions — in the Israel-Hamas draft ceasefire deal. The Senate committee will hold a confirmation hearing for defense secretary nominee Hegseth on January 14. Sam Darnold's career-best season ends with a thud as he takes 9 sacks in a playoff loss. US producer prices rose 0.2% last month on higher energy costs. Police took over a week to name the NYC subway burning victim. A fake name spread in the meantime. A.J. Brown's sideline read skyrockets to No.
1 hottest seller on Amazon. An albatross couple shares egg duty in this captivating low-drama reality show. In freezing temperatures, swimmers in China plunge into a river for health and joy. Doctors worry that iodine deficiency — a dietary problem from the past — is coming back. AP News Alerts: Ukraine holds its first soccer tournament for war-wounded amputees — and plans to go international. The World in Pictures: USDA documented insects and slime at Boar's Head plants, records show. Elon Musk says a third patient got a Neuralink brain implant. The work is part of a booming field. Looming TikTok ban leads some users to look for alternative apps. Here are some that are out there. Looming TikTok ban leads some users to look for alternative apps. Here are some that are out there. Pope Francis is introspective and self-critical in his autobiography, at least about his youth.Hamas accepts the draft ceasefire in Gaza and the release of hostages, according to officials. President Joe Biden makes a statement on the latest developments in New Orleans from Camp David, Md., Wednesday, January 1, 2025. (AP Photo/Susan Walsh)The Democrat spent so much of his time addressing long-term priorities that many voters felt he did not adequately deal with more immediate problems like high inflation that peaked in 2022 and illegal crossings at the U.S. border with Mexico. Biden's term ends just as many of his major domestic policy achievements are being implemented, meaning that the story of his presidency will continue to be written long after he turns over the White House to a Republican.It provided most households with direct payments of $1,400. State and local governments were eligible for $350 billion in assistance, while school systems got $130 billion. Families received an expanded child tax credit deposited monthly in their bank accounts, while renters had a temporary eviction moratorium. Similar to previous pandemic relief under Trump, there were forgivable loans for small businesses to meet payrolls and expanded unemployment benefits. There was also $14 billion to distribute the COVID-19 vaccine that led to roughly 70% of the country being fully vaccinated, according to the Centers for Disease Control and Prevention. The funding helped enable growth to roar back — 17 million jobs added, including 5.6 million more jobs than what the Congressional Budget Office forecast before the relief package’s passage. But voters increasingly cared about another economic metric that began to creep up: There was never one single cause for the inflation that hounded Biden’s presidency, nor was there a satisfying solution for the public. Republicans were quick to blame the spending from the pandemic relief, relying on forecasts such as those by the economist Larry Summers to suggest that Biden had flooded America with too much money. That political argument obscured a far more complicated reality that involved multiple factors, not just pandemic aid. Factories around the world shut down during the pandemic. There were not enough computer chips to build new cars, not enough household appliances and not enough shipping containers and dockworkers to get people what they had bought on time. Prices rose because of the kinks in the global supply chain, a challenge the Biden administration sought to unravel by improving the efficiency of U.S. ports. Domestic oil production was initially slow to ramp up in tandem with the recovering economy, pushing up gasoline prices. Then on February 24, 2022, and energy and food prices shot up further as Biden tapped the strategic petroleum reserve for the second time in his presidency. The consumer price index’s annual inflation rate hit a four-decade peak of 9.1% in June 2022. The Federal Reserve jacked up its benchmark interest rates, making mortgage rates and auto loan rates higher as the inflation rate steadily eased though still elevated at 2.7% as of this past November. Biden noted with pride that inflation had fallen without the recession that many economists had forecast, a talking point that largely failed to resonate with the wider public. He also tried to criticize oil companies he judged as profiteering and food companies that reduced the size of their items through Labor Department data shows that consumer prices rose a combined 20.8% during the course of Biden’s presidency, but people’s average weekly earnings rose just 17.4% over the same period
Joe Biden Economy Inflation Pandemic Relief Supply Chain Presidency Republican Democrat US Politics
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Biden's Resentful Whimper as Presidency EndsAn opinion piece in the Washington Post argues that President Biden's legacy will be marked by disappointment rather than achievement. The piece highlights Biden's frustrations and regrets during his single term.
Read more »
Student Loan Borrowers Face Uncertainty as Biden Presidency EndsWith President Biden's term nearing its end, student loan borrowers are bracing for potential changes to their repayment plans and forgiveness policies. The future of the Saving on a Valuable Education (SAVE) plan is uncertain, while other options like the Public Service Loan Forgiveness (PSLF) program remain relatively secure. The article emphasizes the need for borrowers to understand their available relief options and highlights the PSLF program as a stable possibility for eligible individuals.
Read more »
The Man Who Wasn't There: The Biden Presidency EndsThis article critiques the Joe Biden presidency, arguing that he was absent and ineffective during his term.
Read more »
Biden's Legacy: Mixed Reviews as Presidency EndsA new Gallup poll reveals that President Biden's legacy is likely to be mixed, with only 19% of Americans expecting him to be remembered as an outstanding or above-average president.
Read more »
Biden Awards Hunter Biden's Friend Presidential Medal Amidst Pardon ControversyPresident Biden awarded Bobby Sager, a close friend of Hunter Biden, the Presidential Citizens Medal, sparking controversy due to the timing and context surrounding the award. Sager, a vocal supporter of Hunter Biden's pardon for past crimes, emphasized the scrutiny the Biden family has faced.
Read more »
Biden and Trump Meet as Biden Exits PresidencyPresident Biden met with President-elect Trump, reflecting on his presidency and decision to not seek re-election.
Read more »