President Joe Biden took office in 2021 during a tumultuous time in the US due to the pandemic. In his inauguration address, Biden emphasized unity and a vision for a stronger, more prosperous nation. As he acknowledged the work ahead, Vice President Kamala Harris was tasked with fulfilling Biden’s promises to rebuild the middle class, invest in infrastructure, boost domestic manufacturing, and reduce healthcare costs. Harris aimed to appeal to Americans with the strong US economy, boasting about the GDP numbers and lower inflation.
Inflation became a pressing issue during Biden’s presidency, reaching a high of 9.1% after Russia’s invasion of Ukraine and ongoing pandemic spending. However, inflation has since decreased, with prices falling in recent months. The Federal Reserve raised interest rates to combat inflation, leading to slower economic growth but avoiding a recession. Unemployment rates dropped significantly during Biden’s term but have risen above 4% more recently as the labor market shows signs of strain.
Biden’s administration passed legislation to invest over $1.6 trillion in infrastructure, clean energy, and manufacturing, with long-term effects expected to benefit the economy. While Biden focused on clean energy initiatives, US oil production reached record highs during his tenure. As a union-friendly president, Biden supported labor rights and saw an increase in union membership and organizing during his term, despite some controversies with railroad unions.
The Biden administration prioritized consumer protection by eliminating hidden fees and providing economic relief to families through the American Rescue Plan Act. Additionally, the administration reduced student loan debt and enforced regulations on corporate giants to combat monopolistic practices in the tech industry. Biden’s protectionist approach to tech was evident through measures like banning TikTok and supporting domestic chip production.
The stock market experienced fluctuations during each year of Biden’s term, with the S&P 500 showing both growth and decline based on factors like the Fed’s interest rate hikes, inflation, and corporate earnings. Despite challenges, Biden’s policies aimed to strengthen the economy, address consumer issues, and promote fair competition in the tech industry. As the presidential race entered its final 100 days, Harris sought to build on Biden’s economic achievements and win over voters with a vision for continued growth and stability.
