Ritika Janiya
When Joe Biden became president in 2021, he inherited an economy hit hard by COVID-19. Businesses were struggling, people were losing jobs, and inflation was starting to creep up. Biden promised a “recovery for everybody,” which meant he wanted all Americans, regardless of their background or income, to feel the benefits of an economic rebound. To make this happen, Biden launched several plans aimed at strengthening the economy.
A Rocky Start: The Pandemic’s Economic Effects
The pandemic had caused major problems for the U.S. economy. Small businesses were closing, big companies faced supply chain issues, and many workers lost their jobs or worked fewer hours. People were spending less, and the economy slowed down. Biden faced a huge challenge in getting things back on track.
Bidenomics in Action: Stimulus Checks and Support Programs
To help Americans, the Biden administration introduced large stimulus packages. These were funds provided directly to people in the form of checks and benefits to help them get by during tough times. This included unemployment benefits, rental assistance, and child tax credits. The goal was to give people money to spend so businesses could recover and the economy could grow.
Infrastructure Investment
Another key part of Biden’s plan was to invest in infrastructure. Biden signed a huge bill that aimed to fix and improve things like roads, bridges, and public transportation. By creating construction jobs and improving transportation, the administration hoped to create a long-lasting boost for the economy.
Handling Rising Inflation
As the economy started recovering, inflation, or the rise in prices of goods and services, became a big concern. Higher demand for goods combined with supply chain issues led to increased costs for many things, from food to gas. Biden’s policies helped with short-term relief, but the long-term effects were unclear. The administration argued that inflation would slow down once supply chains were fixed, but high inflation remained a problem for Americans as they saw their cost of living rise.
Jobs and Employment Rates
Biden’s term saw a rapid drop in the unemployment rate. Job numbers improved as businesses started hiring again after the pandemic. People returned to work, and some even found better opportunities. However, while job growth was a positive sign, some argued that wages did not keep up with the rising costs of living.
Energy Policies and Climate Goals
One of Biden’s big promises was to address climate change. This involved encouraging clean energy and reducing reliance on oil and gas. However, these policies sometimes conflicted with the need for affordable energy, especially when gas prices surged. Biden’s approach involved both short-term solutions, like releasing oil reserves, and long-term plans for renewable energy. The impact of these policies on the economy was mixed, as they aimed to balance environmental goals with economic needs.
Taxes and Corporate Responsibility
Biden also aimed to make the tax system fairer. This meant increasing taxes for corporations and wealthy Americans to help fund government programs. The idea was that by making big companies and high-income individuals pay more, there would be more funds for things like healthcare, education, and infrastructure. Some people supported this idea, while others feared it could slow down business growth.
Healthcare and Social Benefits
Biden made moves to improve healthcare, making it more affordable and accessible for more people. Expanding Medicaid and offering more health insurance options were part of his plan to ease the financial burden on families. Additionally, Biden’s child tax credit helped many low- and middle-income families by giving them extra monthly funds to support their kids.
Challenges Along the Way
Biden’s time in office wasn’t smooth sailing. He faced criticisms and tough situations both at home and abroad. Global events, like the ongoing conflict in Ukraine, affected gas and food prices around the world, which had a ripple effect on the U.S. economy. Additionally, rising debt became a concern, as many questioned if the government could afford all the programs Biden wanted to fund.
Did Bidenomics Work?
So, did Bidenomics actually help America? The answer is complicated. On one hand, the unemployment rate dropped, and many Americans received financial support when they needed it most. Infrastructure improvements and support for clean energy laid a foundation for the future. On the other hand, inflation hurt families’ budgets, and some believed the economic growth didn’t fully balance the increased cost of living.
Looking Ahead: Who’s Next?
As Biden steps down, two candidates stand ready to take his place: Vice President Kamala Harris and former President Donald Trump. Each has a different plan for the economy. Harris may continue Biden’s policies, with tweaks to address inflation and promote more sustainable growth. Trump, on the other hand, is likely to focus on cutting taxes and reducing government spending.
