This article discusses Joe Biden’s presidency and examines how it may be perceived by voters next November, as well as its lasting impact. It presents a “balance sheet” of Biden’s presidency, highlighting the assets and liabilities of his administration.
The article states that Biden’s greatest asset is a strong labor market, which supports robust consumption growth. Americans’ net worth has also increased since Biden’s inauguration, driven by the rising value of real estate holdings and ownership of private businesses. Positive feelings towards unions are at a six-decade high, and Biden has pursued pro-union policies.
However, there are also liabilities to consider. Real wages have not increased significantly relative to the cost of living, and petrol prices have risen by about 70% since Biden’s inauguration. Market performance under Biden has been mediocre, and house prices have surged, making it difficult for young people to buy houses and burdening renters.
The article also discusses the long-term economic impact of Biden’s policies, particularly in regards to regulation, domestic spending, and geopolitics. It emphasizes the revitalization of the regulatory state, the effects of domestic spending programs, and the administration’s stance on Ukraine and China.
Overall, the article acknowledges the bold economic policies implemented during the Biden presidency and emphasizes the need to assess voters’ reactions to these policies. It also highlights the potential long-term implications of Biden’s actions. The article ends by inviting readers to share their thoughts on the topic.
In summary, the article provides an analysis of the assets and liabilities of Joe Biden’s presidency, particularly in relation to the economy and markets. It emphasizes the importance of voters’ perceptions of Biden’s policies and the potential impact of these policies in the long term.
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