Joe Biden, the president, is taking pleasure in the economic recovery of his dreams, which includes taming inflation, a strong job market, and dwindling chances of a recession.
He now only needs to consider how to maintain it in this state. The White House received the most recent affirmative indication Wednesday that its plan is working when new statistics revealed a greater than anticipated decrease in consumer costs.
The White House has staked Biden’s political future on the economy’s resilience, even going so far as to brand it with the president’s name.
After spending the last two years fending off claims that his agenda was to blame for the misery and rising inflation, the measure represents a significant turn of events for Biden.
But it’s only the most recent in a series of positive economic developments that have increased the administration’s faith in its ability to put the US on a glide path without first sending the economy into a recession.
The Reality Of Joe Biden’s Economic Vision
However, as worries of a devastating recession diminish, Biden and his allies are already focusing on a number of lesser issues that could undermine the White House’s political narrative.
There is still apprehension within the ranks that declaring economic victory in its entirety could lead to political difficulties in the future and that the administration is unable to handle a severe setback should it occur before the election in 16 months.
A financial shock to millions of households that have benefited from the three-year reprieve may result from the mass resume of student loan payments this fall, which the government is preparing for.
While everything is going on, congressional Republicans are already making plans to fight over a budget, which will probably result in a government shutdown and further agitate the political stability of the country.
And then there’s the Federal Reserve, which, despite warnings that doing so might push the US into a recession, is still determined to raise interest rates in an effort to bring down inflation to 2%.