Achievements of Joe Biden

The Infrastructure Investment and Jobs Act, also known as the Bipartisan Infrastructure Law, has authorised a significant long-term federal spending of $1.2 trillion on roads, bridges, water systems, and other infrastructure projects under President Joe Biden's administration. This is just one example of the ambitious investments made during his presidency.

Under Biden's leadership, the US economy has shown remarkable resilience and growth. Unemployment remains far lower than the 6.4% when Biden took office, and is close to its lowest level for decades. In fact, the US economy is currently in surprisingly good shape compared to the Covid-wracked one inherited in January 2021. Over 15 million jobs have been added to the US economy, including 800,000 in domestic manufacturing.

The American Rescue Plan Act, passed in March 2021, added up to $1.9 trillion in fiscal stimulus, including direct cash payments of $1,400 for most Americans, higher unemployment benefits, and temporary boosts to child benefits. This stimulus package, along with other policies, has contributed to an economy that is on the rise.

Bidenomics, as it has come to be known, prioritises the return of industrial strategy and the use of fiscal stimulus to promote a tight labor market. The focus on investments in domestic manufacturing and green energy has dramatically changed the economic narrative in the US.

However, not all news has been positive. The stock market has recently experienced a fall, and in July, US employers added 114,000 roles, fewer than expected, and the unemployment rate ticked up from 4.1% to 4.3%. Inflation, while below its post-pandemic peak, remains a concern.

The Biden administration has kept Trump's unprecedented tariffs on Chinese goods, and added to them earlier this year. The Chips and Science Act provides funding for the US technology sector to reduce dependency on foreign suppliers. This move is aimed at strengthening the US economy and ensuring its competitiveness in the global market.

Biden's big punt on green energy is about the US national interest and geopolitical competition. It is a rediscovery of an old idea that economic security and national security are deeply interconnected. The Inflation Reduction Act boosted investment in green energy by authorising $370 billion in subsidies, grants, and tax credits to US firms in renewables and related sectors.

The US GDP is at an all-time high, and the dollar has performed well against all other major currencies. Despite recent turbulence, corporate profits and stock markets have risen strongly. The Biden administration is remembered for using the full might and resources of the federal government to make big investments, including in infrastructure, childcare, manufacturing, and green energy.

In addition to economic policies, President Biden has enacted significant laws such as the Inflation Reduction Act, which promotes renewable energy and climate change mitigation, and issued executive orders such as rejoining the WHO and the Paris Climate Agreement. He has also commuted 37 federal death sentences to life imprisonment, reflecting his stance on the death penalty.

As we look to the future, it is clear that the lines between economic policymaking and national security have continued to intertwine under Biden's presidency, and will be impossible to disconnect in the years to come. The focus on investments in domestic manufacturing and green energy will continue to shape the economic narrative in the US.