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US President Joe Biden delivers his farewell address to the nation from the Oval Office of the White House in Washington, DC, on Jan. 15, 2025.  Mandel Ngan | Via Reuters To the untrained eye, Joe Biden leaves the presidency with what appears to be a sterling economic record: hiring proceeding at a solid clip, gross domestic product on the rise and consumers still spending at a strong pace. There’s just one problem, and it is one that will forever taint Biden’s legacy, the one that sank him and his party politically and for which he will always be remembered. Inflation and its onerous burden on households, particularly those at the lower end of the income spectrum, has dwarfed all the other good that happened on Biden’s watch. Even with the pace of inflation slowing markedly from its mid-2022 peak, consumers, investors and business owners continually cite it as their most pressing issue. “Biden inherited an economy that was flat on its back because of the pandemic, and he’s bequeathing an economy that’s flying high,” said Mark Zandi, chief economist at Moody’s Analytics. “Having said that, there are blemishes in the minds of many Americans … They feel ripped off.” So even with an unemployment rate down dramatically from when he took office, even with growth at 3%, and even with an economy that is cited by top officials as the envy of the rest of the world, the Biden economic story is one that has an unhappy ending as Donald Trump prepares to head back to the White House on Monday. “To me, that is the lasting legacy and differentiator between the two administrations,” said Joseph LaVorgna, chief U.S. economist at SMBC Nikko Securities and a senior economist in the first Trump administration. “Inflation was two-and-a-half times higher under…

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Filed under: News - @ January 19, 2025 12:21 pm