Biden Is Stepping Into a Dream Economic Scenario
This recovery will be nothing like the last one, which was marked by many years of slow growth.
The U.S. economy's rebound has legs.
Photographer: Tim Boyle/Getty Images
It’s fashionable to think that, just like his former boss, President Barack Obama, president-elect Joe Biden is inheriting a damaged economy that will struggle to recover, perhaps for years. The reality is quite the opposite, with Biden stepping into a dream scenario for economic growth on the other side of the battle with the Covid-19 pandemic.
When Obama took office in January 2009, the economy was still grappling with the aftermath of the housing bust and subsequent financial crisis while not receiving the fiscal support needed from Congress to boost the pace of growth. A slow recovery ensued. So, naturally, the failure of Congress to agree on another stimulus package before last week’s election and the inability – so far – of the Democrats to gain control of the Senate has raised the specter that the economy will endure a similar fate in come years.