Biden Gets Big Economic Win as Inflation Threatens Legacy
- Historic changes set for industry, investment, social programs
- But surging consumer prices likely undermine political gains
Joe Biden
Photographer: Mandel Ngan/AFP/Getty ImagesThis article is for subscribers only.
President Joe Biden raised the final pillar of his economic agenda with the Senate’s passage of a breakthrough climate and tax package, sealing a legacy that risks being undermined by an inflation surge he’s blamed for sparking.
The success of the Inflation Reduction Act will give Democrats a rallying cry for midterm elections and joins three other key bills as a foundation of what might be called Bidenomics: a combined $3 trillion push to reshape the US economy toward working families and domestic manufacturing, boost competition against China and avert the kind of stunted recovery Biden saw as vice president.