The Biden Economic Hangover
Byron York
Former President Joe Biden left a terrible legacy: the border catastrophe, chaos and disorder abroad, increased crime, oppressive wokeness. But for today's purposes, consider the damage done by Biden's economic policies.
Inflation took away 20% of people's purchasing power in a short period of time. Even when the rate of inflation slowed, it is still, right now, rising faster than economists -- or anybody else -- are comfortable with. This week, there will be new numbers for inflation in January, and the message again will be that Biden brought inflation on but was unable to fully get rid of it. Now that is President Donald Trump's job.
Meanwhile, recent reports have brought word of what the New York Times called an "unusually large" downward revision in the number of jobs we thought were created in Biden's final year, since March 2024. The bottom line is that about 600,000 fewer jobs were created in that period than we were told at the time through monthly jobs reports. "The Biden jobs market was way worse than markets thought," Trump White House economic adviser Kevin Hassett said recently. "There's a lot of cleaning up to do."
Then there is federal spending. Biden and his Democratic colleagues on Capitol Hill went crazy with spending. Coming off the already-high emergency COVID spending of the final year of the first Trump administration, Biden and congressional Democrats poured trillions of dollars unnecessarily into the economy.
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