President Biden kicks off a national campaign Wednesday pitching his economic record to a deeply sceptical public, Greg Ip reports.
By guest author Austen Hufford from the Wall Street Journal
The challenge: Biden really has two economic records. One of them begins in late 2021 and consists of a series of legislative wins on infrastructure, semiconductor production and renewable energy, which he then preserved in a debt-ceiling deal with Republicans. These policies could shape the economy for years to come.
That record, though, is overshadowed by the record of his first months in office, when his American Rescue Plan pumped $1.9 trillion of demand into a supply-constrained economy. The result was the tightest job market in memory and a surge in inflation that still hangs over Biden’s approval ratings and his prospects for re-election.