The New York Times famously prepares obituaries for notable individuals well in advance of their death. Now that President Joe Biden’s administration is about to expire, an elegy is in order for its economic achievements, failures and missed opportunities.
The administration’s achievements are self-evident, at least to the clear-eyed analyst — if not, as it appears, to the average voter. In Biden’s four years, the U.S. outperformed virtually every other advanced economy in terms of output, employment and productivity growth.
Despite inheriting an unemployment rate of 6.3% in January 2021 and an elevated level of pandemic-related uncertainty, the administration drove unemployment down to just 4% in its first 12 months, where it essentially remained throughout Biden’s term.
