Economic policy of the Joe Biden administration information
Biden touting his economic record in Chicago, Illinois, June 28, 2023
This article is part of a series about
Joe Biden
Political positions
Electoral history
Early life and career
Eponyms
Family
Honors
Public image
U.S. Senator from Delaware
Judiciary Committee
Bork hearings
Thomas hearings
1994 Crime Bill
Violence Against Women Act
Foreign Relations Committee
Elections:
1972
1978
1984
1990
1996
2002
2008
47th Vice President of the United States
Transition
Tenure
Obama administration
first inauguration
second inauguration
Economic policy
Great Recession response
2010 Tax Relief Act
2011 debt-ceiling crisis
fiscal cliff
Foreign policy
Task forces
Gun Violence
Protect Students from Sexual Assault
46th President of the United States
Incumbent
Presidency
first 100 days
timeline
Transition
COVID-19 Advisory Board
Inauguration
Efforts to impeach
inquiry
Tenure
Executive actions
proclamations
Trips
foreign
'21
'22
'23
'24
Geneva summit
COVID-19 pandemic
Afghanistan withdrawal
Classified documents incident
2023 debt-ceiling crisis
Policies
COVID-19
WH Response Team
Economy
ARP
IIJA
IRA
Electoral/ethics
Environment
Foreign policy
AUKUS
Camp David Principles
IPEF
War in Ukraine
War in Israel
Immigration
border crisis
standoff at Eagle Pass
Social issues
guns
cannabis
marriage
Appointments
Cabinet
Ambassadors
Judges
Supreme Court candidates
Jackson
Executive Office
U.S. attorneys
Presidential campaigns
1988
primaries
2008
primaries
2020
primaries
sexual assault allegation
Ukraine conspiracy theory
convention
debates
election
endorsements
VP selection
2024
primaries
election
endorsements
Vice presidential campaigns
2008
selection
convention
election
2012
convention
election
Published works
Promises to Keep
Promise Me, Dad
v
t
e
The economic policy of the Joe Biden administration, dubbed Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations. Other goals include increasing the national minimum wage and expanding worker training, narrowing income inequality, expanding access to affordable healthcare, and forgiveness of student loan debt.[1] The March 2021 enactment of the American Rescue Plan to provide relief from the economic impact of the COVID-19 pandemic was the first major element of the policy. Biden's Infrastructure Investment and Jobs Act was signed into law in November 2021 and contains about $550 billion in additional investment. His Inflation Reduction Act was enacted in August 2022.
Biden's first year in office (2021) saw strong growth in real GDP, wages, employment, stock market returns, and household net worth, coupled with an increase in inflation, as the economy recovered from the pandemic recession of 2020. During 2022–2023, the unemployment rate averaged 3.6%, the lowest since 1969; by April 2024, the unemployment rate had remained below 4.0% for the longest sustained period since 1953.[2][3] Monthly job creation averaged a robust 402,000 from inauguration through February 2024, or 273,000 from June 2022, when the pre-pandemic jobs level was regained.[4] Inflation peaked in mid-2022 at 9.0% measured versus one year earlier, and fell to 3.2% by February 2024.[5] The Federal Reserve rapidly raised a key interest rate from March 2022 until August 2023, and is expected to maintain elevated interest rates for some or all of 2024.[6]
^Tankersley, Jim (March 22, 2021). "Biden Team Prepares $3 Trillion in New Spending for the Economy". The New York Times.
^U.S. Bureau of Labor Statistics (January 1, 1948). "Civilian Unemployment Rate". FRED, Federal Reserve Bank of St. Louis. Retrieved June 4, 2019.
^Sainato, Michael (May 3, 2024). "US adds 175,000 April jobs as hiring slows and unemployment stays steady". The Guardian. It was the 40th straight month of job gains in the US and the 27th consecutive month with the unemployment rate below 4% – the longest such streak since 1953.
^FRED (December 28, 2021). "All Employees, Total Nonfarm". FRED, Federal Reserve Bank of St. Louis. Retrieved December 28, 2021.
^"CPI All". fred.stlouisfed.org. December 27, 2021. Retrieved December 27, 2021.
^"Effective Federal Funds Rate". fred.stlouisfed.org. March 16, 2024. Retrieved March 14, 2024.
and 27 Related for: Economic policy of the Joe Biden administration information
JoeBiden's tenure as the 46th president ofthe United States began with his inauguration on January 20, 2021. Biden, a Democrat from Delaware who previously...
The foreign policyoftheJoeBidenadministration emphasizes the repair ofthe United States' alliances, which Biden argues were damaged during the Trump...
U.S. President JoeBiden stated in February 2021 that his administration will pursue cannabis decriminalization as well as seek expungements for people...
being sent back", Biden said, in reference to the continuation ofthe Trump administration's Title 42 policy for quick deportations. Biden earlier announced...
The social policyoftheJoeBidenadministration is intended to improve racial equity, increase access to safe and legal abortions, tighten restrictions...
JoeBiden, the 46th and current president ofthe United States, has family members who are prominent in law, education, activism and politics. Biden's...
2009 to 2011, Bernstein was the chief economist and economic adviser to Vice President JoeBiden in the Obama Administration. In 2008, Michael D. Shear...
JoeBiden, President ofthe United States, served as Vice President from 2009 to 2017 and in the United States Senate from 1973 until 2009. A member of...
JoeBiden assumed office as President ofthe United States on January 20, 2021. The president has the authority to nominate members of his Cabinet to the...
JoeBiden, the 46th and current president ofthe United States, announced his candidacy for re-election for a second and final term as president on April...
The Build Back Better Plan or Build Back Better agenda was a legislative framework proposed by U.S. president JoeBiden between 2020 and 2021. Generally...
The presidential transition ofJoeBiden began on November 7, 2020, and ended on January 20, 2021. Unlike previous presidential transitions, which normally...
for lobbying firms. Biden is the second son of U.S. President JoeBiden and his first wife, Neilia Hunter Biden. In 1972, when Biden was two years old,...
Theeconomicpolicyofthe Donald Trump administration was characterized by the individual and corporate tax cuts, attempts to repeal the Affordable Care...
The University of Delaware renamed its public policy school the Joseph R. Biden, Jr. School of Public Policy & Administration in 2018. In 2017, the University...
list of opinion polls taken on the presidency ofJoeBiden in 2023. To navigate between years, see opinion polling on theJoeBidenadministration. According...
list of opinion polls taken on the presidency ofJoeBiden in 2024. To navigate between years, see opinion polling on theJoeBidenadministration. "Biden's...
This is a list of former officials who served during the Trump administration who endorsed JoeBiden in the 2020 presidential campaign. Those who were...
JoeBiden, a Democrat from Delaware, was elected President ofthe United States on November 3, 2020. He was inaugurated on January 20, 2021, as the nation's...
election victory in 2020, U.S. president JoeBiden had 4,000 political appointments to make to the federal government. Of those 4,000 political appointments...
Democratic staff director ofthe Senate Foreign Relations Committee from 2002 to 2008. He was a foreign policy advisor for JoeBiden's 2008 presidential campaign...
JoeBiden, a longtime U.S. senator from Delaware, began his 2008 presidential campaign when he announced his candidacy for President ofthe United States...
Global Information
