When evaluating the health of an economy, both the prosperity of the current economy, and the prospects of the future economy should be taken into account, with particular attention on the future. When looking at President Biden’s handling of the economy through this lens – taking into account the benefits and drawbacks of America’s increased GDP, unemployment rates, increased federal budget deficit, growing wealth and income inequality – it becomes clear that the economy has performed very well in some areas and very poorly poorly in others; having generated positive yet highly unsustainable short-term growth at the expense of the health of our future economy.
Although the US reached all-time highs in economic activity (GDP) as well as decreased post-covid unemployment rates; inflation rates have skyrocketed, income inequality and the wealth gap are at an all time highs, and national debt sits just below $35 trillion. While credit to the Biden Administration is most certainly due, an impartial analysis of these metrics indicates that the US economy is on a highly unsustainable path. It must be noted that President Biden's administration is to thank for avoiding what looked to be a looming recession following covid; however, the problems which resulted from his handling of covid –primarily pertaining to inflation, inequality, and vast levels of government spending, cannot be ignored.
While this brief analysis of the United States economy today does not draw into account any previous administrations; if we were to compare, the shortcomings of the Biden Administration are closely bound – and therefore very similar – to those of the administrations which came before.
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