Biden’s Economic Optimism Threatened by Sticky Inflation, Credit Shocks

The U.S. economy has made a remarkable comeback from COVID-19, growing by 2.1 percent in 2022 and returning to its pre-pandemic growth track.
Since President Joe Biden took office, the economy has recovered more than 12.5 million jobs and the unemployment rate has dropped to a 50-year low. The number of applications for new small businesses also has reached an all-time high, which Biden has frequently praised.
“The progress we’ve made creating strong, sustainable, economic growth has been real,” the president said on April 3 in a speech in Minnesota as part of his “Investing in America” tour.
Biden and his cabinet members have recently embarked on a tour of U.S. states to tell Americans that the administration’s economic agenda is working. He has spoken proudly of his legislative wins that helped unlock “more than $435 billion in private investment in less than two years.”…}