Washington Post columnist predicts Biden's legacy will be short-lived.
Catherine Rampell wrote that in reality, only a small portion of Biden's economic agenda is likely to endure beyond his time in office.
In a recent piece, Washington Post columnist Catherine Rampell confessed that it is unlikely that President Biden will leave a lasting impact, particularly in the economic sphere.
Rampell, an economic writer for the outlet, disagreed with Biden and his supporters' assertion that the president's economic legacy is a "great success." She also rejected the notion that his critics were right in labeling it a "terrible stain on economic history."
"The columnist predicted that only a small portion of Biden's economic plan would endure beyond his presidency, and his record would likely not have a significant lasting impact in the future."
Rampell took apart numerous instances of praise that pundits "bestowed" on Biden. She enumerated them, asserting, "Upon Biden's inauguration, commentators showered him with lofty historical comparisons. He was hailed as a 'transformational' president leading the way for a new FDR-style 'New Deal' or the next LBJ-like 'Great Society.' Biden was believed to have a mandate to establish an entirely new, post-neoliberal 'paradigm' for economics."
Despite her recognition that Biden enlarged the social safety net to aid vulnerable Americans at the start of his presidency, Rampell stated that Biden's initiatives have been fleeting. Several have already vanished or are scheduled to expire imminently.
The president's 2021 expanded child tax credit expired after one year, and his landmark investment in the child-care sector has also lapsed.
Biden's health tax credits, which reduced the uninsured rate to a record low, will expire in less than a year, and Republicans are unlikely to renew them.
Rampell predicted that the uninsured rate is likely to revert and that the food-stamp benefits expansion may be rolled back soon. Additionally, none of Biden's other ideas, such as eldercare and national paid leave, came to fruition.
The president's industrial policy, including the "bipartisan infrastructure law, the Chips and Science Act, and the Inflation Reduction Act," was criticized by Rampell.
The columnist pointed out that despite the initial GOP support for the first two items on the list, their impact has been less than what was originally predicted.
The columnist pointed out that the extra funds allocated for infrastructure under the law have been consumed by inflation. She also mentioned that the Inflation Reduction Act has been a target of the GOP for some time, with Republicans already forcing cuts to the Internal Revenue Service's funding.
Rampell stated that Biden's regulatory changes have been "subdued" because he has not issued any new major worker health or safety standards, despite expecting to finalize new rules in a second term.
The columnist argued that while the current U.S. labor market is strong and wages for people of color and the least educated have risen, these groups have been more affected by inflation.
In the future, Americans will likely remember the "Bidenflation" era rather than its strong job market, according to Rampell.
Bidenomics may have had some effect, but it's likely to be temporary.
In an interview with USA Today, President Biden acknowledged concerns about his age and discussed his legacy, while still claiming he would have won another term if he'd run against Donald Trump, but admitting he's not sure if he could have lasted four more years.
""My hope was that history would record my arrival and my plan to revive the economy and regain America's global prominence," the president stated."
media
You might also like
- Courtroom drama ends with 'vindication' for CNN plaintiff: 'I'm glad it's over'
- Liberals should embrace 'intellectual honesty' and criticize local leaders regarding the California fires, according to Maher.
- Piers Morgan interrupts woman's rant about 'White man mantra': "Complete and utter halfwit"
- Martin Luther King III and Arndrea Waters King discuss using Dr. King's legacy to strengthen communities.
- Michelle Obama receives high praise from 'View' co-hosts for not attending the inauguration.