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Biden’s Economic Legacy: A Boon or Burden for His Successor?

by Team Lumida
July 22, 2024
in Macro
Reading Time: 2 mins read
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Biden’s Economic Legacy: A Boon or Burden for His Successor?

"Joe Biden" by Gage Skidmore is licensed under CC BY-SA 2.0

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Key Takeaways

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1. Biden’s economic policies leave a complex legacy for his successor.
2. High inflation and job growth trends remain pivotal.
3. New administration faces challenges in stabilizing the economy.

What Happened?

President Biden left office, but his economic policies continue to influence the new administration. During Biden’s tenure, the economy experienced substantial growth, with GDP rising by 5.7% in 2021. Job creation soared, adding 6.4 million jobs, reducing unemployment to 3.9%.

However, inflation surged to 7%, the highest in four decades, straining consumer purchasing power. Federal Reserve actions, including interest rate hikes, aimed to curb inflation but also risked slowing economic growth.

Why It Matters?

Biden’s economic legacy presents a double-edged sword for his successor. On one hand, robust job growth and a recovering GDP signal a strong economy. On the other hand, persistent inflation challenges the new administration.

Investors must consider how these factors impact their portfolios. High inflation erodes savings and increases costs for businesses, potentially squeezing profit margins. Conversely, low unemployment suggests continued consumer spending, which could boost certain sectors.

What’s Next?

The new administration faces the daunting task of balancing growth and inflation. Watch for further Federal Reserve policies, as additional interest rate hikes could temper inflation but might slow down economic momentum.

Key indicators to monitor include consumer confidence, retail sales, and corporate earnings reports. These will offer clues about the economy’s direction and help investors make informed decisions. The interplay between job growth and inflation will be crucial in shaping the economic landscape.

Source: Wall Street Journal
Tags: Biden
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

Lumida Wealth Management LLC (‘Lumida”) is an SEC registered investment adviser. SEC registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability.

Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
‍Address: Lumida Wealth Management, 25 W 39th Street Suite 700, New York, NY 10018