Politico: “Wages are up, gas prices are down, the thinking goes. And following a year of fits and starts, Biden clinched congressional deals aimed at reshaping major parts of the U.S. economy — and cementing elements of his own presidential legacy.”
“But just as the White House was rushing to capitalize on its winning streak — in hopes of turning around an economic narrative that has dogged the administration from its earliest days — complications have arisen. The lengthy fall in gas prices finally ended, inflation has stayed stubbornly high and a bleak global economic landscape has rattled the markets, with both the Dow Jones and S&P 500 nearing their weakest levels of the year.”
“The cross currents of economic and political news have left the White House in a tricky position. After spending much of his term battling inflation and fears of a recession, Biden has begun traveling the country touting long-term investments in manufacturing and climate. And among White House advisers and allies, there’s even optimism that an economic record that once weighed on congressional Democrats’ political prospects could help keep many of them in power.”
