The Washington Post columnist Catherine Rampell acknowledged in a recent article that President Biden is unlikely to have a lasting legacy, especially on the economy.
Rampell, who writes on economic topics for the paper, disputed the claims of Biden and his reinforcements that the president’s economic legacy is “a roaring success.” She also dismissed its critics, calling it a “catastrophic scar on economic history.”
“In reality, relatively little of Biden’s economic agenda is likely to survive beyond his term,” the columnist wrote. “When we look back on the 46th president’s record in a few years, he probably won’t have a lasting legacy anyway.”
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Washington Post columnist Catherine Rampell argued that President Joe Biden is unlikely to have a lasting legacy on economic issues. (AP Photo/Susan Walsh, File)
Rampell dismantled the multiple praises that pundits “showered” Biden. She cited them, saying: “When Biden took office, commentators showered him with great historical parallels. He was a ‘transformational’ president who ushered in another FDR-style ‘New Deal’ or the next LBJ-style ‘Great Society’ -in.’ Biden supposedly had a mandate to create an entirely new, post-neoliberal ‘paradigm’ for the economy.”
While acknowledging that Biden “significantly expanded the social safety net to help vulnerable Americans” early in his term, Rampell wrote that “Biden’s programs were relatively short-lived. Many have already expired or are set to expire soon.”
She mentioned that it was the president’s In 2021, the extended tax credit for children “sunset after just one year” and its “significant investment in the childcare sector” has also already expired.
Additionally, the columnist noted that Biden’s health tax credits — which she noted have “driven the uninsured rate to an all-time low” — expire in less than a year and “are not expected to be extended by Republicans.”
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President Joe Biden speaks about his administration’s economic game and the future of the U.S. economy at the Brookings Institution in Washington, Tuesday, Dec. 10, 2024. (AP Photo/Susan Walsh) (AP Photo/Susan Walsh)
As a result, “the uninsured rate is likely to come back,” Rampell predicted, adding that his expansion of food stamp benefits “will probably be rolled back soon.” Also, some of Biden’s other ideas, such as care for the elderly and national paid leave, “did not materialize at all.”
Rampell took aim at the president’s industrial policy, specifically the “bipartisan infrastructure bill, the Chip and Science Act, and the Inflation Reduction Act.”
While she said the top two on that list may have some “staying power” because they had some GOP support, the columnist clarified that their “impact was more limited than the original hype suggested.”
The columnist reminded readers that additional dollars approved by Congress for the infrastructure bill were “eaten up by inflation.” Inflation Reduction Actshe said, has been in the “GOP crosshairs” for some time, adding that Republicans have “already forced the withdrawal of much-needed funding for the IRS.”
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Biden’s regulatory changes have been “muted,” as he announced “zero new major worker health or safety standards,” Rampell said, explaining that the administration expects to finalize the new rules in the second term.
The columnist also tracked Biden’s economic agenda for “lower- and middle-income Americans,” noting that while “the U.S. labor market looks pretty good right now” and wages for people of color and the least educated have “risen,” demographics also suffered more from inflation.”
“But rightly or wrongly, in a few years “Bidenflation” is likely be what Americans remember about this era of a hot economy, not its strong labor market,” Rampell said.
She concluded the column, “Whatever effect bidenomics will have, it will likely be – dare I say it – somewhat fleeting.”
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President Biden recently acknowledged concerns about his age and discussed his legacy in the interview for USA Today, he still maintains he would have won another term if he had run against Donald Trump, but admits he’s not sure he could last another four years.
I hope history says that I came in and had a plan to rebuild the economy and re-establish American leadership in the world, the president said. – That was my hope.
