Biden’s economic policies deserve praise
As an old student of economics, I do not understand the political attacks on President Biden’s economic policies.
Four years ago, he inherited a country wracked by the worst pandemic in a century. Economists around the world were expecting a worldwide post-pandemic recession. Our president resorted to the tried-and-true economic tool of Keynesian economic stimulus. Nearly every president since World War II has used this tool because it always works.
It certainly worked this time. As most countries around the world were enduring post-pandemic recessions and high unemployment, we enjoyed economic growth and full employment.
Unfortunately, economic stimulus can precipitate inflation when the increased demand results in increased wages and increased profit-taking. Perhaps the wage increases were necessary and overdue. I am not sure that the price increases and excess profits were necessary.
I believe future historians and economists will judge President Biden’s economic performance as successful.
Mike Leco
McMurray