We had just been through one of the sharpest economic slumps in U.S. history, largely due to the pandemic lockdowns. But by the fall of 2020, the. After plunging in the second quarter of 2020, growth rebounded far better than almost anyone had predicted, with the economy expanding at an annual rate of 33.4 percent.
This created a dilemma for Biden and Harris when they arrived in the White House. Allowing the economy to continue towould have amounted to an admission that they had deceived the public about the state of the economy. What’s more, the Democrat leadership had constituencies and agendas to pursue, and the crisis appeared to provide an historic opportunity for a huge expansion of government.almost as soon as they set foot in the Oval Office.
The problem for Harris is that this is much less plausible in 2024 than it was four years ago. For one thing,. Inflation rising to the highest level in four decades and then persisting at elevated levels for years will be the hallmark of the administration. But we can add to that the striking failure of the Biden-Harris version of industrial policy to achieve any visible success.
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