A Biden Miracle-Taking TFG's destroyed economy and managing a "Soft Landing"
President Biden inherited a horrible economy from TFG. The COVID pandemic was still going and TFG had made no effective plans to distribute the needed vaccines. There was inflation due to disruptions of the supply chain and shortages of chips and key materials. Unemployment was high in part due to the pandemic and supply side issues.
President Biden is on track to pull off a miracle of bringing inflation under control without a recession (i.e., a "soft landing"
. Remember, until even six months back, most economists were of the view that a "soft landing" seemed unlikely.
Link to tweet
President Biden has pulled off a miracle of a true "soft landing."
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https://www.axios.com/2023/12/15/us-economy-avoid-recession-inflation-cbo-projections
Why it matters: The nonpartisan agency expects more moderate economic conditions in 2024 — including slower growth and higher jobless rates — than previously anticipated. But its projections suggest America will skirt an all-out contraction in growth.
Joe Biden nailed the soft landing, bringing down the pandemic-caused inflation without causing a recession- something economists said would be impossible.
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I have seen some speculation that the Fed may be able to cut interest rates next year which will help the economy and the Democrats' chances in the 2024 election. If President Biden pulls this off, it will indeed be an economic miracle.
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Thank you President Biden!
President Biden and the Fed managing a "soft landing" is really amazing. There were a number of projections that there would be a rescission during 2024. The Fed with interest rate hikes and the Biden administration with focus on curing supply side disruptions appear to have managed a soft landing
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https://www.washingtonpost.com/business/2023/12/18/recession-economy-inflation/
It looked as though severe economic pain would be the cost for the president and central bank chair being late to react to historic inflation, and clinging for too long to an insistence that price hikes would be a temporary blip. One outside White House adviser, speaking on the condition of anonymity to reflect private conversations, described the mood in the building as one of “dark, brooding despair” as inflation peaked in summer 2022......
The White House, in particular, was adamant that inflation was driven by supply chain dysfunction, not by a spike in demand caused by its 2021 stimulus plan, as many critics, including some Democrats, insisted. An analysis by the White House Council of Economic Advisers this fall found that “supply chains in some form” contributed to more than 80 percent of the drop in inflation since 2022.
“There was a certain amount of mockery and derision to Joe Biden saying this transition was possible, as we were getting kicked in the teeth with inflation prints in May and June of 2022,” Deese said, referring to inflation reports. “But we had a pretty clear theory that those inflation prints reflected the high points of the supply shock.”
Indeed, this year finally brought about the long-awaited shifts. Energy prices fell back to Earth. A supply chain rebound helped cool prices for all kinds of goods. A resurgence of workers — including immigrants and women — propelled the economy. Wage gains moderated to a pace that economists saw as more consistent with long-term gains.
Achieving a "soft landing" is a major accomplishment for the Biden administration
BTW, I'm still waiting. 
