Biden’s economic legacy: Historic wage gains, investment and job growth but marred by inflation
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President Joe Biden's presidency saw historic job market gains with 16.6 million jobs added from February 2021 to December 2024; unemployment rate dropped to 3.4% in January 2023, the lowest in nearly 54 years; national debt reached $36 trillion, raising concerns about future economic growth; inflation rose 20.5% since February 2021, with grocery prices up 22.6%; Biden's administration passed over $4 trillion in economic relief and infrastructure investments; S&P 500 gained 63.77% from January 20, 2021, to January 16, 2025; housing costs increased 18% since Q1 2021, with median home price at $420,400; Federal Reserve raised interest rates to combat inflation, peaking at 7.04% for 30-year mortgages.
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