Washington Post columnist Catherine Rampell admitted in a recent piece that President Biden will likely not have a lasting legacy, especially on the economy.
Rampell, who writes about economic affairs for the area, disputed Biden and his supporters’ claims that the president’s economic legacy is “a spectacular achievement.” He also dismissed his critics, saying it was “a terrible wound in economic history.”
“In fact, Biden’s small economic agenda may be living in the past,” the columnist wrote. “If we look back at the record of the 46th president over the past few years, it probably won’t have a lasting legacy.”
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Washington Post columnist Catherine Rampell said President Joe Biden will likely not have a lasting legacy on economic issues. (AP Photo/Susan Walsh, File)
Rampell has spent a lot of time praising the pundits who are “overwhelming” Biden. He enumerated them, saying, “When Biden took office, commentators hailed him as a historical parallel. He was a ‘revolutionary’ president ushering in another FDR-esque ‘New Deal’ or ‘Big Deal’ like LBJ.” Biden is said to have the authority to create a new, post-neoliberal economic ‘paradigm’.”
While acknowledging that Biden “greatly expanded the social safety net to help vulnerable Americans” early in his term, Rampell wrote that “Biden’s programs were short-lived. Many have already disappeared or will soon expire.”
He noted that the president’s 2021 child tax bill “sunsets in just one year” and “significant investments in the child care sector” are also out of date.
Additionally, the author noted that Biden’s health tax — which he said brought “an unconfirmed rate of all-time lows” — expires in less than a year and “and Republicans are not expected to extend it.”
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President Joe Biden talks about his administration’s economic playbook and the future of the American 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 will probably go back,” Rampell predicted, adding that the expansion of his food stamp benefits “looks like it’s going to be rolled back soon.” Also, some of Biden’s ideas, like care for the elderly and national paid leave, “never happened at all.”
Rampell aimed for the president’s industrial policy, “the joint infrastructure act, the Chips and Science Act, and the Deflation Act.”
While he said the first two on the list may have “staying power” because they have GOP support, the author explained that their “impact is more limited than originally suggested.”
The columnist reminded readers that the additional dollars Congress authorized for infrastructure legislation “were eaten up by inflation.” The Deflation Act, he said, has been “in the GOP’s crosshairs for a while,” adding that Republicans are “just forcing a rollback of much-needed legislative funding for the Internal Revenue Service.”
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Biden’s regulatory reforms have been “muted,” as he issued “zero major new standards for the health or safety of workers,” Rampell said, clarifying that the administration expects to finalize the new rules in a second term.
The author also went after Biden’s economic plan for “low- and middle-income Americans,” saying that while “the U.S. labor market looks pretty good” and that wages for people of color and the uneducated have “increased significantly,” “these demographics have also suffered greatly from inflation.”
“But rightly or wrongly, a few years from now “Bidenflation” may be what Americans remember about this time of a hot economy, not a strong labor market,” Rampell said.
He concluded the column, “Regardless of the outcome of Bidenomics, it may be — let me say it — a little over.”
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President Biden recently admitted to worrying about his age and discussed his legacy in an interview with USA Today, still saying he would have won another term if he had run against Donald Trump but admitted he wasn’t sure if he could have lasted another four years.
“Therefore, I hope that history says that I came in and had a plan on how to restore the economy and restore American leadership to the world,” said the president. “That was my hope.”
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