A wave of government spending would reboot the economy. Fairer taxes would pay for restored infrastructure. Skills would be improved, productivity raised, and new digital champions would emerge. When Joe Biden was elected, he promised the most radical programme of economic reform since Franklin Roosevelt’s New Deal in the 1930s, and, to his army of cheerleaders at least, the American economy was about to be completely transformed. But hold on. Only a year into his term, the reality is very different from the promises. In reality, the Biden Bust has arrived.
Donald Trump may have been personally obnoxious, but he bequeathed an economy in perfectly good shape
The US GDP figures released today was genuinely shocking. Instead of a modest slowdown in growth that was forecast, output is now shrinking in absolute terms. The American economy contracted by 1.4 per cent in the latest quarter compared to forecasts of a one per cent expansion.
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