Joe Biden

==== Economy ====
[[File:Inflation rate, United States and eurozone, January 2018 through June 2023.png|thumb|330px|Inflation rate, United States and eurozone, January 2018 through June 2023]]
{{Main|Economic policy of the Joe Biden administration}}
Biden entered office nine months into a recovery from the [[COVID-19 recession]] and his first year in office was characterized by robust growth in real GDP, employment, wages and stock market returns, amid [[2021–2022 inflation surge|significantly elevated inflation]]. Real GDP grew 5.9%, the fastest rate in 37 years.<ref>{{cite news |last1=Mutikani |first1=Lucia |date=September 29, 2022 |title=U.S. economic growth revised up; gap between GDP and GDI narrows sharply |publisher=Reuters |url=https://www.reuters.com/markets/us/us-economic-growth-revised-up-gap-between-gdp-gdi-narrows-sharply-2022-09-29/}}</ref><ref>{{cite news |last1=Tappe |first1=Anneken |date=January 27, 2022 |title=The US economy grew at the fastest rate in 2021 since the Reagan administration |publisher=CNN |url=https://www.cnn.com/2022/01/27/economy/us-fourth-quarter-2021-gdp/index.html |url-status=live |access-date=June 18, 2022 |archive-url=https://web.archive.org/web/20220127201057/https://www.cnn.com/2022/01/27/economy/us-fourth-quarter-2021-gdp/index.html |archive-date=January 27, 2022}}</ref> Amid record job creation, the unemployment rate fell at the fastest pace on record during the year.<ref>{{cite news |last1=Mutikani |first1=Lucia |date=January 7, 2022 |title=U.S. labor market eyes maximum employment despite underwhelming December payrolls |work=Reuters |url=https://www.reuters.com/markets/us/us-employment-growth-misses-expectations-unemployment-rate-falls-39-2022-01-07/ |url-status=live |access-date=June 18, 2022 |archive-url=https://web.archive.org/web/20220121221243/http://www.reuters.com/markets/us/us-employment-growth-misses-expectations-unemployment-rate-falls-39-2022-01-07/ |archive-date=January 21, 2022}}</ref><ref>{{cite news |last1=Pickert |first1=Reade |date=January 7, 2022 |title=U.S. Sees Record Job Growth in 2021 After Millions Lost in 2020 |publisher=Bloomberg News |url=https://www.bloomberg.com/news/articles/2022-01-07/u-s-sees-record-job-growth-in-2021-after-millions-lost-in-2020 |url-status=live |access-date=June 18, 2022 |archive-url=https://web.archive.org/web/20220129065310/https://www.bloomberg.com/news/articles/2022-01-07/u-s-sees-record-job-growth-in-2021-after-millions-lost-in-2020 |archive-date=January 29, 2022}}</ref><ref>{{Cite web|url=https://fred.stlouisfed.org/series/PAYEMS|title=All Employees, Total Nonfarm|publisher=fred.stlouisfed.org|access-date=July 29, 2022}}</ref> By the end of 2021, inflation reached a nearly 40-year high of 7.1%, which was partially offset by the highest nominal wage and salary growth in at least 20 years.<ref>{{cite news |last1=Rubin |first1=Gabriel T. |date=January 28, 2022 |title=U.S. Wages, Benefits Rose at Two-Decade High as Inflation Picked Up |work=The Wall Street Journal |url=https://www.wsj.com/articles/us-employers-labor-costs-inflation-11643331612 |url-status=live |access-date=June 18, 2022 |archive-url=https://web.archive.org/web/20220130032502/https://www.wsj.com/articles/us-employers-labor-costs-inflation-11643331612 |archive-date=January 30, 2022}}</ref><ref>{{cite news |last1=Smialek |first1=Jeanna |last2=Casselman |first2=Ben |date=January 28, 2022 |title=Inflation Continued to Run Hot and Consumer Spending Fell in December |work=The New York Times |url=https://www.nytimes.com/2022/01/28/business/pce-inflation-federal-reserve.html |url-status=live |url-access=subscription |archive-url=https://web.archive.org/web/20220128134006/https://www.nytimes.com/2022/01/28/business/pce-inflation-federal-reserve.html |archive-date=January 28, 2022}}</ref><ref>{{cite news |last1=Iacurci |first1=Greg |date=January 31, 2022 |title=Wage growth may be slowing from 'breakneck' pace |publisher=CNBC |url=https://www.cnbc.com/2022/01/31/wage-growth-may-be-slowing-from-breakneck-pace.html |url-status=live |access-date=June 18, 2022 |archive-url=https://web.archive.org/web/20220203205842/https://www.cnbc.com/2022/01/31/wage-growth-may-be-slowing-from-breakneck-pace.html |archive-date=February 3, 2022}}</ref><ref>{{cite news |last1=Graffeo |first1=Emily |last2=Wang |first2=Lu |date=November 3, 2021 |title=S&P 500 Is Up 37% Since Biden's Election One Year Ago, Setting Presidential Record |work=Bloomberg News |url=https://www.bloomberg.com/news/articles/2021-11-03/s-p-500-notches-best-one-year-run-after-a-presidential-election |url-status=live |access-date=June 18, 2022 |archive-url=https://web.archive.org/web/20211106213451/https://www.bloomberg.com/news/articles/2021-11-03/s-p-500-notches-best-one-year-run-after-a-presidential-election |archive-date=November 6, 2021}}</ref> In his third month in office, Biden signed an executive order to increase the minimum wage for federal contractors to $15 per hour, an increase of nearly 37%. The order went into effect for 390,000 workers in January 2022.<ref>{{cite news |title=Biden raising minimum wage for federal contractors to $15/hr |url=https://www.reuters.com/world/us/biden-raises-minimum-wage-federal-contractors-15hr-2021-04-27/ |work=[[Reuters]] |date=April 27, 2021|author1=Nandita Bose|author2=Jarrett Renshaw}}</ref><ref>{{cite news |first=Juliana |last=Kaplan |access-date=August 14, 2023 |title=Nearly 400,000 federal contractors will get paid $15 an hour starting this weekend. Biden's labor secretary says there's 'no question' it'll cut down on labor shortages. |url=https://www.businessinsider.com/federal-contractors-15-hour-minimum-wage-could-end-labor-shortges-2022-1 |work=Business Insider |date=January 28, 2022}}</ref>

Amid a surge in [[2021–2023 inflation surge|inflation]] and [[2021–present global energy crisis|high gas prices]], Biden's approval ratings declined, reaching net negative in early 2022.<ref>{{cite news |last1=Liptak |first1=Kevin |last2=Mattingly |first2=Phil |date=January 28, 2022 |title=Biden is aiming to hit the road to reset his presidency. He starts with yet another stop in Pennsylvania. |publisher=CNN |url=https://www.cnn.com/2022/01/28/politics/joe-biden-pittsburgh-trip/index.html |url-status=live |access-date=February 1, 2022 |archive-url=https://web.archive.org/web/20220204225558/https://www.cnn.com/2022/01/28/politics/joe-biden-pittsburgh-trip/index.html |archive-date=February 4, 2022}}</ref><ref>{{cite web |title=President Biden Job Approval |url=https://www.realclearpolitics.com/epolls/other/president-biden-job-approval-7320.html |url-status=live |archive-url=https://web.archive.org/web/20210124133936/https://www.realclearpolitics.com/epolls/other/president-biden-job-approval-7320.html |archive-date=January 24, 2021 |access-date=February 10, 2022 |website=[[RealClearPolitics]]}}</ref><ref>{{Cite magazine |last=Daniel |first=Will |date=July 18, 2022 |title=Inflation drives President Biden's economic approval rating to a record low |url=https://fortune.com/2022/07/18/inflation-president-biden-approval-rating-lower-donald-trump/ |access-date=September 13, 2022 |magazine=Fortune}}</ref> After 5.9% growth in 2021, real GDP growth cooled in 2022 to 2.1%, after slightly negative growth in the first half spurred recession concerns. Job creation and consumer spending remained strong through the year, as the unemployment rate fell to match a 53-year low of 3.5% in December. Inflation peaked at 9.1% in June before easing to 3.2% by October 2023. Stocks had had their worst year since 2008<ref>{{cite news |last1=Bhattarai |first1=Abha |date=January 26, 2023 |title=U.S. economy grew 2.1 percent in 2022, but recession fears linger |newspaper=The Washington Post |url=https://www.washingtonpost.com/business/2023/01/26/gdp-2022-q4-economy/}}</ref><ref>{{cite news |author1=Jesse Pound |author2=Samantha Subin |date=December 30, 2022 |title=Stocks fall to end Wall Street's worst year since 2008, S&P 500 finishes 2022 down nearly 20% |publisher=CNBC |url=https://www.cnbc.com/2022/12/29/stock-market-futures-open-to-close-news.html}}</ref><ref>{{cite news |last1=Iacurci |first1=Greg |date=January 12, 2023 |title=Here's the inflation breakdown for December 2022 — in one chart |publisher=CNBC |url=https://www.cnbc.com/2023/01/12/heres-the-inflation-breakdown-for-december-2022-in-one-chart.html}}</ref> before recovering. Widespread predictions of an imminent recession did not materialize in 2022 or 2023, and by late 2023 indicators showed sharply lower inflation with economic acceleration. GDP growth hit 4.9% in the third quarter of 2023 and the year ended with stocks near record highs, with robust holiday spending.<ref>{{cite news |last1=Harrison |first1=David |date=October 23, 2023 |title=The Economy Was Supposed to Slow by Now. Instead It's Revving Up. |work=The Wall Street Journal |url=https://www.wsj.com/economy/the-economy-was-supposed-to-slow-by-now-instead-its-revving-up-3c0f7a2e |url-access=subscription |quote=Recent economic data suggest the economy is accelerating despite higher borrowing costs, the resumption of student-loan payments, and wars in Ukraine and the Middle East ... Analysts, many of whom had expected a recession this year, are pushing up their forecasts ... After predicting a recession for the past year, economists surveyed by The Wall Street Journal this month said they now believe that the economy will avoid a downturn in the next 12 months. |url-status=live |archive-url=https://web.archive.org/web/20231122184856/https://www.wsj.com/economy/the-economy-was-supposed-to-slow-by-now-instead-its-revving-up-3c0f7a2e |archive-date=November 22, 2023 }}</ref><ref>{{Cite news |date=October 26, 2023 |title=GDP surged 4.9% in the third quarter, defying the Fed's rate hikes |url=https://www.cbsnews.com/news/gdp-third-quarter-4-9-economic-growth/ |access-date=November 21, 2023 |agency=CBS News}}</ref><ref>{{cite news |title=Robust holiday shopping sends economy soaring into 2024 |url=https://www.washingtonpost.com/business/2023/12/26/holiday-sales-retail-mastercard/ |newspaper=The Washington Post |date=December 26, 2023|first1=Rachel |last1=Siegel |first2=Aaron |last2=Gregg}}</ref>

Biden signed numerous major pieces of economic legislation in the [[117th United States Congress|117th Congress]], including the [[American Rescue Plan Act of 2021|American Rescue Plan]], [[Infrastructure Investment and Jobs Act]], [[CHIPS and Science Act]], the [[Inflation Reduction Act]], and the [[Honoring our PACT Act of 2022|Honoring our PACT Act]].<ref>{{Cite web |last=Jones |first=Dustin |title=Despite infighting, it's been a surprisingly productive 2 years for Democrats |publisher=[[NPR]] |url=https://www.npr.org/2023/01/01/1143149435/despite-infighting-its-been-a-surprisingly-productive-2-years-for-democrats}}</ref> Biden signed the CHIPS and Science Act into law on August 9, 2022.<ref>{{cite news |last1=Shepardson |first1=David |last2=Mason |first2=Jeff |date=August 10, 2022 |title=Biden signs bill to boost U.S. chips, compete with China |url=https://www.reuters.com/technology/biden-sign-bill-boost-us-chips-compete-with-china-2022-08-09/ |access-date=August 17, 2022 |work=[[Reuters]]}}</ref> The act provides billions of dollars in new funding to boost domestic research on and manufacture of [[semiconductors]], to [[China–United States relations#Economic relations|compete economically with China]].<ref>{{Cite magazine |last=Johnson |first=Lamar |date=August 9, 2022 |title=Biden ends slog on semiconductor bill with signature |url=https://www.politico.com/news/2022/08/09/biden-ends-slog-on-semiconductor-bill-with-signature-00050530 |access-date=August 9, 2022 |magazine=[[Politico]]}}</ref>

Over the course of five days in March 2023, [[2023 banking crisis|three small- to mid-size U.S. banks failed]], triggering a sharp decline in global bank stock prices and swift response by regulators to prevent potential global [[Financial contagion|contagion]]. After [[Collapse of Silicon Valley Bank|Silicon Valley Bank collapsed]], the first to do so, Biden expressed opposition to a bailout by taxpayers.<ref>{{cite news |last=Cathey |first=Libby |date=March 13, 2023 |title=Amid crisis, Biden tells Americans 'banking system is safe' |url=https://abcnews.go.com/Politics/biden-speaks-banking-crisis/story?id=97820883 |access-date=March 13, 2023 |agency=[[ABC News]]}}</ref> He claimed that the [[Economic Growth, Regulatory Relief, and Consumer Protection Act|partial rollback]] of [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd-Frank regulations]] contributed to the bank's failure.<ref>{{cite news |last=Hunnicutt |first=Trevor |date=March 13, 2023 |title=Biden vows new bank rules after SVB collapse, cites Trump rollback |url=https://www.reuters.com/markets/us/biden-defend-us-banking-system-after-svb-signature-collapse-2023-03-13/ |access-date=March 13, 2023 |work=[[Reuters]]}}</ref>

At the beginning of the [[118th United States Congress|118th Congress]], Biden and congressional Republicans engaged in a standoff after the United States hit its [[United States debt ceiling|debt limit]], which [[2023 United States debt-ceiling crisis|raised the risk that the U.S. would default on its debt]].<ref>{{cite news |last1=Diamond |first1=Jeremy |last2=Fox |first2=Lauren |last3=Zanona |first3=Melanie |last4=Mattingly |first4=Phil |last5=Saenz |first5=Arlette |last6=Liptak |first6=Kevin |date=June 1, 2023 |title=Inside a debt ceiling standoff 'far more dangerous than people will recognize' |agency=CNN |url=https://edition.cnn.com/2023/05/31/politics/biden-mccarthy-debt-ceiling-behind-the-scenes/index.html |access-date=June 11, 2023}}</ref> Biden and House speaker [[Kevin McCarthy]] struck a deal to raise the debt limit, the [[Fiscal Responsibility Act of 2023]], which suspended the debt limit until January 2025. Biden signed it on June 3, averting a default.<ref>{{cite news |last1=Megerian |first1=Chris |date=June 3, 2023 |title=Biden signs debt ceiling bill that pulls US back from brink of unprecedented default |work=Associated Press News |url=https://apnews.com/article/joe-biden-debt-ceiling-budget-signing-f78a000d83cf85ffbaa2d08637844053 |access-date=June 11, 2023}}</ref> The deal was generally seen as favorable to Biden.<ref>{{cite news |last1=Baker |first1=Peter |date=June 1, 2023 |title=The Calm Man in the Capital: Biden Lets Others Spike the Ball but Notches a Win |newspaper=The New York Times |url=https://www.nytimes.com/2023/06/01/us/politics/biden-mccarthy-debt-ceiling-deal-who-won.html |access-date=June 11, 2023}}</ref><ref>{{cite news |last1=Tankersley |first1=Jim |date=June 3, 2023 |title=Biden's Debt Deal Strategy: Win in the Fine Print |newspaper=The New York Times |url=https://www.nytimes.com/2023/06/03/us/politics/biden-debt-ceiling-deal.html |access-date=June 11, 2023}}</ref>