Why Its inaccurate to characterize the US economy President Joe Biden left for his successor as an “economic disaster”

A review of economic indicators and expert analyses reveals a more nuanced picture. While challenges certainly existed, many positive trends also emerged during Biden’s term.

Economic Growth and GDP
During Biden’s presidency, the U.S. economy experienced substantial growth. In 2024, the economy advanced by 2.8%5. The Federal Reserve even raised its GDP growth forecast for 2024 to 2.5% and for 2025 to 2.1%, which they attributed to a more resilient economic outlook5. While the economy grew at an annualized rate of 2.3% in Q4 2024, it was still a solid rate5.

Unemployment Rate
The unemployment rate remained historically low during Biden’s term3.

Inflation
Inflation was a significant concern during Biden’s presidency. Factors such as supply chain disruptions caused by the pandemic contributed to rising prices4. While inflation remained above the Federal Reserve’s target, it did fall gradually throughout the year3.

National Debt and Deficit
The national debt increased significantly under Biden, reaching $36 trillion2. The federal debt reached 121% of the gross national product2.

Economic Uncertainty and Factors Influencing Growth
The economic outlook for 2025 is subject to policy uncertainty3. Factors such as potential tariffs, changes in immigration policy, and federal spending reductions create uncertainty for economic forecasts3.
Economists suggest that the economy is stable enough to withstand some fluctuations7. Consumer spending and investment in intellectual property products supported growth, while equipment investment contracted, and exports declined5.
Some analysts believe that productivity growth and the availability of labor could drive economic growth in 20259.

Conclusion
While there were legitimate concerns about inflation and the growing national debt, the economy was not in a state of “disaster” when President Biden left office. The economy demonstrated resilience and growth5.