Biden's far leftist economic agenda is looking to be in tatters right now. In all fairness, I assume the people advising Joe Biden include large numbers of relatively accomplished economists, so they probably had a feasible plan, on paper at least, which claimed that printing lots of money work this time but as usual, it hasn't been working out. This is partly due to the fundamental problems with such a strategy but also, the far leftists that this policy was supposed to appeal to have been stymying the policy at every turn. As I will explain: The first issue is "meme stocks". When AMC gets overvalued by maybe 30x its fundamental value so far and Gamestop may be 400x its fundamental value, this phenomenon sucks investment capital away from the rest of the stock market. Even with lots of new money entering the system (and causing historic amounts of inflation) the normal stock market isn't going up very much because the millenials are all buying meme stocks such as BBW, solely because they think the ticker is funny (that's Build a Bear Workshop by the way, not Big Beautiful Woman). If these people, many of whom identify as communists even though their job is to speculate on meme stocks from dad's attic, would just buy normal **** like everyone else did before them, the stock market would probably be up a lot more than it is. The second issue of course is workforce participation. The argument was that people would go back to work even if unemployment was almost as generous because... I don't know, they just like being in Starbucks or something? The meme stocks thing was unpredictable but this one seems to have been super predictable. The third issue is mask mandates. Life comes at you fast when you're a coronavirus truther. Only months ago people like me were saying "The logic of liberal maskers means that they will not be taking their masks off for years, even if the mandates go away" and lots of people were like "that's crazy". But then the CDC said that people could take off their masks and return to their lives and huge numbers of people said no, we aren't doing that, and now there is no clear sign of if/when these people will ever go outside without a mask again. I guess we can assume that they will do it some day but there is no logical reason as to when/why they would, so it's anyone's guess as to when it will happen, probably it will be a long and slow process with some people still masking up to show their virtue five years from now. They'll be like "I'm the only one who REALLY cares about the old white racist people who need to die." Aside from being totally crazy, none of it is very good for the economy. tl;dr then, leftists made leftist economic policies unworkable, again.
I'm pretty sure Biden is not the one actually steering the ship in this Administration. Susan Rice is probably the one running most all the day to day things in the White House, especially issues of domestic policy. She used to be the right hand assistant of Obama.
