President-elect: Inheriting an economy in disrepair
What will the economy look like under the Biden administration?

The smartest insight and analysis, from all perspectives, rounded up from around the web:
"Voters didn't elect Joe Biden because they thought he would be the best steward of the economy," said The Economist, but the economy may well define his presidency anyway. Biden's first test will be "persuading Congress to keep the purse strings loose" and stave off further economic calamity. "If the virus again puts the economy to the sword," he may have to save it with much less support from Republicans. But the new president also must consider "the post-vaccine economy." Lockdowns and work-from-home have ushered in a new world in which "intangible capital replaces brick-and-mortar" far faster than anticipated. So far, Biden has shown a "nostalgia for manufacturing jobs and an impulse to load firms with worthy social goals." But as the turn to technology reshapes the labor market and tears at the social fabric, Biden will need an administration that will not stand in the way but seek to "help people adapt."
Another key question revolves around how Biden handles trade, said Edward Alden at Foreign Policy. Don't expect the U.S. to quickly return to an era of multinational trade agreements. Instead of saying he would "work with allies on a common trade policy," Biden has "matched Trump sound bite for sound bite" on China. His "Build Back Better" campaign platform was erected around similar protectionist promises, too; he's even pledged that the government won't be "purchasing anything that is not made in America." But after four years of President Trump, "the international trade system is collapsing." Without America's leadership, 14 Asia Pacific nations — including Japan, South Korea, and Australia — just joined with China in their own free-trade bloc, effectively replacing the Trans-Pacific Partnership, which Trump pulled out of in 2017. The rest of the world won't "stand still while the U.S. gets its house in order."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
More than trade, business owners' biggest concern is the prospect of new shutdowns, said Gene Marks at Washington Times. Small-business owners, in particular, "don't do Zoom." They have to leave their houses and "soldier on and live with the virus" to provide for their families. However, some businesspeople think the election yielded a "dream scenario," said Greg Ip at The Wall Street Journal. Biden is a predictable, steadying force that won't be issuing "sharp criticism of companies, by name, on Twitter." But, if it holds, a Republican-led Senate means his "more aggressive plans can't pass the Senate," hamstringing legislation intended to increase taxes, confront climate change, empower unions, or add a public health option.
Divided government also means "paralysis in a time of crisis," said Paul Krugman at The New York Times, and that's bad for everyone. With a Republican-led Senate, "the best we can hope for" is a stingy stimulus package and no money to "repair our crumbling infrastructure, care for our children, and meet the urgent need for action against climate change." Still, the economy should be "easier to clean up" than in 2009, said John Harwood at CNN. The snapback of output and hiring in the summer offers "the promise of substantial improvement" if vaccines arrive in 2021. "And simply replacing an erratic, fumbling administration with an experienced, serious-minded one" will help.
This article was first published in the latest issue of The Week magazine. If you want to read more like it, you can try six risk-free issues of the magazine here.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Bombs or talks: What’s next in the US-Iran showdown?
Talking Points US gives Tehran a two month deadline to deal
By Joel Mathis, The Week US Published
-
Inside the contested birth years of generations
The Explainer Battles over where Gen Z ends and Gens Alpha and Beta begin remain unsettled
By David Faris Published
-
Art review: Jack Whitten: The Messenger
Feature Museum of Modern Art, New York City, through Aug. 2
By The Week US Published
-
The JFK files: the truth at last?
In The Spotlight More than 64,000 previously classified documents relating the 1963 assassination of John F. Kennedy have been released by the Trump administration
By The Week Staff Published
-
'Seriously, not literally': how should the world take Donald Trump?
Today's big question White House rhetoric and reality look likely to become increasingly blurred
By Sorcha Bradley, The Week UK Published
-
Will Trump's 'madman' strategy pay off?
Today's Big Question Incoming US president likes to seem unpredictable but, this time round, world leaders could be wise to his playbook
By Sorcha Bradley, The Week UK Published
-
Democrats vs. Republicans: who are the billionaires backing?
The Explainer Younger tech titans join 'boys' club throwing money and support' behind President Trump, while older plutocrats quietly rebuke new administration
By Harriet Marsden, The Week UK Published
-
US election: where things stand with one week to go
The Explainer Harris' lead in the polls has been narrowing in Trump's favour, but her campaign remains 'cautiously optimistic'
By Harriet Marsden, The Week UK Published
-
Is Trump okay?
Today's Big Question Former president's mental fitness and alleged cognitive decline firmly back in the spotlight after 'bizarre' town hall event
By Harriet Marsden, The Week UK Published
-
The life and times of Kamala Harris
The Explainer The vice-president is narrowly leading the race to become the next US president. How did she get to where she is now?
By The Week UK Published
-
Will 'weirdly civil' VP debate move dial in US election?
Today's Big Question 'Diametrically opposed' candidates showed 'a lot of commonality' on some issues, but offered competing visions for America's future and democracy
By Harriet Marsden, The Week UK Published