Economic policy of the Joe Biden administration

The economic policy of the Joe Biden administration, dubbed Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations. Other goals include increasing the national minimum wage and expanding worker training, narrowing income inequality, expanding access to affordable healthcare, and forgiveness of student loan debt. The March 2021 enactment of the American Rescue Plan to provide relief from the economic impact of the COVID-19 pandemic was the first major element of the policy. Biden's Infrastructure Investment and Jobs Act was signed into law in November 2021 and contains about $550 billion in additional investment. His Inflation Reduction Act was enacted in August 2022.

Biden's first year in office (2021) saw strong growth in real GDP, wages, employment, stock market returns, and household net worth, coupled with an increase in inflation. During his second year (2022), the unemployment rate averaged 3.6%, the lowest since 1969. Monthly job creation averaged 400,000, with the number of persons with jobs regaining the pre-pandemic peak in June 2022. Inflation peaked in mid-2022 and remains elevated, with the Federal Reserve rapidly raising interest rates. Average weekly earnings, adjusted for inflation, declined by 3.4% since Biden took office and real median post-tax income was down 8.8 percent relative to 2021.