President-elect: Inheriting an economy in disrepair

“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.


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