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Biden Gets Big Economic Win as Inflation Threatens Legacy

  • Historic changes set for industry, investment, social programs
  • But surging consumer prices likely undermine political gains
Joe Biden 

Joe Biden 

Photographer: Mandel Ngan/AFP/Getty Images
Updated on

President Joe Biden raised the final pillar of his economic agenda with the Senate’s passage of a breakthrough climate and tax package, sealing a legacy that risks being undermined by an inflation surge he’s blamed for sparking.

The success of the Inflation Reduction Act will give Democrats a rallying cry for midterm elections and joins three other key bills as a foundation of what might be called Bidenomics: a combined $3 trillion push to reshape the US economy toward working families and domestic manufacturing, boost competition against China and avert the kind of stunted recovery Biden saw as vice president.