Biden’s Economic Hubris Gives Way to Humility
The president is on safe ground when he talks about stabilizing the economy, but he shouldn't try to transform it.
Is it worth the effort?
Photographer: Taylor Glascock/Bloomberg
Treasury Secretary Janet Yellen has finally admitted how badly she underestimated the inflationary threat last year. Although President Joe Biden himself continues to insist the economy is better than it looks, even he acknowledges that Americans won’t view the economy more favorably until rising prices are tamed.
He’s also offered the crucial concession that the Federal Reserve must be allowed to lead on both inflation analysis and policy. While some may see this as ducking blame, this dose of humility is an enormous improvement over the way Democrats have discussed the economy in the last year and a half.