Bidenomics: A Mixed Bag for the Economy

President Biden is facing a critical challenge as the overheated job market begins to cool off, with the possibility of either a return to normal or a slide into recession. Biden had hoped for a mild recession in 2023 followed by a recovery by the 2024 elections, but that scenario seems unlikely. The Federal Reserve, which has already raised interest rates, may further tighten monetary policy to combat inflation, potentially impacting employment. Economists are divided on whether the slowdown in hiring is a temporary blip or a sign of an impending recession. Biden's economic prospects and the 2024 election may hinge on the outcome.