The Importance of Biden's Presidency

An analysis of President Biden's enduring impact.

Presidents with a single term often struggle to have a lasting impact on domestic policies. Political currents tend to drift away from the principles associated with leaders who don't secure a second term. Observations can be made from the experiences of Gerald Ford, Jimmy Carter, and George H.W. Bush.

Similarly, President Biden's influence has waned in some aspects. Democrats have distanced themselves from his earlier stances, such as his initial immigration policies that were linked to the increase in border crossings.

However, a significant element of Biden’s policy agenda seems poised to endure. Central to many laws he enacted is the notion that the federal government should play a more proactive role in aiding and overseeing the private sector, reversing the trend of the last fifty years.

There isn't a universal label for this approach yet. Historian Gary Gerstle has termed it the conclusion of the neoliberal era. The Roosevelt Institute, a progressive think tank, describes it as 'a new economics.' Jake Sullivan, a key adviser to Biden, speaks of it as a new agreement. In my view, it's a crucial segment of current policy directions.

Although this philosophy didn't start with Biden, he has notably guided the nation toward it. His campaign in 2020 and subsequent presidency marked a shift for the Democratic Party, moving away from decades-long advocacy for free trade by enacting tariffs against China. He initiated an industrial policy aimed at bolstering industries critical to national security, like semiconductors, and those crucial for future growth, such as renewable energy. His administration took aggressive actions against corporate dominance, inhibiting mergers, clamping down on unnecessary fees, and regulating pharmaceutical prices.

As President Biden looks to cement his legacy, these initiatives will likely be his focus.