Counting the Cost

Joe Biden one year: How has the US economy fared?

Unemployment is down, but inflation is up – and Americans are not happy about it.

There are many metrics that define a successful first year in office, and when you add in a pandemic, there is even more to navigate. Joe Biden, who began his tenure as US president in January 2021, and his team say it has been a success.

The US economy recovered from the pandemic faster than most others. Based on some of the 10 main market indicators, the economy has improved more during Biden’s first year than any of his predecessors in the past 50 years. The stock market is thriving, unemployment is down and wages are up. But inflation has recorded the biggest 12-month gain for 40 years.

Elsewhere, we look at why Turkish President Recep Tayyip Erdogan has cut interest rates despite spiraling inflation.