All the Good Economic News Vindicates Bidenomics
Paul Krugman
It's hard to overstate just how good recent economic numbers have been.
On Friday, we learned that job growth is still solid while unemployment remains historically low. I think it's safe to say that Donald Trump's 2020 prediction that a Joe Biden presidency would mean a "depression" - a claim he's now repeating by predicting a "great depression" if Kamala Harris wins - didn't come true.
A week earlier we learned that inflation has continued to decline and is now more or less at the Federal Reserve's target of 2 percent. This success has defied the view, held by many economists just a couple of years ago, that disinflation would require years of high unemployment.
So does this good news vindicate Bidenomics? I would say yes - but not quite the way you might imagine.
The good economic news confirms that you can do well while doing good, that America can prosper in the present while preparing for the future by aiding children, building infrastructure, promoting the energy transition and more.
And that, at a fundamental level, is what Bidenomics was about - the assertion, now vindicated, that progressive policies can go hand in hand with prosperity.
