I don’t think people realize how incredibly lucky Biden has been.

The Biden administration’s initial strategy was to raise the interest rates to induce unemployment to curb inflation (based on neoclassical thinking, which everyone here already knows is wrong).

However, contrary to what they had anticipated, the interest rate hikes have caused the interest payment from US treasury to pump out a gigantic ~$1.2-1.5 trillion dollars this year! The money mostly went to the rich people, but the trickle down of the crumbs have been enough to keep the economy staying afloat. This meant unemployment were kept low and consumers continued to spend. The inflation was mostly caused by supply chain issues, so it was already transitory in nature regardless of whether there was Fed rate hikes or not.

The Bureau of Labor Statistics has a 12-month lag when it comes to housing price data, and new leases have their rents going down (as shown in the quoted tweet here), which means that high rent is still being counted in the CPI print and this will come down over the next few months.

But the inflation is practically over. Biden survived. The rich people have won. The poor people have lost the most. In fact, African Americans have seen unemployment increased, while white families (especially in the top 10%) saw their share of wealth increased. The economy didn’t crash, and all the right wing economists who predicted a recession have got it all wrong (which is what I have been saying throughout this year - no recession in the US!).