Who Deserves Credit For Positive Economic Reports?

Recent reports have sparked optimism regarding the state of the United States economy, with inflation slowing without rising unemployment. Has the economy avoided a sizable recession, and if so, who deserves credit for the good news?

“Soft Landing”: In a piece for the New York Times Opinion (Left bias), Paul Krugman (Left bias) determined that economic reports indicate the U.S. is “heading for a soft landing — a return to acceptable inflation without a large rise in unemployment.” Krugman determines remaining economic uncertainty to partially be because “Republicans are more or less in denial, no doubt worried that they may be losing pretty much their only substantive campaign issue.” Despite this, he argues that if the current course of the economy continues, it will “be hard to avoid the conclusion that recent economic policy has, all things considered, been pretty darn good.”

“Against Biden’s Wishes”: In an opinion piece for the Washington Examiner (Lean Right bias), Brad Polumbo (Lean Right bias) pushed back on praise for President Biden’s economic policy. He argues that “inflation is falling in part due to factors outside Biden’s control,” citing actions such as the Federal Reserves’ decisions to raise interest rates. Additionally, Polumbo pointed to a decrease in federal spending as contributing to positive economic news, stating, “this decline in spending happened against Biden’s wishes; it has occurred in part because the Republican-controlled House wouldn’t pass the additional spending Biden wanted.”