Wei Wei said | In his inauguration year, how well did Biden accomplish the three major tasks of the US president

Wang Yiwei / Wen On January 20, 2021, local time, Biden took the oath of office and delivered a speech at the Capitol, officially inaugurating the 46th president of the United States, and it has been one year today.

How would you rate Biden's performance during the year? The author believes that the three major tasks of the US president at this stage should be combined, and compared with Trump, in order to have a relatively objective observation and interpretation of Biden's work.

In view of the fact that China's comprehensive national strength, especially its economic strength, is rapidly approaching the United States, and the two countries are seriously opposed in ideology, at this stage and for a long time to come, every US president will face three major tasks: to boost the United States, to suppress China, and to lead the world.

In the past two years, the epidemic has wreaked havoc all over the world, causing a serious impact on the global economy, and has also hit the US economy and the vitality of the US economy. Therefore, in terms of boosting the United States, whether it is Trump or Biden, their first task is to deal with the impact of the epidemic on the US economy.

Coincidentally, or rather, there is no other choice, Trump and Biden have adopted a strategy of releasing water.

On March 27, 2020, Trump signed a $2.2 trillion bill to respond to the pandemic. This is the largest stimulus bill in U.S. history.

On December 27 of that year, Trump signed another $900 billion epidemic relief bill.

By the time Biden took office as US president, the epidemic still did not ease, and the US economy still faced major challenges. Biden's approach is the same as Trump's.

On March 11, 2021, Biden signed the $1.9 trillion pandemic relief bill.

On November 15 of that year, Biden signed an infrastructure investment bill of about $1 trillion.

In line with the two presidents, the Fed launched an aggressive unlimited quantitative easing policy shortly after the outbreak began, injecting huge amounts of liquidity into the market.

The stimulus packages introduced by the two presidents and the Fed's quantitative easing policy have three consequences:

First, the U.S. economy bottomed out and performed well. In 2020, the first year of the epidemic, US GDP shrank by 3.5%, the first negative value since 2009 and the lowest since 1946. In 2021, the second year of the epidemic, authorities estimate that the US GDP will grow by 5.5% and will reach $22.8 trillion. On the same page, from negative growth in the first year of the epidemic to positive growth in the second year, this "credit" has half of Trump's contribution.

Second, the capital market is booming. In 2020, the first year of the epidemic, the Dow rose 7%, the NASDAQ rose 43%, and the S&P rose 16%. In 2021, the year after the epidemic, the Dow rose 18.73%, the NASDAQ rose 21.39%, and the S&P rose 26.89%. It is worth mentioning that on January 3, 2022, Apple's intraday market value exceeded $3 trillion for the first time, becoming the first company in the U.S. stock market with a market value of more than $3 trillion.

Third, inflation is high. In December 2021, the U.S. CPI rose 7% year-on-year, the highest since 1982. The economic community generally believes that the US CPI is still rising. In view of the high inflation, Biden called out to the Fed on January 19, suggesting that the Fed need to properly calibrate supportive policies in order to combat inflation. Prior to this, the US economic community generally predicted that the Fed may raise interest rates three times in 2022 to start a tightening policy.

In dealing with China and suppressing China, Biden and Trump's style and approach are completely different.

Trump's approach is that money opens the way, simple and rough, and the ending is reversed. Trump is a businessman by background, so he attaches great importance to practical interests. He is fighting a trade war with China in order to collect more tariffs. He signed the first phase of the economic and trade agreement with China to get China to buy more American goods. But in fact, the result of the trade war, the United States is to kill eight hundred enemies, self-inflicted losses of a thousand, more than worth the loss.

Biden, on the other hand, is completely different, and he has cold treatment of trump's economic and trade agreement with China. At the same time, Biden suppressed China from the moral high ground and pulled gangs and factions to confront China internationally. In this way, it seems that the momentum is not small, and it is also quite methodical, but the actual effect is not large.

As for leading the world, Biden is in the opposite direction compared to Trump. Trump is out of the group and doesn't play anymore. Biden is re-entering the group and rebuilding American leadership, risking the epidemic to travel the world. In this regard, Biden is much more diligent, smarter and more flexible than Trump.

Despite Biden's hard work, the American people don't seem to appreciate it. Recent surveys show that Biden's popular support has fallen to 33%.

In my opinion, it seems that the American people are not satisfied with Biden because he is not able to perform his duties, but because his personal image as president is not good. As mentioned above, Biden has not done much worse than Trump in the three major tasks of boosting the United States, suppressing China, and leading the world. However, compared with Trump's passion and Obama's energy, Biden, who often gaffes his words, is incoherent, and stumbles on the plane, is really far from the image of the "perfect president" in the eyes of the American people. This is probably the main reason why the American people are dissatisfied with him.

I hope that in the next 3 years of office, Biden will become old and strong, do better, not only to improve the US economy, but also to do a good job in Sino-US relations.

Don't put any more pressure on China, it's useless.