The Russia-Ukraine War
In Feb. 2022, Russia launched a full-scale invasion of Ukraine. The Biden Administration responded with intense economic sanctions on Russia and sent funds and ammunition to Ukraine. Despite early expectations of a quick Ukrainian defeat, the war is still ongoing, as Russia has been unable to capture the capital city of Kyiv.
The economic ramifications of the Russian sanctions played a role in 2022’s significant rise in inflation, food prices, and energy cost. In Aug., Biden signed both the CHIPs and Science Act and the Inflation Reduction Act, which included many reworked provisions of the Build Back Better Act and funding for the United States manufacturing of modern technology.
Despite the significant reduction of inflation by 2024, the Biden Administration would hold a poor economic reputation for the remainder of its term. (Photo: Drew Angerer, Pixabay)