And like FDR, Biden wanted his presidential legacy to be that of a transformative figure, lifting America out of the depths of COVID-19 and Trumpism toward a new era of prosperity.

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As the deficit reached $1.832tn in the year to September 2024, it is clear that the right ballpark figure to have in mind for the annual imbalance in the US’s public finances is $2tn, not $1tn.

To friends and advisors, Joe Biden regularly compared his presidency to FDR’s. Both men took office during a global economic crisis and soaring national unemployment. Both passed major spending ...

To friends and advisors, Joe Biden regularly compared his presidency to FDR’s. Both men took office during a global economic crisis and soaring national unemployment. Both passed major spending bills ...

And like FDR, Biden wanted his presidential legacy to be that of a transformative figure, lifting America out of the depths of COVID and Trumpism towards a new era of prosperity.