Joe Biden’s Presidency, Major Policies, and Financial Impact

Joseph Robinette Biden Jr. was elected as the 46th president of the United States in 2020 and served from January 2021 to January 2025. He is a seasoned politician with decades of experience in the U.S. Senate and two terms as vice president under Barack Obama.

Key Takeaways

• Biden served as the 46th president from 2021 to 2025, guiding the U.S. through the COVID-19 pandemic and a complex global landscape.
• His administration passed major legislation on infrastructure, climate, and pandemic relief while facing setbacks on student loan forgiveness and social reform.
• Biden emphasized diplomacy, equity, and stability, positioning his presidency as a corrective chapter following years of national division.
• Although he initially sought reelection, Biden dropped out of the race in July 2024 in favor of Vice President Harris.

Biden took office amid historic challenges, including a global pandemic and intense political polarization. His presidency focused on rebuilding the economy, advancing social equity, restoring international alliances, and implementing climate and infrastructure reforms.

Early Life and Political Career

Born in Scranton, Pennsylvania, on Nov. 20, 1942, Biden was raised in a working-class family that later relocated to Delaware. He earned his undergraduate degree from the University of Delaware and a law degree from Syracuse University in 1968. His political career started in 1970 when he was elected to the New Castle County Council. In 1972, at 29, Biden won a seat in the U.S. Senate, becoming one of the youngest people ever elected to the chamber.

Over his 36 years in the Senate, Biden built a reputation as a bipartisan negotiator and expert on foreign policy. He chaired the Senate Judiciary and Foreign Relations Committees and was instrumental in legislation ranging from crime bills to arms control agreements.

Presidential Campaigns

Biden made three runs for the presidency. His 1988 campaign ended early amid allegations of plagiarism and misstatements about his academic record. A second attempt in 2008 was short-lived, but it led to his selection as Obama’s running mate. For the 2020 election, after initially staying out of the race, Biden launched a campaign framed as a “battle for the soul of the nation,” ultimately winning the Democratic nomination and defeating incumbent President Donald Trump in a contentious election.

Biden secured more than 81 million votes—the highest popular vote total in U.S. history—and won the Electoral College 306 to 232. Kamala Harris, his running mate, became the first woman, Black person, and Asian American to serve as vice president.

Major Policies and Initiatives

During his presidency, Biden pursued an ambitious domestic agenda and tackled multiple crises simultaneously—from the COVID-19 pandemic to economic instability and climate change—while advancing legislative efforts across healthcare, infrastructure, and social policy.

COVID-19 Response

Biden assumed office during the COVID-19 pandemic. His administration launched a federal vaccination campaign, distributed free at-home test kits, and passed the $1.9 trillion American Rescue Plan to provide direct relief to individuals, fund vaccine distribution, and support schools and small businesses. The plan included expanded unemployment benefits, child tax credits, and state and local government aid.

Economic Policies

Beyond pandemic relief, Biden prioritized long-term economic recovery and infrastructure investment. In November 2021, he signed the $1.2 trillion Infrastructure Investment and Jobs Act, aimed at modernizing roads, bridges, transit systems, broadband internet, and water infrastructure. The Inflation Reduction Act, signed in 2022, addressed healthcare costs, corporate taxes, and clean energy investment.

Despite these efforts, inflation surged due to global supply chain disruptions and geopolitical tensions, reaching a high of 9% in June 2022. Inflation eased over subsequent years, but the administration continued to face criticism over the pace of price increases.

9%

The annualized inflation rate in June 2022, as measured by the consumer price index. The last time inflation had reached that level was in 1981.

Healthcare and Social Policies

Biden supported expanding access to healthcare by strengthening the Affordable Care Act (ACA). His administration increased subsidies for ACA plans, expanded enrollment periods, and proposed a public option that ultimately did not come to fruition.

On social policy, Biden advocated for universal pre-K and paid family leave. While Congress did not fully enact these proposals, the Biden administration reported progress in other priorities such as broadening access to high-speed internet and clean water. He also reauthorized the Violence Against Women Act with expanded protections and funding.

Climate and Environmental Policies

Climate change was a central pillar of Biden’s domestic and foreign agenda. On his first day in office, he re-entered the Paris Agreement. His administration set ambitious targets: cutting U.S. greenhouse gas emissions by 50% to 52% from 2005 levels by 2030 and achieving a net-zero emissions economy by 2050.

The Inflation Reduction Act included unprecedented investments in clean energy, electric vehicle infrastructure, and environmental justice. Biden also established the National Climate Task Force to prioritize climate change in policy-making and budget processes.

Note

The total number of jobs increased every month that Biden was in office. At the end of his term, the unemployment rate was 4.1%.

Foreign Policy and National Security

Biden sought to restore traditional U.S. alliances and reestablish a multilateral approach to global issues. He emphasized diplomacy over confrontation and reengaged with NATO, the G7, and the United Nations. Shortly after assuming office, Biden extended the New START nuclear arms treaty with Russia through 2026, though Russia later suspended its participation.

In 2021, Biden ordered the full withdrawal of U.S. troops from Afghanistan, ending a 20-year military engagement. The chaotic evacuation from Kabul drew bipartisan criticism but fulfilled a long-standing pledge to end America’s longest war.

Biden’s administration prioritized support for Ukraine following Russia’s 2022 invasion, committing billions in military and humanitarian aid. He also provided substantial military support for Israel’s war in Gaza, despite some opposition from Democratic voters.

Social and Civil Rights

Biden’s presidency marked a shift in federal support for LGBTQ+ rights, racial equity, and reproductive healthcare. His administration reversed the ban on transgender people serving in the military and issued executive orders to combat anti-LGBTQ+ discrimination.

In response to the Supreme Court’s 2022 decision overturning Roe v. Wade, Biden issued multiple executive actions to expand access to contraception and protect reproductive rights where possible under federal law. His administration also supported police reform and pushed for legislation to address systemic racial inequities in housing, education, and the justice system.

Challenges and Controversies

Biden’s term was shaped by deeply polarized politics and recurring challenges—including a divided Congress, legal battles over student loan forgiveness, and criticism of immigration enforcement. The Supreme Court blocked his effort to cancel up to $20,000 in student loan debt per borrower, and the administration introduced the Saving on a Valuable Education (SAVE) plan, a revised income-driven repayment program that became tied up in litigation.

Biden’s approval ratings fluctuated during periods of economic uncertainty, and his 2024 reelection campaign faced pressure from both the political right and the progressive wing of his party. Biden ultimately dropped out of the race in July 2024, following a dismal debate performance that raised questions about his mental acuity. Vice President Harris succeeded him as the Democratic candidate, but her election campaign could not gain momentum in the three remaining months of the election cycle.

Legacy and Impact

When he took office, Biden pledged to restore stability in American politics and prioritized healing divisions at home and abroad. His administration delivered broad legislation on infrastructure and climate, made significant progress on pandemic recovery, and expanded rights and protections for historically marginalized groups.

As the pandemic eased, Biden oversaw an economic revitalization that propelled the S&P 500 to new all-time highs. Employment increased steadily, defying expectations of a slowdown.

However, consumer prices also spiked due to the expansion of federal spending and pandemic fiscal policy. Although inflation slowed later in his term, prices remained high and were weaponized by opponents during the 2024 election.

The Bottom Line

From managing a once-in-a-century pandemic to reshaping domestic and international priorities, Biden’s presidency was marked by both traditional leadership and contentious political challenges. His approach emphasized coalition-building, institutional respect, and long-term investment, leaving behind a legacy of recovery and resilience, despite unfinished reforms.