:max_bytes(150000):strip_icc()/JoeBideneconomicplan-8b9e2212ba65477e90647d5b2d738859.jpg?w=1170&resize=1170&ssl=1 "President Biden’s Campaign Promises and Track Record")
During the 2020 and 2024 presidential races, Joe Biden campaigned on economic platforms that included strategies to support the middle class, extend health care, raise taxes on the wealthy, and invest trillions of dollars in green energy infrastructure.
As President, Biden won major economic victories by enacting the American Rescue Plan Act of 2021 and the Inflation Reduction Act, passed in August 2022.
Key Takeaways
- Joe Biden’s 2020 and 2024 campaigns included commitments to student debt relief, COVID-19 recovery, taxation of the wealthy, and investments in clean energy.
- President Biden signed into law the $1.9 trillion American Rescue Plan in 2021.
- Student loan relief and Federal Trade Commission proposals faced challenges.
Campaign Promises
During the 2020 presidential race, Biden ran on an economic campaign aimed at delivering relief in response to the COVID-19 pandemic; spurring investments in technology, infrastructure, and research and development; boosting domestic manufacturing; raising the corporate tax rate; canceling student loan debt; and lowering medical costs.
President Biden sought re-election in the 2024 presidential race, before dropping out on July 21, 2024. Throughout his campaign, the Biden campaign emphasized the progress and milestones reached under his administration’s economic plan, Bidenomics.
Biden’s proposals included increasing the corporate tax rate and restoring the expanded Child Tax Credit. The president had also proposed a first-time homebuyer credit to lessen the burden of housing costs on families. He opposed cuts to Social Security and Medicare while proposing a minimum 25% tax on billionaires.
Successes and Challenges
The American Rescue Plan
President Joe Biden formally announced his $1.9 trillion COVID-19 stimulus plan on Jan. 14, 2021, and it passed on March 11, 2021. It included $1,400 stimulus checks, extended unemployment benefits, and a vaccine rollout.
- Direct Aid: Worth $1 trillion, aid included stimulus checks, eviction or foreclosure moratoriums that expired on July 31, 2021, $21.5 billion in emergency rent, almost $10 billion in mortgage assistance, and $5 billion in emergency assistance for people experiencing homelessness. Child care and food program funding and the child care tax credit were expanded.
- Public Health Efforts and Schools: The American Rescue Plan included $20 billion for a national vaccination program, $50 billion for an expansion of testing, $30 billion for the Disaster Relief Fund for personal protective equipment, and $130 billion to open most schools.
- Front-Line Relief: The funding helped governments deal with revenue shortfalls to keep front-line public workers on the job, small business grants and loans, and $20 billion for public transit agencies.
- IT Modernization: Congress also approved almost $2 billion to modernize and secure federal information technology.
Health Care
Biden supported the Affordable Care Act and campaigned to protect health care policies. Through the Inflation Reduction Act, Medicare could negotiate drug prices. Additionally, through the American Rescue Plan, healthcare plans became more affordable, driving enrollment for middle-income people and reducing the uninsured rate.
Student Debt
In August 2022, Biden called for forgiving up to $20,000 in student loan debt for borrowers whose income is less than $125,000 and who were Pell Grant recipients. For those who were not Pell Grant recipients, the cancellation amount was up to $10,000. However, the Supreme Court struck down President Biden’s attempt to forgive more than $430 billion in student loan debts.
In response, President Biden initiated the Saving on a Valuable Education (SAVE) Plan, an income-driven repayment (IDR) plan for student loan borrowers. Its benefits included setting monthly payments, changing the discretionary income formula, and halting the capitalization of unpaid interest.
On July 18, 2024, a federal appeals court blocked the SAVE plan and the Department of Education moved borrowers enrolled in SAVE into an interest-free forbearance while the litigation is ongoing. As of Jan. 2025, eligible borrowers may only enroll in PAYE (Pay As You Earn) and ICR (Income-Contingent Repayment) Plans.
Workers’ Rights
In April 2024, the Federal Trade Commission approved a broad ban on non-compete clauses in employment contracts. On Aug. 20, 2024, a district court stopped the FTC from enforcing the rule. As of Feb. 2025, an appeal is pending.
Made in America
President Biden signed the CHIPS and Science Act of 2022, which invested $250 billion in domestic semiconductor manufacturing and research. The Inflation Reduction Act also spurred private sector investment in U.S. clean energy manufacturing. In March 2024, the Department of Energy announced $6 billion in funding for projects aimed at decarbonization and domestic job creation in the manufacturing sector.
Infrastructure and Climate Change
The $1.2 billion Infrastructure Investment and Jobs Act provided $550 billion for rebuilding roads and bridges, improving public transit, replacing lead pipes, addressing drinking water contamination, and expanding access to high-speed internet. Biden had promised to rejoin the Paris Agreement, which he did in January 2021.
In January 2025, President Trump withdrew the United States from the Paris Agreement.
The American Middle Class
Revitalizing the middle class and making it more inclusive was a cornerstone of Biden’s campaign. “The country wasn’t built by Wall Street bankers, CEOs, and hedge fund managers. It was built by the great American middle class,” he said at a rally kicking off his 2020 campaign.
During Biden’s first term, the unemployment rate hit a record low. However, it was tempered by persistent inflation following the pandemic. In response, the Biden administration targeted firms for price-gouging, as well as the practice of charging consumers junk fees.
Rural communities make up 20% of the U.S. population and were part of Biden’s goals. By fighting for fair trade deals, investing $20 billion in rural broadband infrastructure, creating low-carbon manufacturing jobs, reinvesting in agricultural research, improving access to federal resources and funds for farming or small businesses, and expanding health services and medical training programs, Biden ushered in policies to assist those in areas with persistent poverty.
How Did the Biden Administration Help Stimulate the Market for Electric Cars?
Biden’s Infrastructure Investment and Jobs Act invested $7.5 billion to build a national network of 500,000 electric vehicle chargers, to make charging predictable, reliable, and easy. As of 2024, the number of publicly available EV chargers reached 192,000.
Did Biden’s Policies Help Medicare?
The Biden administration bolstered Medicare recipients through the Inflation Reduction Act, which lowered premiums for Medicare Advantage and Medicare Part D prescription drug plans.
What Is a Student Loan Income-Driven Repayment Plan?
Income-driven repayment plans are designed to make a borrower’s student loan debt more manageable by giving them a monthly payment based on income and family size.
The Bottom Line
In the 2020 general election, Biden’s campaign positions included higher taxes on the wealthy, student loan forgiveness, and investments in clean energy. President Biden signed notable legislation such as the American Rescue Plan and the Inflation Reduction Act.
