The New York TimesThe New York Times

This Presidency Isn’t Turning Out as Planned

By Ezra Klein

16 Jan 2022 · 5 min read

Joe Biden was Barack Obama’s vice president. His Treasury secretary, Janet Yellen, was Obama’s pick to lead the Federal Reserve. The director of Biden’s National Economic Council, Brian Deese, was deputy director of Obama’s National Economic Council. His chief of staff, Ron Klain, was his chief of staff for the first two years of the Obama administration and then Obama’s top Ebola adviser. And so on.

The familiar names and faces can obscure how different the new administration, in practice, has become. The problems Biden is facing are an almost perfect inversion of the problems Obama faced. The Obama administration was bedeviled by crises of demand. The Biden administration is struggling with crises of supply.

Sign in to informed

  • Curated articles from premium publishers, ad-free
  • Concise Daily Briefs with quick-read summaries
  • Read, listen, save for later, or enjoy offline
  • Enjoy personalized content