Biden’s Legacy

The U.S. economy expanded at a healthy annual 2.4% pace the final three months of 2024, supported by a year-end surge in consumer spending, the government upgraded of its previous estimate of fourth-quarter growth. For all of 2024, the economy — the world’s biggest — grew 2.8%.

Trump has caused chaos and confusion. U.S. consumer confidence is sliding sharpy over anxiety about tariffs and inflation, and retailers are lowering their expectations for the year, saying that customers are pulling back on spending because of Trump’s policies.