US President Joe Biden’s first months in office have been impressive. The number of Covid-19 vaccines administered is more than twice what he promised and the spread of the virus has slowed sharply. In the first quarter of this year, the US economy grew by 6.4% (the fastest quarterly rate since 1984), owing to monetary and fiscal stimulus and the broader reopening of the economy.

Economists at Goldman Sachs expect the 2021 US growth rate to be the fastest in three decades and recent research by the McKinsey Global Institute finds significant acceleration in productivity growth to follow. Under Biden, consumer confidence has rebounded, with 55% of voters feeling good about the state of the economy, up from 43% when he took office and 34% in May 2020.