What can we expect from Bidenomics? On a first judgement, this will be a cautious, pro-business administration

President-elect Biden will seek to tackle urgent social and environmental challenges but he will be mindful that without a strong economy any efforts to do so will be in peril, writes Hamish McRae

Slow down: US fiscal and regulatory policies under President-elect Biden will be constrained by what Congress will pass (Getty)

So it is to be Bidenomics. But it will be Bidenomics Lite. The US economy is a big beast but it has taken a huge knock and it will be months before the new administration is fully in place.

Assuming that the Republicans retain control of the Senate, Joe Biden will be a weak president, one that particularly has to do deals with Congress. He will be good at that, which is a source of optimism. But US fiscal and regulatory policies will be constrained by what Congress will pass – and remember it is not only the Senate that will hold the president back, for the swing towards the Republicans in the House will set everyone thinking about the midterms, too.  

So what does this mean for the US economy, and the rest of us? Five points to consider.