WASHINGTON (AP) – Only the president-elect remains Donald Trump put his name on it – if he wants.

Trump won the White House largely on voters’ frustration with high prices and a sense that the United States needs major changes. But when he takes office in January, Trump will inherit an economy poised for growth.

Unemployment is low, inflation is slowing, and President Joe Biden’s administration has drawn up a ready list of infrastructure projects this could move from theory to reality over the next few years. There’s the TSMC computer chip plant in Arizona, the new Hyundai electric vehicle plant in Georgia and an upgraded I-375 in Michigan, among thousands of projects in the works that will take years to complete.

All of this means it could be Trump, rather than Biden, who tells Americans he built the country back better. If he decides to let the projects move forward, of course.

Biden himself acknowledged last week that the positive economic impacts of his policies would occur after his term ends in January.

“Much of the work we have done is already felt by the American people, but the vast majority will not be, and will be for the next ten years,” he said in a speech at the Rose Garden . “It’s going to take time, but it’s here. The path forward is clear.

Trump wants to reverse Biden’s policies, but the work is already underway

While Trump, on the campaign trail, railed against Biden’s record, he gave few details about initiatives he might abandon. Trump said in September that he would “rescind all unspent funds under the misnamed name.” Inflation Reduction Act ” and said on Joe Rogan’s podcast that tariffs would do more for the manufacturing sector than the funding provided by the CHIPS and Science Act.

But Biden aides have privately told The Associated Press that they expect Trump to continue planned projects and take credit for Biden’s accomplishments, as have congressional Republicans who celebrated the opening of factories and infrastructure development in their districts but voted against.

The administration has spent millions of dollars putting up highway signs to promote Biden’s role in the projects; all Trump would have to do is relabel them with his own name. Biden aides are confident that Trump will not want to cut programs that help states he won in this year’s elections, even as Republicans try to symbolically repeal some provisions in order to help fund some of their own tax reduction plans.

Asked about this possibility, Karoline Leavitt, spokesperson for the Trump-Vance transition, said: “The American people re-elected President Trump with a resounding majority, giving him a mandate to implement the promises he made during the electoral campaign. He will deliver.

Natalie Quillian, Biden’s White House deputy chief of staff, said the administration’s programs are already starting to have a positive impact on the economy.

“We have already announced investments in 70,000 infrastructure and clean energy projects, catalyzed nearly $1 trillion in private sector investment, reduced prescription drug prices and created 1.6 million construction and manufacturing jobs,” she said. “Over the coming months, we will continue to walk the tape and ensure that Americans benefit from this President’s agenda for years to come.”

Trump enters White House as economy improves

Trump also inherits, in many ways, an increasingly healthy economy, despite his claims that conditions are miserable.

The Republican won the election with unemployment at a healthy 4.1%, inflation at 2.4% and the Federal Reserve cutting benchmark rates in a way that would support further growth. Federal Reserve Chairman Jerome Powell summed up the situation last week by saying the economy was “generally strong.”

Voters, however, felt the economy was weak. They penalized Democrats for inflation reflecting post-pandemic supply chain challenges, the impact of government aid that also spurred job growth and Russia’s invasion of Ukraine in 2022, causing a surge in energy and food prices.

Voters, however, seemed to care less about the overall inflation rate than about changes in price levels that have occurred over the past four years. Nearly 9 in 10 people identified inflation as an important factor in their choice for this year’s election, with Trump winning the clear majority of this group, according to AP VoteCast, an in-depth survey of more than 120,000 voters .

Still, economists who advised and worked with Trump before felt the economy was not as strong as early numbers suggest. They pointed to the high level of public debt that has supported growth, even though Trump himself showed little inclination to reduce deficits during his previous term in the White House.

“Government spending keeps the economy afloat,” said Joseph LaVorgna, who was the chief economist at the White House National Economic Council during Trump’s presidency.

LaVorgna also noted that much of the recent job growth has come from hiring in government and the health care sector, rather than manufacturing and other for-profit sectors.

Possible pressure to adopt renewable energy and electric vehicles

Some Republican lawmakers acknowledge that the energy tax credits that were part of the inflation reduction law were positive and should be preserved. Eighteen GOP House members sent House Speaker Mike Johnson a letter in august asking him to keep the tax credits.

Economists who support Trump also note that growth in electric vehicle sales could explode under the new administration, which has the support of Tesla CEO Elon Musk.

Trump wanted to remove Biden’s incentives for electric vehicles, which are part of the Inflation Reduction Act. But after gaining Musk’s support, Trump said he was “for electric cars…because Elon supported me very strongly.”

This simple change in Trump’s rhetoric in favor of electric vehicles could take politics out of the issue and move the new president toward a goal set by Biden, said economist Stephen Moore, an informal adviser to Trump and an economist at the Heritage Foundation. a conservative think tank.

“With Biden gone, the electric vehicle industry will make a comeback,” Moore said. “Biden made electric vehicles toxic because half the country hated Biden, the other half loved him. Those who hated Biden would not buy an electric vehicle out of conscience.”