The economy, and the debt is not as much of a problem as the growing inequalities in wealth and opportunities. Biden has two years to set his policies in motion before the citizens vote in the midterms to strengthen or deny him a majority in the upper and/or lower chambers. If anyone can tread a good compromising path in the middle, it is Biden. 2024 will be a hugely important election.
To be perfectly brutal and frank...the growing inequalities you state are largely driven by the debt...as this debt is funneled by financial sector and big corporate investments into China (providing the very easy T-bond provision given their sustained increase in productivity at the lower tiers of economy especially...things that people on welfare in US sorely lack now)...the profits and savings (of PNTR) are basically coming in that way to support the extra spending without raising taxes too much. It is not being injected from the bottom of the pyramid as it ought to be, and as it was during the largest expansion of US economy in the 20th century.
Its a gravy train thats built largely on this earlier period of 1950 - 2000....it will take quite some time to sink that boat, but it is sinkable if its not attended to this decade.
Simply throwing more money at things (like big govt does on cue from its donors) does not solve them.
Creating large lags between commited (and thus projected) liabilities and revenue is even worse as you are being raw-populist but pretending not to be (its someone elses debt after you are retired from politics). Easy to pass bills with legalese for short term vote tranches, easy to sell T-bonds to China but its hard deal for the country in long run doing this without some mid course correction.
Raw populism = debt = inequality (given proven govt gross inefficiency).
On top of that the US govt has been running a ridiculous charade of budget CR's for as long as I can remember (I think it started under Bush 2)...that allows for all kind of ridiculous spending programs. It got exacerbated by the 08/09 recession on top of all the war spending.
There is too much spending on external security (by debt) and not enough on internal security. Then there is now this rising undercurrent where the inner security provision is being blamed excessively...and its a democrat identity politics thing too. Bad combo, those things only grow with time.
It is only with internal security (good law and order), that inner cities can start and nurture good businesses (this is actually a proven phenomenon and why very few inner city black folks are actually for defunding the police).
I don't see Biden changing this (at least at the top), he's hired all the same policy wonks in his cabinet that drove this mess in first place (under both Bush 2 and Obama and even Trump).
A lot of it isnt even federal govt purview, but state govt (and that needs democrat states to take control of their cities security, infra and basic welfare past the posh areas). Control is hard work...and again cannot be achieved by simply throwing more money (at the same corrupt folks running those city areas).
Just like you cant raise money (beneficially for the economy) by simply taxing liquidity more and more...given after a fairly early point there is vast diminishing returns behind how a govt uses liquidity compared to the free market. This is what the far-left really doesnt understand for example, if you tax the rich + corporates more and more, they run out of liquidity and you enter into nationalisation of fixed assets (how can they after all sell such assets to raise liquidity for taxes?...if you have starved the market for such assets of such liquidity in first place). This is the basic route to why socialism fails when you apply way too much.
The govt (well past Biden) has to define what its scope actually is rather than seeking to enter into everything on offer which just lends sustenance to certain groups to push their culture war even further, which aggrieves traditionalists even more.
This all needs the volume setting on wedge issues dialed down at least 5 times for starters...but that hits mainstream media and social media profits....and all the best buddy (of political class) donor groups.
If Biden/Harris actually push a scrapping-filibuster vote and court-packing vote (like dems have been threatening/promising) given they now have tie-breaker control of the senate, I will know for sure they are far more interested in the wedge issues and culture war rather than any semblance of centrism and fiscal prudence. At that point it will just come down to Joe Manchin siding with GOP on those radical agenda stuff I guess. God save the republic if it comes to that....a west virginian moderate democrat that knows he is representing republican heavy state.