WASHINGTON (AP) — All that’s left is up to the president-elect Donald Trump He can put his name on it if he wants.

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

The unemployment rate is low, inflation is falling, and President Joe Biden’s administration has a ready-made list. infrastructure projects It could go from theoretical to reality in the next few years. Among the thousands of projects that will take years to complete are a TSMC computer chip factory in Arizona, a new Hyundai electric vehicle plant in Georgia and a modernized I-375 in Michigan.

All of this means it could be Trump, not Biden, who will tell Americans he’s rebuilding the country better. Of course, if he allows the projects to continue.

Biden acknowledged last week that the positive economic effects of his policies would emerge after his term ends in January.

“Most of the work we do is already being felt by the American people, but the vast majority of it will not be felt, it will be felt in the next 10 years,” he said in a speech in the Rose Garden. “It will take time, but it is there. “The path ahead is clear.”

Trump wants to reverse Biden’s policies but construction is already underway

While Trump railed against Biden’s record on the campaign trail, he offered few details about what initiatives he might cancel. Trump said in September that he would “cancel all unspent funds under the misnamed funds.” Inflation Reduction Act ” and said on Joe Rogan’s podcast that tariffs would do more than just fund manufacturing. CHIPS and the Science Act.

But Biden aides told The Associated Press privately that they expect Trump to continue with planned projects and take credit for Biden’s accomplishments; just as Republicans in Congress celebrate and vote against facility openings and infrastructure developments in their districts.

The administration has spent millions of dollars posting road signs to promote Biden’s role in the projects; All Trump has to do is relabel them with his name. Biden aides are confident that Trump won’t want to cut programs that help states he won in this year’s election, even if Republicans try to make a token repeal of some of the provisions to finance some of their own tax-cut plans.

When asked about this possibility, Karoline Leavitt, spokeswoman for the Trump-Vance transition, said: “The American people re-elected President Trump by a landslide, giving him the authority to implement the promises he made on the campaign trail. He will deliver.”

Natalie Quillian, Biden’s White House deputy chief of staff, said the administration’s programs are already making a positive difference for the economy.

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

Trump enters White House as economy recovers

Trump also inherits an economy that is, by most measures, increasingly healthy, despite claims that conditions are dire.

Republicans won the election with a healthy unemployment rate of 4.1%, inflation of 2.4% and the Federal Reserve lowering benchmark interest rates, which could support additional growth. Federal Reserve Chairman Jerome Powell summed it up last week by saying the economy was “generally strong.”

But voters thought the economy was weak. They chastised Democrats for inflation that reflects post-pandemic supply chain challenges, the impact of government aid that has also stimulated job growth, and Russia’s invasion of Ukraine in 2022, which has caused increases in energy and food prices.

But voters appeared to be less interested in changes in price levels over the past four years than in the overall inflation rate. According to a comprehensive survey of more than 120,000 voters by AP VoteCast, nearly 9 in 10 respondents said inflation was an important factor for their preferences in this year’s election; Trump won a clear majority in this group.

Still, economists who advise Trump and have worked with him before think the economy is not as solid as the numbers suggest. Although Trump was less than eager to reduce budget deficits during his previous tenure in the White House, they emphasized the high levels of government debt driving growth.

“Government spending is keeping the economy afloat,” said Joseph LaVorgna, chief economist for the White House National Economic Council during Trump’s presidency.

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

Potential pressure to adopt renewable energy and electric vehicles

There is recognition among some Republican lawmakers that the energy tax credits that are part of the Inflation Reduction Act are positive and should be preserved. Eighteen GOP House members sent a letter to House Speaker Mike Johnson. letter in august He wants it to preserve tax credits.

Economists who support Trump state that the new administration, which has the support of Tesla CEO Elon Musk, may also increase the sales growth of EVs.

Trump wanted to remove Biden’s incentives for electric vehicles, which are part of the Inflation Reduction Act. But after receiving Musk’s endorsement, Trump said he was “in favor of electric cars because Elon supported me so strongly.”

Economist Stephen Moore, an informal Trump adviser and an economist at the Heritage Foundation, a conservative think tank, said this simple change of having Trump talk about electric vehicles could take politics away from the issue and cause the new president to achieve a goal set by Biden.

“With Biden gone, the electric vehicle industry will make a comeback,” Moore said. “Biden made electric vehicles toxic because half the country hated Biden and half loved him. Biden haters wouldn’t buy electric vehicles out of conscience.”