As Biden exits, how will he be remembered for his handling of the U.S. economy?

As President Biden prepares to depart the White House, he leaves an economic legacy marked by a historic pandemic that paralyzed consumers and businesses across the U.S.

After inheriting a COVID-scarred nation in 2021, Mr. Biden focused on righting the economy, a strategy that economists told CBS MoneyWatch is visible in the country's solid GDP growth and low unemployment. By several key measures, the economy is stronger than it was four years ago: The jobless rate is near a 50-year low, wages are growing and the U.S. managed to sidestep a recession widely expected by many on Wall Street as the Federal Reserve moved to curb inflation by ratcheting up interest rates.

"He should have a strong legacy when it comes to the economy," Mark Zandi, chief economist of Moody's Analytics, said of Mr. Biden. "He inherited an economy that was flat on its back because of the COVID pandemic, and he's leaving an economy that's flying high, at least in the aggregate,"