The writer is professor of business at Columbia Business School

There is much riding on the upcoming US presidential elections for investors. As Joe Biden prepares to leave the White House, he leaves an admirable economic legacy that has underpinned a strong investing environment.

Under Biden, 15mn jobs were added to the US economy, the current 4 per cent unemployment rate is the lowest rate in decades, and GDP in absolute terms is at the highest level ever. So, too, are corporate profits and share prices, which have risen around 45 per cent since Biden’s inauguration. The dollar has been strong against all other major currencies. Inflation, now around 3 per cent, is well below its post-pandemic peak. The average household is enjoying gains in inflation-adjusted disposable income, which bodes well for future growth.