Government spending is still at pandemic-era levels even though the emergency is long over, and that is bad news for anyone hoping a new president can quickly fix the economy.

• Today's economic problems were locked in five years ago by the lockdowns and the giant relief bills that followed.
• Government grew fast in 2021 and 2022 and never shrank back down once the crisis passed.
• Both the Trump and Biden administrations share the blame: one started the spending, the other kept it going.
• Trump's promise to "fix Biden's economy" was a mistake because no president can undo spending that is already baked in.

Outlook: Expect high government spending to keep weighing on the economy regardless of who is in the White House.