The tragedy of Joe Biden is that people see his age, his frailty and his ailing poll numbers and they miss the bigger story. Which is that his has been a truly consequential presidency, even a transformational one. In less than three years, he has built a record that should unify US progressives, including those on the radical left, and devised an economic model to inspire social democratic parties the world over, including here in Britain.

Sadly for Biden, politics and government are different things: it takes more than a record of good governance to get reelected. For one thing, voters cast their ballots less as a verdict on the past than as an instruction (or hope) for the future. And the fear, shared by 76% of Americans, according to a poll this week, is that Biden, who would be 86 at the end of a second term, is simply too old to lead them there. Put aside the fact that his near certain opponent in November 2024, Donald Trump, is only three years younger. Trump has a presence and vigour, an ability to project himself, that Biden does not. And that simple fact affects – distorts – the entire way the Biden administration is seen. As one observer puts it, “the vibes are off”.

The challenge for Democrats is to use the 14 months between now and election day to get past that, to point out the malignancy of Trump and the danger a second Trump presidency would represent to the republic and the world – and also to make the positive case for what we might call Bidenism. Luckily, that is not a hard case to make.

That’s because, though elected to be no more than a calm hand on the tiller, a stopgap, interim leader who might allow the country to steady itself after four years of Storm Donald, Biden has confounded that expectation. He has none of the stage presence of his old boss, Barack Obama – who never had any trouble with vibes – but he can already claim to have achieved much more.

Top of the list is, characteristically, something that sounds boring but is of enormous significance: the Inflation Reduction Act, passed last year. That seemingly technocratic piece of legislation actually achieves two epochal goals. First, it hastens the day the US makes the break from fossil fuels – by making clean energy not only the morally superior option for both industry and consumers, but the financially superior one too.

It does that through a massive raft of tax breaks, subsidies and incentives all designed to encourage the production of wind turbines, solar panels, ever improving battery technology, geothermal plants and the like, along with tax credits aimed at making electric cars irresistible even to those middle-American consumers more concerned about their wallets than the burning planet.

The estimated cost of $386bn is huge, but that’s not a limit on how much Biden has committed to spend. On the contrary, if the demand is there for solar panels or electric vans, Biden’s law obliges the US government to keep spending. A calculation by Credit Suisse reckoned the figure could rise to $800bn, which will in turn unleash $1.7tn in private-sector spending on green technology. Small wonder that everyone from environmental activists to Goldman Sachs hailed the act as a “gamechanger” in the fight to tackle the climate emergency.

But the second goal of the legislation is almost as significant. Biden insisted that this surge in green manufacturing would happen inside the US, thereby reviving industrial towns and cities in decline since the 1980s. It is US factories that are getting the subsidies to build all this clean tech – alongside an earlier, huge package of infrastructure spending – restoring jobs to workers who had long been written off.

The Inflation Reduction Act is the centrepiece of Bidenomics, an approach that resurrects Democratic principles discarded in the Bill Clinton years, seemingly for ever: old-school industrial policy centred on an activist state making serious public investment in manufacturing; muscular regulation of corporations; and warm encouragement of unionised labour. (“When unions win, Americans across the board win,” says Biden.) Which is one reason why the AFL-CIO trade union, echoing Goldman Sachs, also hailed the act as a “gamechanger” for working people.

The passage of the legislation – all the more remarkable given a Senate then split 50-50 between the parties – and its impact are set out in an outstanding new book on the Biden presidency, The Last Politician by Franklin Foer. He describes how Biden, whose hands were already full with the Covid pandemic and the aftermath of the January 6 insurrection, was not content simply to be a caretaker manager, troubleshooting crises. Instead, “he set out to transform the country through some of the biggest spending bills that have ever been proposed”, Foer told me when we spoke this week.

The result is that Biden has “redirected the paradigm” of US economic life in a way that will affect Americans “for a generation”. While Obama and Clinton were “deferential to markets”, says Foer, Biden has reversed “the neoliberal consensus” in place since the Ronald Reagan era. He doesn’t leave corporations alone; he gets stuck in, taking on de-facto monopolies, reviving “anti-trust” policies that had long been abandoned. (“Capitalism without competition isn’t capitalism,” insists Biden. “It’s exploitation.”) “Like Reagan, Biden is resetting the economic trajectory of the nation,” adds Foer. “In fact, as a matter of substance, he is the most transformational president since Reagan.”

Internationally, the change is not as dramatic, but Biden is credited with bringing stability after the chaos and dictator-coddling of the Trump years and, especially, for building and maintaining a western alliance in support of Ukraine as it defends itself against Russian imperialism. Others admire his handling of China: robust, without crossing the line where a cold war turns hot.

There’s more to the Biden record than this, of course. Inflation is not at European levels, but Americans are feeling the cost of higher prices. And plenty had their confidence in the president shaken two summers ago, when they saw images of a scrambled, chaotic US withdrawal from Afghanistan, to say nothing of the climate activists who cannot forgive his approval of an oil-drilling project in Alaska. His poll numbers point to a grim truth about politics: that it can be a cruel business. No matter how strong his record, Biden looks older and shakier than Trump and he is less entertaining. And those may be reasons enough for him to lose.

For now, the Biden presidency is a reminder of why politics matters, why political skills matter, including the dark, sometimes ugly arts of getting legislation passed, often through painful compromise. It also suggests a possible, unexpected formula for success, one Labour might study closely: campaign in reassuring prose, but govern in radical poetry. Biden was no one’s idea of a fire-breathing leftist: that’s one reason why he was able to win. But once you’re in, you can dare to be bold. Once you have power, be sure to use it.