Assuming by “economy” we mean “wall street’s ledgers,” there could easily be a massive correction/recession/depression coming up, and the president wouldn’t make much of a difference there. What they do to recover from it could differ a lot, as seen with Trump/Biden, Bush/Obama, or any number of older examples.
It pressures the system in those cities or states, which is actual pressure to the system, just not direct pressure on the federal government. History shows you can mount pressure through local and state changes until it gets overwhelming support on a federal level.
You can make the argument there might be more effective or quicker solutions, but this is unquestionably one path toward it.