Bidenomics: Despite economic progress, Biden’s low ratings persist.
President Biden’s Economic Approval Ratings Stagnate Despite Positive Economic Indicators
President Joe Biden’s economic approval ratings have hit a roadblock, even as the economy shows signs of improvement. This presents both a puzzle for his allies and an opportunity for his rivals.
The White House has launched a political blitz, promoting “Bidenomics” to highlight the positive aspects of the economy and connect the president to the good news. The hope is that voters will be convinced to reelect Biden in 2024 as they see the economy in a better light. However, this hasn’t happened yet.
Challenges in Boosting Economic Approval Ratings
According to an aggregation of polls by RealClearPolitics, only 38.3% of people approve of Biden’s handling of the economy, while nearly 58% disapprove. A recent CBS News/You Gov poll found that Biden’s economic approval has fallen to 34%, tying the lowest point since the start of his presidency.
Despite these low approval ratings, key economic indicators paint a different picture. Unemployment stands at a historically strong 3.7%, and the economy has been adding an average of over 278,000 jobs per month this year.
However, inflation has been a major concern during Biden’s tenure, with rates not seen since the 1960s and 1970s. This has led to increased expenses for households across the board.
Surprisingly, even as inflation has decreased, Biden’s approval ratings have not improved. Annual inflation, as measured by the consumer price index, dropped from nearly 9% last June to just over 3% this June. Additionally, voters have not given him credit for avoiding the recession that many economists predicted would follow the Federal Reserve’s aggressive monetary tightening cycle.
One theory for the lack of improvement in Biden’s ratings is that the recent economic improvements may not have trickled down to voters yet. It might take some time for Biden’s economic approval ratings to reflect the positive news of recent weeks and months.
Economist Justin Wolfers from the Brookings Institution suggests that it has taken time for people to recover from the difficulties of the past few years and recognize the strength of the current economy. Prime-age workers are employed at higher rates than in over 20 years, indicating a stronger economy.
Casey Burgat, legislative affairs program director at George Washington University, believes that after years of negative economic news, voters may still feel pessimistic. The uncertainty caused by the pandemic, high inflation, and fluctuating gas prices and stock market have painted a challenging picture that is hard to overcome.
Republican Criticism and Polarization
Republicans have criticized the Biden administration for the inflationary pressures experienced in 2021. They argue that despite recent cooling, prices remain significantly higher than when Biden took office.
For example, the cost of gasoline has increased by 60% since January 2021, and boneless chicken breast and used car prices have also risen significantly.
Alfredo Ortiz, president and CEO of Job Creators Network, points out that credit card debt is at record levels, and savings levels are extremely low.
While the White House highlights positive economic indicators, Republicans are emphasizing the negative aspects and price increases since Biden’s inauguration.
Polarization has grown among voters, making it challenging to accurately gauge public sentiment. People’s responses to economic questions often reflect their political affiliations rather than their true assessment of the economy.
Recent polling supports this notion, with only 13% of Republicans believing the economy is in good shape compared to 47% of Democrats, according to a survey by the Associated Press-NORC Center for Public Affairs Research.
Despite the efforts of the White House and Biden’s economic agenda, the challenge remains to sway public opinion and improve economic approval ratings.
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