President Biden’s economic record has been the focus of his summer promotional efforts, yet recent polling indicates that his endeavors might not be resonating with the American public. A slew of late-summer surveys, unveiled in recent days, demonstrates that most Americans harbor doubts about his economic stewardship, potentially casting shadows over his political prospects.
In the most recent Wall Street Journal poll, only 37% of respondents expressed approval of President Biden’s handling of the economy, while a significant 59% voiced disapproval. These numbers closely resemble previous iterations of the same poll, with April figures showing 38% approval and 60% disapproval and March 2022 data reflecting 39% approval and 59% disapproval.
These consistently unfavorable ratings persist across multiple surveys, despite encouraging economic indicators and a flurry of appearances by President Biden and his team in recent months to tout their accomplishments. Notably, inflation rates have gradually receded over the past year, while wage growth has outpaced inflation. Moreover, as President Biden highlighted in his Labor Day speech, the unemployment rate has remained below 4% for an unprecedented 19 months, with millions of jobs created since he took office.
“Guess what? It’s working,” the president declared during a stop in Philadelphia on Monday, referring to his economic agenda, often dubbed “Bidenomics.”
However, a significant portion of the electorate remains skeptical. An Economist/YouGov poll released this weekend found that 54% of respondents disapprove of President Biden’s economic management, echoing consistent trends throughout the year in this particular poll. Similarly, an August Yahoo News survey reported 57% disapproval of President Biden’s economic record, compared to just 36% approval.
President Biden’s struggles on this front reflect a general perception among Americans that the economy is in poor shape, irrespective of political considerations. Consumer confidence dipped in August and has yet to recover to pre-pandemic levels, with many expressing pessimism about the economy’s overall trajectory.
Surveys also reveal that even as fears of a recession have proven unfounded in recent months, a substantial majority of Americans anticipate a recession in the coming year, with some even asserting that the nation is already in one.
Overall, measurements of consumer confidence have broadly mirrored President Biden’s overall approval rating during his first 31 months in office. Yet, experts caution that this key measure may face additional challenges in the year ahead, particularly concerning China’s economic struggles, which could negatively impact global consumer confidence.
President Biden himself has acknowledged the uphill battle in convincing Americans that the economy is on the right path. In contrast, Republicans are eager to highlight the issue, focusing on inflation as a key point of contention. Notably, former President Trump, among other candidates seeking to unseat Biden, consistently emphasizes rising prices as a threat to economic stability, despite a consumer price index (CPI) hovering around 3% in recent months, compared to 9.1% just a year prior.
The persistent skepticism regarding the economy has raised concerns within President Biden’s inner circle, as his approval ratings are already low, with even lower ratings on his handling of the economy. Nevertheless, his aides maintain their focus on the 2024 election and express confidence in their strategy. As one aide colorfully remarked to Politico, the team is committed to “skate to where the puck is going, not where it is now,” in the words of former hockey legend Wayne Gretzky.
President Biden echoed this sentiment on Monday, stating, “We’ve taken the right steps not only to get our economy moving again but to build for the future.” As the election season looms on the horizon, the question remains whether the American public will be swayed by his vision for the future or remain steadfast in their skepticism of his economic record.
Source: Yahoo finance