Economics
Democrats Now More Optimistic as Economic Expectations Shift
- Biden’s election prompts change in consumer outlook by parties
- Covid fears weigh on Democratic enthusiasm for change in power
Joe Biden speaks in Wilmington, Delaware, on Nov. 25.
Photographer: Chandan Khanna/AFP/Getty ImagesThis article is for subscribers only.
The election of Joe Biden as president is scrambling Americans’ outlook on the economy, with Democrats now more optimistic about their long-term prospects than Republicans for the first time since 2016.
The University of Michigan consumer confidence survey for November, released Wednesday, showed the index of consumer expectations rose to 71.2, the highest it’s been since the Obama administration. For Republicans, it has fallen to 68.6, the lowest since June 2016.