Bidenomics Actually Worked, But Voters Aren’t Buying It
Public perceptions haven’t caught up with improving economic conditions, and there is still anxiety about inflation.
But can he sell it?
Photographer: Hannah Beier/Bloomberg
Inflation is receding, unemployment is at or near record lows, US growth continues at a solid pace … and Americans are deeply pessimistic about the economy. More than half say it is getting worse, while an additional 28% say it is not getting better. Just 37% of Americans approve of the way President Joe Biden is handling the economy.
The good news for Biden is that voters tend to have short memories. What matters for his reelection is not what voters think of the economy now, but what they will think of it a year from now.1The bad news is that, if voters don’t think this economy is good, perhaps they still won’t change their minds in a year, even if the economy improves.