Bidenomics economic policies approval ratings
The term “Bidenomics” has surfaced frequently in discussions about President Joe Biden’s economic policies, especially as he gears up for the 2024 election. Despite some positive economic indicators, many Americans don’t appear to credit Biden for the improvements in the context of economic approval ratings, particularly in inflation rates.
This blog post explores why Biden’s economic policies have not translated into higher approval ratings, despite the positive shifts we’ve seen in recent months.
real wages inflation unemployment
Real wages have begun to rise, outpacing inflation, which is currently at just over 3%, a significant drop from the peak rate of 9.1% experienced in mid-2022 (BLS, June 2022). The labor market remains relatively strong, with unemployment hovering around 3, especially regarding Bidenomics in the context of economic approval ratings, especially regarding inflation rates.8% (Washington Post, September 2023).
Consumer spending is also resilient, indicating a general sense of financial stability among Americans. Yet, polls show that only 36% of Americans approve of Biden’s handling of the economy (Quinnipiac University, September 2023).
Why is there such a stark contrast between economic indicators and public perception?
Bidenomics economic recovery strategies
One key factor is the historical context surrounding Biden’s presidency. He inherited an economy deeply affected by the COVID-19 pandemic, which led to unprecedented shutdowns and subsequent recovery challenges, especially regarding Bidenomics in the context of economic approval ratings, especially regarding inflation rates.
Even as the economy rebounded, the inflationary pressures that followed left many Americans feeling financially squeezed. The perception of a “new normal” has been difficult for voters to navigate, particularly as prices for essential goods have remained elevated.
Bidenomics economic approval inflation impact
The economic landscape has changed, but the memories of higher prices linger. Polling data suggests that the percentage of Americans who view the broader economic situation as poor is at its highest since 2018 (YouGov, September 2023), particularly in Bidenomics, particularly in economic approval ratings, including inflation rates applications.
This disconnect indicates that while economic metrics may improve, the memories of higher costs and financial strain can overshadow recent gains.
