American satisfaction with the U.S. economy is on the rise, yet President Joe Biden is catching no breaks or bouquets of praise for this uptick. As the presidential race heats up with Donald Trump in the opposing lane, the spotlight turns unforgivingly on Biden’s ability to win over the public’s economic trust.
Digging into the numbers, a solid majority of the U.S. populace now reports feeling financially comfy or just a bit above water, marking a jump from 43% to 48% since November 2023. Similarly, those painting the U.S. economic scene with “excellent” or “good” strokes have increased from 21% to 30%. Despite these rosy figures, Biden’s economic approval hasn’t budged an inch from the lowly 36%, with a sizeable 59% crowd expressing disappointment.
Erik Gordon from the University of Michigan throws a stark light on the dilemma, pointing out the greater number of folks dissatisfied with Biden’s economic handling. Particularly troubling for Biden’s camp are the independent voters, whose support is crucial for election victory, yet their rating of his performance is even less flattering.
This comes at a time when Biden is strutting into the re-election arena, banking partly on the U.S. economy’s strong performance under his watch. With last year’s growth outshining other major economies, rapid inflation decline, and a vibrant job market that just added 275,000 jobs, surpassing expectations, the economic indicators seem to be in his favor. Yet, this narrative isn’t quite making the desired dent in public opinion.
Biden, in his State of the Union speech, didn’t miss the chance to boast about inheriting an economy on the brink and turning it into the world’s envy, thanks in part to initiatives like the Inflation Reduction Act. However, his victory lap is being met with skepticism, as a significant 60% of surveyed voters emphasize economic issues, like jobs and living costs, as pivotal for their presidential pick.
The poll also highlights inflation as the persisting thorn, with 80% of voters feeling the pinch, albeit slightly less so than in November. Interestingly, the blame game for rising prices is shifting, with more fingers pointing at big corporations exploiting inflation and the enduring effects of COVID-19, over Biden’s policies directly.
Biden’s attempts to pin high prices on corporate greed and introduce measures against “junk fees” and “shrinkflation” are notable, yet his rival, Trump, still seems to have the upper hand when it comes to economic trust among voters. The gap is especially wide among independents, with only 16% siding with Biden over Trump’s 29%.
Despite these challenges, Biden’s team is not hitting the brakes. They’re ramping up their advertising efforts across swing states, hoping to sway the critical independent vote.
Moreover, the survey sheds light on inflation and housing costs as the hot-button issues for the electorate. Despite recent easing, inflation remains the top concern, with a majority blaming corporate greed. The housing market, too, is under scrutiny, with rising prices and rents weighing heavily on voters’ minds, challenging Biden’s promises of relief.
Military aid, particularly for Ukraine amidst its conflict with Russia, emerges as a less contentious issue than before, indicating a shift in public sentiment towards foreign policy engagements.
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