For months, the president and members of his cabinet have crisscrossed the country preaching the message the administration has touted as “Bidennomics,” and in anticipation of Labor Day, Biden has pushed that message even further. strong.
In an article in the Milwaukee Journal Sentinel on Sunday, the president wrote that unemployment was “below 4% for the longest time in 50 years” and that wages and job satisfaction were up while inflation was down “close to its lowest point in more than 50 years”. two years. On Friday, after the release of a jobs report showing that employers created 187,000 jobs in August, he boasted that America was in “one of the most job-creating periods ever.” strongest in our history.
But according to a Wall Street Journal poll released on Monday, the president’s proselytizing had little influence on voters.
The poll – which surveyed 1,500 registered voters from August 24 to 30 and had a margin of sampling error of plus or minus 2.5 percentage points – found that 59 percent disapprove of the economy’s handling by Biden, against 37 percent who approve. According to the poll, 63 percent also disapprove of the president’s handling of inflation and rising costs, while 34 percent approve.
Republicans, meanwhile, have tried to hammer Biden on his handling of the economy, linking “bidenomics” to inflation, which last year hit a 40-year high but fell this summer to its lowest point in two years, allaying concerns about the threat of an economic crisis. a recession.
“Joe Biden’s ‘Bidenomics’ resulted in a $10,000 loss in purchasing power for the average family,” South Carolina Sen. Tim Scott said during the GOP presidential primaries debate last month.
Florida Governor Ron DeSantis also criticized the White House’s economic message during the debate, saying the country must “reverse the bidenomic system so that middle-class families have a chance to succeed again.”
And Republican front-runner former President Donald Trump captioned a video he recently posted on social media: “Biden’s economic crisis will be replaced by historic Trump’s economic boom!” The 2024 campaign, he said in the video, will be about who can “save” the country from the “burning rubble of Bidenomics”, which he said would be defined by “inflation, taxation, submission and failure”.
The actual figures show that the economy has stabilized since the peak of inflation last year.
Optimism about a “soft landing” has grown as inflation has steadily fallen from 9.1 percent last year to 3.2 percent today. Although the economy is growing more slowly than during the post-pandemic boom, GDP grew at an annual rate of 2.1% between April and June. And even though the unemployment rate fell from 3.5% to 3.8% in August, the highest level since February 2022, it remains low by historical standards.
It’s also much weaker than when Biden took office, at the height of the Covid pandemic. In January 2021, unemployment stood at 6.3 percent, after hitting a record high of 14.7 percent in April 2020 as the economy faltered due to shutdowns and disruptions.
The Biden administration has sought to offer Americans some respite from the economic fallout of the pandemic through a generous economic stimulus package passed according to the parties in March 2021. The $1.9 trillion US bailout, however, likely has contributed to the rise in inflation the following year. although several other factors – including Russia’s invasion of Ukraine and repeated rate hikes by the Federal Reserve – also played a significant role in this record high.
Although Bidenomics has struggled to catch fire as Americans grapple with the lingering effects of inflation, Biden has remained determined to sell his sweeping economic agenda — and draw a contrast to the policies of his predecessor, so that he is heading for a probable rematch with Trump.
“The guy who held that position before me was just one of two presidents in history…who left office with fewer jobs in America than when he was elected,” Biden said Monday. , while touting his credentials as “the most pro-union president” in American history.
“We’re replacing fallout economics with what everyone on Wall Street these days calls ‘bidenomics,’” he told the crowd in Philadelphia. ” And guess what. That works. »