President Biden’s economic agenda, often referred to as “Bidenomics,” has triggered a contentious debate, causing even some Democrats to voice skepticism amid troubling poll numbers and economic indicators.
Civil Unrest
Recent Fox News polls highlight a disconcerting sentiment among the American public, with a majority perceiving the White House as more detrimental than beneficial to the economy. Mounting concerns persist regarding escalating housing costs and inflation, casting a shadow over the administration’s narrative. Nevertheless, the White House staunchly maintains its commitment to “Bidenomics,” asserting that its policies have facilitated the recovery of millions of jobs.
Personal Bank Account
Critics, including Michael LaRosa, a former spokesperson for First Lady Jill Biden, express bewilderment at the audacity of branding an economy with a name while acknowledging its incomplete revival. LaRosa remarked, “People need to be able to see and feel an economy in their own personal bank accounts. And it doesn’t change no matter how loudly you proclaim the economy’s improvement.”
Representative Steven Horsford of Nevada, chair of the Congressional Black Caucus, emphasized the need to shift the focus away from the presidency to those reaping the benefits of these policies. He stressed the importance of framing the discussion around the people rather than one individual or office.
Lacking Solutions
Amidst the ongoing discourse surrounding “Bidenomics,” Will Marshall, the president of the left-wing Progressive Policy Institute, highlighted a critical concern. According to him, “Bidenomics” lacks robust solutions to address people’s most pressing anxieties, as he conveyed in an interview with Politico.
Worrisome Picture
Recent polling data from Fox News paints a worrisome picture of public sentiment. A September poll revealed that a staggering 91% of Americans harbor concerns about surging prices, marking a substantial increase from previous surveys conducted in May and March. Housing costs are another substantial worry, with 80% expressing unease, while a nearly equivalent number fret about their ability to meet bills. Furthermore, 78% hold a negative perception of the overall economy.
Detrimental
In a concerning development, only 37% of Americans view their personal finances as “excellent/good.” Additionally, a growing segment of the population now believes that the Biden administration’s economic policies are detrimental to economic growth, a sentiment that has risen by 13% compared to earlier this year.
These troubling poll results coincide with unfavorable economic indicators. The Federal Reserve’s preferred inflation gauge, the personal consumption expenditures index, indicated a 3.5% increase in prices for August, up from the 3.3% recorded the previous month. In August, Commerce Department data also showed lackluster U.S. gross domestic product growth, registering at a mere 2.1% on an annual basis for the second quarter of 2023.
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