As 2023 comes to a close, President Biden finds himself in Saint Croix, reflecting on the year and touting the state of the economy. However, recent polling data paints a different picture, revealing that only one in five voters believe the economy is in good or excellent shape. Nearly 80% of respondents expressed that they feel the economy is only fair or poor.
While President Biden has repeatedly insisted that the economy is looking up and experiencing positive growth, many Americans do not seem to share his optimism. The chief economist for Freedom Works, Steve Moore, argues that the first two years of the Biden administration were disastrous for the economy. Inflation rates soared, reaching as high as 9.2%, causing a significant strain on the middle class.
Despite a slight improvement, with current inflation rates hovering around 3.5%, Moore highlights that prices have not actually declined. They have merely slowed in their rate of increase compared to the initial years of the Biden administration. Ordinary Americans are still feeling the impact of rising costs for groceries, gas, utilities, and mortgage payments. Some individuals argue that these expenses have surged by as much as 25% to 30%, far surpassing the official inflation rate.
The Biden campaign countered these concerns by releasing a year-end review, arguing that millions of jobs were created and that inflation is at its lowest level in over two years. They claim that numerous costs have decreased, benefiting the American people. However, the review seems to contradict a recent poll in which only 14% of respondents indicated that they had been positively affected by President Biden's economic policies.
The question that remains for 2024 is whether Americans will be convinced by the economic numbers and indicators that suggest potential improvements ahead. At present, the majority of citizens do not believe that these policies have been effective. The impact of these perceptions could heavily influence the outcome of the next presidential election.
Comparison to the economic conditions under former President Trump is hard to ignore. Prior to the COVID-19 pandemic, the Trump administration boasted a strong economy, with the average family income increasing by $6,500 in the first three years. In contrast, under President Biden, the average family income has reportedly decreased by $2,000, leading to a significant squeeze on the middle class. This financial pressure has resulted in families accumulating around $1 trillion in credit card debt as they struggle to keep up with rising expenses.
While the stock market performed well at the end of the year, President Biden chose not to highlight this fact. Adjusted for inflation, the market has remained relatively flat during his tenure, in stark contrast to the booming stock market experienced under Trump.
Critics argue that while the top two to three percent of the population may have benefited from Biden's policies, working-class Americans across the country have not felt the same positive effects. This sentiment is reflected in numerous polls, which consistently demonstrate that a significant majority of Americans do not believe that Biden's policies have worked in their favor.
As 2023 draws to a close, it remains unclear whether President Biden's economic message will resonate with voters. The ultimate verdict lies in whether Americans perceive these policies as effective and beneficial, as this will greatly influence the outcome of the next presidential election.
