Even if the American economy is showing signs of improvement, the public’s perception of it remains negative, which presents President Joe Biden with a demanding job as he approaches the next election in 2024.
According to pollsters and experts, there has never been a more significant disparity between popular opinion and the actual state of the economy. The Democrat’s chances of winning reelection next year may hinge on this disagreement. While Republicans are using the discontent to attack Biden, the White House has less luck emphasizing economic growth.
A recent Rasmussen poll found that over 50% of Americans feel their economic situation is worse now than it was a year ago.
According to a poll of 1,102 Americans conducted just after Christmas, 45% of the population feels their financial situation is worse now than it was a year ago. A mere 23% report an improvement.
When asked about their financial situation last year, 29% said it was approximately the same as the previous year.
The survey shows that the Biden administration’s efforts to make the case that the president’s economic policies, or “Bidenomics,” have benefited the nation have been unsuccessful.
Many people in the United States feel that they’re slipping behind because of inflation, or as Biden’s detractors call it, Bidenflation. According to the most current numbers available (which cover the twelve months ending in November), consumer prices rose 3.1%. The preceding 12-month period saw a 7.1% increase in prices. Consumer costs have increased by 16.8 percent since Biden became office.
Average hourly salaries rose faster than prices in the twelve months leading up to November, but workers are still lagging in the grand scheme. They have increased by 14.3% since Biden assumed office, only 1.5 percentage points below the inflation benchmark.
In this era of heightened political division, particularly on the American left, it is not unexpected that Democrats are far more inclined than other Americans to claim they are doing better. Thirty-nine percent of Democrats feel they are doing better.
A mere 18% of Republicans and 13% of non-affiliated Americans claim to be in a better position.
Black Americans are on one side of the racial divide, while whites and other minorities are on the other. While 46% of whites and 55% of other races see an improvement in their situation over the last year, 32% of Blacks report the opposite.