Americans are more concerned about the cost of living and soaring prices of everyday items than actual jobs, potentially presenting a problem for President Joe Biden going into the 2024 election year, analysts say.
Deaf Ears on Economy
The incumbent, who is seeking a second term in office, positions his administration as being strong on the economy and enacting measures to spur growth – under his so-called Bidenomics policy that favors a middle-out and bottom-up approach – but many voters may not be listening, say political observers.
Prices, Not Jobs
An article in the Wall Street Journal says as much. “President Biden likes to talk about ‘jobs, jobs, jobs’ when touting his economic record. The problem is that voters are far more worried about prices, prices, prices,” it reads.
Seeking to Place Blame
The article, by political and economic writers Annie Linskey and Amara Omeokwe, continues: “The disconnect is one reason why his Bidenomics re-election pitch is landing flat despite a broadly resilient US economy that has defied expectations. Prices have gone up by 19% since the start of the pandemic, a hard-to-forget leap that has left voters in search of someone to blame.”
Bidenomics to ‘Rebuild Our Economy’
President Biden’s economic strategy to “rebuild our economy” after the shock of the covid pandemic “is working,” said the White House in a statement earlier this year.
Many Economic Woes
The Biden administration said that along with the economic devastation caused by the pandemic, when many businesses were forced to close, the economy had also been hit with high levels of unemployment and supply chain problems that made it difficult for small firms to trade.
‘Failed’ Trump Policies
President Biden said many of the economic challenges, under his predecessor, Donald Trump, “were rooted in a failed trickle-down theory that supported slashing taxes for the wealthy and big corporations, shrinking public investment in critical priorities like infrastructure and education and failing to safeguard market competition.”
Biden’s Economic Vision
The president instead adopted an economic approach based on three main areas: making “smart public investments”; empowering and educating workers so the middle class would grow; and promoting competition in order to lower costs and help small business owners.
No Recession Ahead
The US economy is performing better than expected, with no signs of an imminent recession, despite fears of such a downturn at the start of 2023. Unemployment is down, the economy is growing and inflation is falling, even as some prices, particularly for food and fuel, stay higher than usual.
Biden’s Falling Approval
President Biden’s approval rating is at a record low, of 34 percent, with the majority of people surveyed for a new Monmouth University poll – 70 percent – faulting him for inflation.
Economy ‘in Shambles’
Trump was responsible for devastating the US economy during his time in office, according to Biden campaign spokesman Kevin Munoz. “When President Biden took office, he inherited an economy from Donald Trump that was rigged for the ultra-rich and left in shambles,” he said.
‘Costs Coming Down’
Munoz said that “thanks to President Biden’s leadership, the US economy has consistently defied expectations, with millions of jobs created, inflation at its lowest level in more than two years, and costs coming down for the American people.”
2024 Election Issue
Inflation is likely to be one of the central issues in the 2024 presidential campaign, as voters worry about continued high prices in part caused by the ongoing war Russia is waging in Ukraine. The two leading candidates for the Democratic and Republican party nominations are Biden and Trump.
Big Leads
Both men have significant polling leads over their rivals seeking the nominations: Biden by about 60 points and Trump by over 50. If they become their parties’ candidates, following caucuses and primaries starting in January, it would be a rerun of the contentious 2020 election that Trump refused to concede defeat.
Biden-Trump Concerns
Polling also shows that both Biden and Trump are viewed as too old to run for the presidency again. Biden is 81 and Trump just a few years younger, at 77. The two men have made a series of recent gaffes that left many people wondering if they were up to the job.
Other Trump Concerns
Age aside, Trump is facing a 2024 in which he will repeatedly appear in federal and state courts, to answer charges stemming from four indictments that carry a total of 91 counts of alleged criminal wrongdoing.
Terrifying Prospects: 12 Moves Trump Could Unleash If Re-elected in 2024
Terrifying Prospects: 12 Moves Trump Could Unleash If Re-elected in 2024
21 Things MAGA Followers Permanently Destroyed For Everyone Else
21 Things MAGA Followers Permanently Destroyed For Everyone Else
America’s 15 Most Miserable States Revealed: Data Shows Places You Don’t Want to Live
America’s 15 Most Miserable States Revealed: Data Shows Places You Don’t Want to Live
12 Ways the World Suffered from Trump’s Reckless Moves
12 Ways the World Suffered from Trump’s Reckless Moves
Trump’s Hit List: 18 Brands That Incited the Wrath of the Former President
Trump’s Hit List: 18 Brands That Incited the Wrath of the Former President