Joe Biden has made ‘Bidenomics’ a central message in his re-election campaign, despite mounting evidence that it has not resulted in relief for Americans.
Joe Biden’s re-election campaign has tried to build enthusiasm across the country on his economic record and the success of “Bidenomics,” but voters on both sides of the aisle are confounded, saying they haven’t experienced any financial relief.
“I voted for Biden but I don’t know what he’s talking about when he says ‘Bidenomics,’ or whatever it is, is working,” Sabrina Jones of Denver, Colorado, told The Epoch Times. “Prices aren’t going down for me or anybody I know.”
Ms. Jones isn’t the only American with a pessimistic view of the economy. A survey recently released by Bankrate shows that 50 percent of U.S. adults say their overall financial situation is worse than it was prior to November 2020, and 69 percent say their cost of living has increased in the past three years.“I feel like things have gotten worse since Trump, and I don’t think they’re going to get better,” Ms. Jones said.
The reason many Americans have a dour outlook on the economy shouldn’t take anyone by surprise, senior economic analyst for Bankrate Mark Hamrick told The Epoch Times. “In a word: Inflation.”“Even as inflation has peaked and the year-over-year and month-over-month numbers are coming down, prices have yet to really come down, particularly when looking at pre-pandemic levels.”Mr. Hamrick added that while the unemployment rate remains low, “historically high and sustained inflation” does a lot more damage to the economy.
“It does appear that 2024 will be a better year for consumers from an inflation standpoint, but a big question mark is associated with just how much the job market will further moderate. Hiring is slowing, the unemployment rate is rising and the numbers of people filing for and receiving unemployment assistance are surging,” he said.“The problem I have with the branding concept of ‘Bidenomics’ is that the economy is more complicated with so many more inputs than what a given administration can do or actually does,” he said. “Even the authoritarian government of China is not able to do all that it wants or needs to do to lift its economy out of the doldrums. The risk for the president is that if he seeks to take credit, then it is only fair that he should also accept some blame. This is similar to the problem with President Trump seeming to take credit for stock market gains.” Bankrate’s recent survey has revealed that about 9 out of 10 Americans say the economy will play a pivotal role in who they vote for in the 2024 presidential election.
“Ultimately, it will be up to voters to decide about the relationship between the performance of the economy, the relationship of their personal finances, and who the best candidate is to align with their priorities,” Mr. Hamrick said.Joe Gomez is an award-winning journalist who has worked across the globe for several major networks including: CBS, CNN, FOX News, and most recently NBC News Radio as a national correspondent based out of Washington. He has covered major disasters and worked as an investigative reporter in many danger zones.
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