Voters are not enthusiastic about the economy going into the 2024 election, but Democrats believe President Joe Biden‘s economic policy is not to blame for sour feelings, but rather negative coverage of the economy is.
Biden has taken a beating in polls regarding the economy as inflation remains higher than the Federal Reserve’s target. Advisers to Biden suggest that although consumers’ feelings about the economy are a symptom of the slow process, it takes time for people to feel confident about economics, according to Axios.
“It does take consumers a while to kind of see data consistently, and see prices that have actually come down, to feel really confident about them,” National Economic Council Chairwoman Lael Brainard said.
The report says that the White House points to low unemployment, GDP growth being above 5%, along with lower inflation rates than in recent years as signs that Biden’s policies are working. However, Brainard conceded the White House understands people are still facing economic challenges.
“We want to make sure that we are acknowledging the reality of the people he’s meeting with,” Brainard said.
Recent polls continue to show that the vast majority of adults do not feel good about the economy, with an ABC News-Ipsos poll released on Sunday showing that 71% believe the economy is in bad shape, “given higher prices and interest rates.” The survey showed only 24% agreed that the economy is in good shape, “given low unemployment and rising wages.”
The survey also showed that a plurality of adults, 43%, believe they are not as financially well off now as when Biden became president, compared to only 13% who believe they are better off, and 41% say they are about as financially well off now as when Biden entered office.
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The Biden administration has blamed corporations for raising prices for consumers, claiming corporations “increased their prices when supply chains were snarled.”
“The president is also calling on corporations who increased their prices when supply chains were snarled and input costs were rising to bring those prices back down and to pass along the savings as input costs are coming down to consumers,” Brainard said at a press briefing last week.