Why voters aren’t buying Bidenomics
Washington Examiner
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President Joe Biden is frustrated. Unemployment has fallen to a healthy 3.6%, the economy is growing at a decent 2.4% rate, and inflation has fallen to 3%. And yet despite all this good economic news, the vast majority of voters rate the economy as poor and blame Biden for its sorry state.
What gives?
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One hint can be found in the most recent CBS News poll, which found that 65% of adults would rate the economy as “bad” and just 13% said that they were getting better financially. Most adults, 52%, said they were just staying in place, while 35% said they were falling behind.
Among those that rated the economy as bad, 88% blamed “inflation and the rising costs of goods and services.” Indeed among all respondents, even those who rated the economy as good, 70% of adults said that their personal income was not keeping up with inflation.
And this perception is reflected in economic numbers. Despite falling inflation, prices are still rising. And overall, real wages are still down 5% since Biden took office. In other words, most voters are functionally making less money today than when Biden took office. No wonder most people think the economy is still bad!
Another consequence of the inflation that voters correctly blame Biden for causing is astronomically high interest rates not seen since the 1970s. This has made homeownership completely unaffordable for young couples looking to start a family.
Worse, higher interest rates have contributed to record high consumer debt. People now owe a record high $17 trillion, including almost $1 trillion in credit card debt alone. That number has shot up by almost 20% since last year. More than a third of all adults now have more credit card debt than emergency savings, an economic predicament not seen since the Great Recession. Again, young adults have been hit the hardest, with credit card delinquencies now up to 8.3% for adults under 30.
With voters looking at falling wages and rising debts, no wonder most people aren’t buying Biden’s rosy economic spin.
According to a new NPR poll, while 72% of Republicans believe economic growth is more important than climate change, 80% of Democrats believe the opposite. Biden is 100% beholden to those Democrats who want to sacrifice their economic well-being at the altar of environmentalism.
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You can see this preference play out in all of Biden’s economic policies, including the new emissions standards released by Biden’s Environmental Protection Agency last week. The new standards are so stringent that car manufacturers will be forced to make far more expensive electric vehicles and far fewer cheaper combustion engines.
The average price of a new car is an already unaffordable $50,000 and these new regulations will only drive that price higher. Voters know exactly what is driving up the cost of cars and making it impossible for them to attain the lifestyle their parents had: Bidenomics.
No wonder most voters still say Biden is handling the economy poorly.