Voters remain dissatisfied with the economy
Why are voters so dissatisfied with Biden’s economy?
That’s one of the questions that will shape the 2024 race as Republicans gear up to select a presidential challenger. Right now, only 36 percent of American adults approve of Biden’s handling of the economy, according to an AP-NORC poll from Aug. 10-14. Similarly, a Fox News poll from Aug. 11-14 found that only a quarter of American voters say Biden’s policies have made the economy better. Some of this is affected by partisanship: A large majority of Republicans disapprove of his handling of the economy, but Democrats aren’t over the moon either, with only about two-thirds approving, according to the AP poll.
It’s tempting to think this is all a hangover from last summer’s doldrums, when inflation peaked at 9.1 percent last June. Consumer prices might be the most obvious way that everyday Americans interact with the economy. Inflation today is still 3.2 percent higher compared to this time last year, which means prices are still above what they were before the pandemic.
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The fact that the job market remains strong, with unemployment at historic lows and wages rising, hardly makes an impact when people feel like they’re spending more every time they go to the grocery store and are struggling to pay down debts amid high interest rates. But the truth is, Americans’ view of the economy overall was low when Biden took office during the wobbly beginnings of the COVID-19 recovery, and has never risen above 50 percent.
What do people want from federal policy? They support measures such as taxing the wealthy and corporations more — more than three-quarters of all Americans approve, including 90 percent of Democrats and 63 percent of Republicans, according to an Ipsos/Reuters poll. As it happens, that policy is part of Biden’s Inflation Reduction Act, his signature inflation-fighting legislative win, but less than half of Americans say they know about the bill.
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Biden is working to promote the Inflation Reduction Act and other legislative accomplishments as part of “Bidenomics,” but the fact that there’s a gap between what Biden is doing about the economy and how people feel about it leaves plenty of room for Republican attacks. Indeed, DeSantis has promised to roll back Biden’s economic policies. And the polling so far suggests that, even if the economy improves even more in the next year, Biden might not get credit for it.
-Analysis by Monica Potts of FiveThirtyEight