President Joe Biden’s Economic Approval Lags Behind Improving U.S. Economy Amidst 2024 Re-election Bid
The satisfaction of the American people with the U.S. economy is experiencing an uptick, as more individuals report feeling financially comfortable or stable, marking a significant increase from 43% to 48% since November 2023. Furthermore, those painting the economic scenario with “excellent” or “good” strokes have increased from 21% to 30%. However, despite these optimistic figures, President Joe Biden’s economic approval remains stagnant at a dismal 36%, with an impressive 59% expressing dissatisfaction.
University of Michigan’s Erik Gordon highlights the predicament Biden faces, particularly concerning the significant number of individuals expressing disappointment in his economic handling. The concern for Biden’s team is most pressing with independent voters, a vital demographic for election victories, whose ratings of his performance are less than flattering.
With the presidential race heating up and Donald Trump gearing up in opposition, the spotlight turns unforgivingly on Biden’s ability to win over the public’s economic trust. Despite the U.S. economy showing impressive growth last year, surpassing other major economies, a rapid decline in inflation, and a robust job market that added 275,000 jobs in the latest report, these positive economic indicators seem to be insufficient to sway public opinion.
In his State of the Union speech, Biden couldn’t resist boasting about turning around an economy on the brink into a world-renowned success, thanks to initiatives such as the Inflation Reduction Act. However, his victory lap is met with skepticism, especially since economic issues, including jobs and living costs, are of paramount importance to a significant 60% of surveyed voters.
The poll also underscores inflation as the lingering issue, with 80% of respondents expressing feelings of being pinched, albeit slightly less so than in November. Notably, the blame keyboards for rising prices is shifting towards big corporations exploiting inflation and the lingering effects of COVID-19, rather than Biden’s policies directly.
Biden’s efforts to pin high prices on corporate greed and introduce measures against “junk fees” and “shrinkflation” are commendable. However, his rival, Trump, still seems to have the upper hand when it comes to economic trust among voters. The gap is especially wide among independents, with only 16% siding with Biden over Trump’s 29%.
Despite these challenges, Biden’s team is not backing down. They are ramping up their advertising efforts across swing states in a bid to sway the critical independent vote. Furthermore, the survey sheds light on inflation and housing costs as the top concerns for the electorate. Despite recent easing, inflation remains a significant concern, with a majority blaming corporate greed. The housing market is also under scrutiny, as rising prices and rents weigh heavily on voters’ minds, making Biden’s promises of relief a challenge.
Military aid, particularly for Ukraine amidst its conflict with Russia, emerges as a less contentious issue than before, indicating a shift in public sentiment towards foreign policy engagements.
