Public Opinion Turns Against Bidenomics as Economy Struggles to Recover: Surveys
President Joe Biden and his administration are facing growing criticism as public opinion on his economic policies, dubbed Bidenomics, sours. Despite efforts to promote his agenda, recent polls show that Americans are not convinced and believe the economy is failing to gain traction.
In a recent CNBC All-America Economic Survey in July, President Biden’s economic approval rating stood at just 37%, a marginal increase from 34% in April. Another Reuters/Ipsos poll revealed that 42% of Biden’s 2020 voters stated that the economy was worse now than it was in 2020. A CBS News study found that only 34% of respondents approved of Biden’s handling of the economy. Additionally, a CNN poll showed that half of the country believes the economy is in a downturn and deteriorating, while Rasmussen Reports recorded an overall approval rating of 46%.
The president has been touting ‘Bidenomics,’ but the needle of public opinion has not really moved. Americans are just not giving him a lot of credit when it comes to the economy, said Patrick Murray, director of the independent Monmouth University Polling Institute.
Despite a persistent online and offline marketing campaign by Biden’s re-election team, the American people remain unconvinced of the effectiveness of his economic agenda. Biden himself has described Bidenomics as a way to restore the American Dream and make it work again. However, many Americans seem to have adopted a skeptical approach, with some even comparing the idea to comedian George Carlin’s famous joke about the American Dream being believed only by those who are asleep.
The administration has attempted to highlight the supposed achievements of Bidenomics on social media platforms, such as Twitter. However, several misleading statements have been flagged by fact-checkers.
Three legislative pieces have been at the forefront of Biden’s economic plans: the Inflation Reduction Act, the CHIPS and Science Act, and the Infrastructure Investment and Jobs Act. The administration has claimed that these bills have resulted in less inflation, bolstered the manufacturing sector, and advanced the Made in America objectives. However, the reality on the ground tells a different story. Inflation has actually increased since Biden took office, the manufacturing industry is in a recession, and critics argue that the reliance on Biden’s America First approach mirrors former President Trump’s Trumponomics. Furthermore, the beneficiaries of some of these measures include wealthy corporations and even foreign entities like the Chinese government.
The disconnect between the administration’s portrayal of a strong economy and the lived experiences of the American people has prompted President Biden and Vice President Kamala Harris to embark on a nationwide tour, reminiscent of pop icon Taylor Swift’s concerts. However, it is unlikely that their tour will generate the same level of enthusiasm or popularity. The public remains skeptical and hesitant to believe the narrative being promoted by the administration.
Supporters of Bidenomics argue that it takes time for the benefits of these policies to trickle down to the public. They compare it to the international community’s green energy ambitions, suggesting that outcomes will not be realized until far into the future. However, critics question whether these goals will ever be achieved, and if they fail, who will be held accountable.
Determining the true state of the economy is a challenging task. The administration has selectively highlighted certain metrics, while critics argue that these measurements do not accurately reflect the reality on the ground. The voting public is left to interpret conflicting information, much like Raymond Chandler’s famous analogy of a person looking like a lot of class from a distance but appearing less impressive up close.
As the 2024 election cycle approaches, it is evident that Bidenomics is facing an uphill battle to gain widespread public support. The economy remains a pivotal issue, and unless tangible improvements are seen, President Biden and his administration will continue to face criticism and skepticism.
