- The president said the economic outlook was ‘all good’ for next year at Christmas
- Voters disagree with 32.7 percent approval, compared to 57.9 percent disapproval
- Mainly due to record inflation over the past two years which is eroding household budgets
President Joe Biden wants the US economy to be presented “the right way” as voters turn against him over the rising cost of living.
When asked about his outlook on the economy for next year as he rushed to Camp David for Christmas, the president insisted that “everything is fine.”
‘Look at. Start talking about it the right way,” he told reporters as he left the White House on Christmas morning.
Voters aren’t as confident after seeing everything from rent to food prices skyrocket during a year of huge inflation that’s still above average.
Inflation was still at 3.1 percent last month, down from a peak of 9.1 percent in June 2022, but refusing to fall toward the Federal Reserve’s 2 percent target.
American workers are finding it hard to get excited about slowing inflation because most of their wages have yet to catch up with the damage inflicted on their budgets.
President Biden hasn’t had much luck since taking office due to the overheating post-Covid economy, supply chain issues and the war in Ukraine.
His approval rating for the economy averages just 32.7 percent, compared to 57.9 percent disapproval, according to the latest poll.
About 71 percent of Americans think the nation’s economy is heading in the wrong direction and only 5 percent of Republicans and 58 percent of Democrats rated it excellent or good.
Former President Donald Trump holds a practical 59 to 37 percent advantage on this issue, according to a New York Times poll of five key states.
Inflation-adjusted revenues have fallen just over one percent since he took office, and at the same time under Trump’s presidency they were three percent higher.
President Biden’s joke probably reflected his frustration with the polls more than most actual reporting on the economy.
In recent weeks, media outlets from the New York Times to the Washington Post to CBS to the Los Angeles Times to even the Wall Street Journal have all noted that the underlying economy is in good health, but that voters remained pessimistic on this subject.
Job growth was much better under Biden, even though it came from a Covid-devastated market, and export and GDP growth are better too.
Unemployment has been below 4% for nearly two years, down from 6% under Trump, and median household wealth has increased 37%.
But that doesn’t matter when household budgets are still in disarray and there are fewer gifts under the Christmas tree.
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