The White House’s attempt to reclaim and promote “Bidenomics” as a successful economic strategy has faced significant challenges, with many Americans experiencing the adverse effects of rising prices and a struggling economy. While President Biden and his spokesperson have touted Bidenomics as a triumph, the reality is quite different. Americans are now paying approximately $709 more per month for the same goods and services compared to two years ago, and the general sentiment about the economy is negative.
A recent Washington Post/ABC poll revealed that only 30 percent of respondents approve of President Biden’s handling of the economy, with a staggering 74 percent expressing a negative view of the US economy. These figures demonstrate a stark contrast to the administration’s claims that Bidenomics is thriving. Instead, Americans are grappling with double-digit inflation, which has outpaced wage growth since Biden assumed office.
Since President Biden’s inauguration, prices have surged by 17.4 percent, while hourly wages have increased by only 13 percent. This inflation rate is second only to Jimmy Carter’s, with all recent presidents having single-digit inflation rates at this point in their presidencies. While inflation has moderated compared to the highs of 2022, prices are still rising, contradicting claims of “lowering costs.”
Many Americans are feeling economically trapped or sliding into financial difficulties due to painful inflation that exceeds wage growth. The public largely blames President Biden for this economic predicament, with nearly 60 percent believing that he has worsened the situation. President Biden’s policies, including the “Inflation Reduction Act,” have not delivered the promised relief.
Despite the negative economic sentiment, it is uncertain whether these challenges will spell doom for Democrats in the upcoming elections. In the last midterm elections, Democrats managed to limit losses and even make net gains among governorships and in the Senate, despite unfavorable conditions. However, the negative economic impact of Bidenomics remains a significant concern for the administration.
Furthermore, the data suggests that a potential Biden-Trump rematch is not a preferred choice for voters, reflecting a sense that both candidates have their flaws and may not be the best fit for the job. The slogan “Bidenomics is working” faces skepticism and criticism in light of the ongoing economic challenges faced by the American people.