Lael Brainard, the Director of the National Economic Council, has recently discussed the current status of the US recovery, describing it as notably strong despite encountering certain challenges. Brainard highlighted the economy’s resilience through fluctuations but it seems that the viewpoint isn’t universally shared among the majority of Americans.
The unemployment rate sits under 4%, there’s been a surge in manufacturing jobs, and a noticeable upswing in the clean energy sector. Brainard is emphasizing the low inflation rate, while even The Wall Street Journal is acknowledging that the economy is outperforming initial expectations.
Though this might appear positive, it falls short of meeting the needs of the typical American. The prices of commodities are seemingly on a continuous upward trajectory, making the cost of living unaffordable for many, and the housing market remains in a state of difficulty. As highlighted by The New York Times, the modest wage hikes workers have seen have been nullified by the persistent increase in prices, reaching a four-decade high last year.
President Biden, appearing unaware of the challenges faced by the average American, has faced substantial criticism for self-congratulatory remarks regarding the purported economic rebound. While the president and his Economic Council Director celebrate their achievements, a significant portion of the population continues to struggle to make ends meet, emphasizing the disparity between their experiences and the administration’s claims.
In national polls, President Biden’s economy has always been a weak issue. According to a recent Times/Sienna study, Biden is lagging behind former President Donald Trump in five of the six highly competitive states. Notably, Trump clearly outperformed Biden in a number of important areas, including economics. Indeed, when it came to respondents’ confidence in Trump’s ability to steer the American economy, he easily outperformed Biden by a score of 59% to 37%.
This substantial setback for the current president poses a particular challenge for the left, especially given that nearly twice as many voters prioritize the economy over social issues when determining their vote for the 2024 election.
