President Joe Biden, departing from the White House on Saturday for his Christmas retreat at Camp David, found himself in the crossfire of media scrutiny when asked about his economic outlook for 2024. Responding with a curt "All good. Take a look," Biden's attempt to project optimism clashes starkly with plummeting approval ratings, particularly regarding his handling of the economy.
Despite White House assertions of positive economic indicators, Biden's approval among Americans is hitting historic lows, with the economy acting as a chief catalyst for his unpopularity. A recent poll paints a bleak picture, indicating that a mere 14% of Americans believe Biden's economic policies have benefited them. A substantial 46% assert that his administration has caused them financial harm.
Crucially, the negative sentiment toward the economy transcends party lines, as demonstrated by 61% of Democrats, aligning with 93% of Republicans and 85% of independents, expressing discontent with the current economic condition. Democrats, facing the looming 2024 presidential election, are growing increasingly anxious about Biden's ability to secure public confidence.
Biden's recent criticism of journalists adds another layer to the unfolding narrative. In October 2023, he characterized reporters as "not the happiest people" when questioned about the lack of public confidence in the economy, despite the White House touting positive job reports as "good news." Biden, seemingly frustrated, noted that adverse reporting often gains more traction.
Looking ahead to 2024, the economic landscape may witness a moderation in inflation, offering a glimmer of hope for Americans. Over the year ending September 2023, the Consumer Price Index for All Urban Consumers increased by 3.7 percent (not seasonally adjusted). Food prices were 3.7 percent higher than a year ago, and energy prices were 0.5 percent lower. Prices for all items, less food and energy, rose 4.1 percent over these 12 months. While this may ease concerns, the administration must acknowledge the enduring economic repercussions of the pandemic.
Economic experts caution that despite the seemingly positive indicators, the inflationary impact persists, affecting the costs of goods and services that experienced substantial hikes over the past three years. Pandemic-related stimulus measures and restrictions have also contributed to surges in home prices and rents, exacerbating an existing affordable housing crisis.
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