Biden’s poll numbers continue to reveal massive unpopularity, prompting a story in the pro-Biden Atlantic headlined “Why Americans Hate a Good Economy.”
Despite some objectively favorable metrics, including a 3.9% unemployment rate, a stagnant consumer price index, and a decline in pay inequality, the article included a Financial Times survey that showed most people believing they are financially worse off under Biden. Jerusalem Demsas, a staff writer, offered probable theories for why the American public’s view of the economy differs from reality.
One is that it will take some time for people to acclimate and recover from the COVID outbreak and the surge in inflation. Also, because of the exceptional aid the federal government extended during the epidemic, people have high expectations of what a “healthy economy” should be like.
Another theory is that “bad news” is something that the media enjoys covering, and Democrats are “poor cheerleaders.”
In other words, ignore your reality and accept that everything is alright under a Democratic regime.
The majority of citizens are dissatisfied with the current state of the economy. Just 19% of registered voters found it excellent or outstanding, while 81% found it fair or foul. Most people have less faith in President Biden’s economic policies and think they’re worse off now than before. Despite claims to the contrary by confident analysts, workers’ actual salaries have fallen sharply in the last several years. Significant changes in the makeup of the workforce have made average hourly wages less relevant. For example, the pandemic has eliminated low-paying service occupations, and labor shortages are starting to ease. Hourly wages will keep falling as the economy hires more people for low-wage jobs and labor shortages subside.
According to the Employment Cost Index of the National Compensation Survey, actual salaries are at 2015 levels, while wages adjusted for inflation have decreased by 3.7% since the end of 2020.
But facts shouldn’t get in the way of the “smart choice” – the Democrat with the “good economy.”