C T Online Desk: In his much-hyped State of the Union Address, Joe Biden proclaimed the American economy as the envy of the world. Leading economists concur with the president’s view. Paradoxically, doom, gloom, and anger depict the perception of a majority of Americans towards their economy.
Pessimism remains high despite undeniable evidence to the contrary. Unemployment rates are low, inflation levels have plummeted, though they persist, wages are rising, the stock market is reaching new all-time highs, and the Federal Reserve’s contractionary monetary policy measures are likely to avert a recession.
Affordability concerns endure because time, along with the implementation of working-class-friendly public policies and a geopolitical focus on strengthening the resiliency of global supply chains, is required to bring the cost of living down.
Since 2022, voters have placed economic issues, particularly inflation and employment, at the top of their minds. Swing states, like Michigan and Arizona, will determine the outcome of November’s presidential election. The health of the American economy, or more precisely, perceptions of it, is being touted as the most decisive voting issue in these battleground states.
Public opinion polls indicate Donald Trump has a lead over Biden in terms of who would better manage the economy. The solid pre-pandemic economic performance under Trump contrasts with the prevalent belief held today that pocketbook expenses have skyrocketed under Biden, which, without further analysis, is an accurate assessment. Yet many fail to pay heed to the full international storyline, erroneously perceiving the American economy as going to tatters.
Under Biden, high inflation has dominated headlines, a trend not unique to the United States but observed worldwide. Globally, incumbents have become unpopular, due to two factors: The spillover effects of an unprecedented public health calamity and the war in Ukraine.
Biden, who inherited an economy shaken by the pandemic, is now labeled as the alleged enabler of current economic woes. Indeed, an inclination to attribute all the United States’ affordability challenges to its president is a partisan, politically preferential, and rhetorically useful messaging tactic that deliberately overlooks the complexities of the American economy.
Biden’s docile handling of the chaos that has rampaged throughout the Middle East is eclipsing his economic triumphs. Pro-Palestinian supporters suggest that he is complicit in Benjamin Netanyahu’s plausibly genocidal response to the October 7 terror attacks by Hamas. Pro-Israeli groups argue that Biden is succumbing to terrorist sympathizers by voicing his concerns about how Netanyahu’s war on Gaza tests, and possibly exceeds, the limits of international humanitarian law and is resulting in the death of too many Palestinians.
