State of the Economy: Bidenomics Struggling and Uncertain

A recent CBS News/YouGov poll conducted from June 26 to June 28, surveying over 2,000 U.S. adults, shows that President Joe Biden’s economic policy, dubbed “Bidenomics,” has failed to resonate positively with the American people. Instead, the majority of respondents sum up the state of the economy in one or two words: “Struggling” and “Uncertain.”

Out of those polled, a staggering 61% of Americans described the economy as “struggling,” while 56% said it felt “uncertain.” Additionally, 36% of respondents found it “unfair,” and 27% said it was “punishing.” In contrast, only 15% believed the economy was “rebounding,” and a mere 11% thought it was “expanding.”

Moreover, the poll revealed that a significant 70% of U.S. adults feel their salaries are failing to keep up with inflation, compounding the financial pressure on American households. This sentiment was further reflected in the fact that 65% of respondents rated the U.S. economy as “very bad,” while 58% believe it was deteriorating.

President Biden’s handling of the economy has garnered dissatisfaction among the majority of adults, with a paltry 34% approval rating. Many Americans seem to be unaware of the alleged accomplishments of the Biden administration, with only 41% even having heard about Bidenomics. Among those familiar with the term, 50% associated it with “higher inflation,” and 49% thought of “tax increases” when it was mentioned.

Bidenomics revolves primarily around government spending, which has contributed to rising inflation rates. The public’s concern over inflation and tax increases has led to a negative connotation surrounding Biden’s economic policies.

Despite the president’s attempts to promote his policies, the data indicates that his efforts have not yielded substantial results. For example, while speaking about the impact of his plans on manufacturing in Maine, Biden’s claims were refuted by CBS News data, which showed that the state had lost 0.5 percent of its manufacturing jobs between June 2022 and June 2023.

Critics, including former Speaker of the House Nancy Pelosi (D-CA), have emphasized the need for better messaging to inform the American people about the purported benefits of Bidenomics. However, many Americans are experiencing real financial strain, particularly evident at their “kitchen tables,” where the rising cost of food adds to the daily financial burden.

As the Biden administration continues its efforts to sell its policies to the American people, public perception remains skeptical due to the adverse effects of inflation and perceived tax increases. Despite the catchy catchphrase “Bidenomics,” the poll results speak volumes about the current state of the economy and the challenges faced by American families under this economic policy.