Robust Economy Can’t Shield Biden From Blame for Higher Prices
Even if inflation has slowed, food and energy cost far more than they did at the beginning of his term, and many voters are angry about that.
Stock markets are booming, regularly hitting new all-time highs. Unemployment is near a historic low, the economy is growing at a healthy clip and inflation continues to drop toward normal. So why are Americans convinced their economy is in deep trouble?
Opinion poll after poll shows strong majorities unhappy with the economy and blaming President Joe Biden for it. Some of this is in the face of verifiable facts. A Harris Poll survey for the Guardian last month found that 55% think the economy is shrinking, 49% think unemployment is at a 50-year high (not a low) and 49% think the benchmark S&P 500 stock index is down for the year. It’s a matter of fact that all these beliefs are wrong. The S&P was up about 12% for the year when the poll was conducted and almost 29% over the previous 12 months.