(TheProudRepublic.com) – Unwilling to accept the damage his flawed policies have caused, Joe Biden pointed his finger at Americans for their sentiment towards the economy and for rejecting his economic statistics.
During a speech at the Asia-Pacific Economic Cooperation (APEC) summit, he referred to a “disconnect” between what he termed as promising economic figures and the public’s perception of their current financial situation.
Biden highlighted several economic indicators, such as the U.S. economy’s growth rate of 4.9% in the last quarter, the highest in two years, and the record-high workforce participation.
He also mentioned the consistent unemployment rate below 4% for 21 months and a significant decrease in inflation. Additionally, he pointed out that median household wealth has increased by 37% in real terms since before the pandemic, positioning the U.S. with the lowest inflation rate among advanced economies.
Despite these statistics, public opinion paints a different picture. A notable 61% of Americans live paycheck-to-paycheck, and 75% perceive the economy as being in a “fair” or “poor” state. A YouGov Poll from September indicates that only 16% of Americans believe the economy is improving, while 56% feel it is deteriorating.
Acknowledging the disparity between these economic achievements and public opinion, Biden admitted that “there’s a disconnect between the numbers, and how people feel about their place in the world right now.” He assured that addressing this disconnect remains a priority, acknowledging the need for further work.
Internal concerns within the Democratic Party have emerged regarding the effectiveness of the “Bidenomics” strategy. According to a Politico report, Democrats are worried that the administration’s focus on low unemployment rates and easing inflation may not resonate with Americans still struggling financially.
In response to these concerns, top Biden allies engaged with the Progressive Change Campaign Committee (PCCC), which presented data suggesting that the “Bidenomics” branding is failing to convince Americans of economic recovery.
The PCCC’s poll revealed only 35% of Americans trust Democrats more than Republicans on economic issues, with 70% not believing in economic improvement despite positive indicators.
White House spokesperson Michael Kikukawa emphasized the administration’s commitment to indicating the achievements of Biden and Congressional Democrats to the American public.