Recent data suggests a lukewarm reception from Americans towards the economic policies, often referred to as “Bidenomics.” In a study spearheaded by the Associated Press-NORC Center for Public Affairs Research in August 2023, a mere 36% of the respondents expressed satisfaction with President Biden’s economic strategy. Furthermore, only about a quarter (24%) believe the U.S. economy is currently thriving.
Interestingly, there’s a clear political line of division on this issue. While Democrats appear generally more supportive of Bidenomics, it’s notable that among them, only 65% commend Biden’s economic approach.
Why Americans Don’t Like Bidenomics
- Rampant Inflation: Inflation, the metric that gauges the increase in prices of goods and services, is currently at a concerning pace. A high inflation rate diminishes the purchasing power of the dollar, leading to higher living costs. Currently, the U.S. is grappling with an inflation rate of 8.6%, a peak not seen in the past four decades. This economic strain is a significant source of skepticism towards Biden’s policies.
- Supply Chain Complications: The repercussions of the COVID-19 pandemic continue, most notably by upending the global supply chain, leading to product shortages and subsequent price hikes. Further, the conflict in Ukraine and ensuing sanctions on Russia, a key oil and gas supplier, exacerbate these supply chain challenges. Businesses, as a result, grapple with sourcing necessary commodities, inadvertently feeding into inflation.
- Ukraine Conflict: The ongoing unrest in Ukraine significantly influences global oil prices, given Russia’s pivotal role in the oil market. With the disruption in oil exportation due to the conflict, prices have surged. This not only fosters inflation but the uncertainty it brings has left businesses hesitant to expand or recruit, slowing economic momentum.
While the ultimate trajectory of Bidenomics remains to be seen, the present sentiment, as captured by various polls from organizations like CNN, Quinnipiac University, and Pew Research Center, showcases a prevalent disapproval among Americans regarding the economic direction. Despite the stark political division evident in these surveys, it’s crucial to understand that these findings represent the sentiment at a specific moment. As the economic landscape evolves, so might the public’s perspective on Bidenomics.
Polls and Surveys Into American Sentiment On Bidenomics
- Associated Press-NORC Center for Public Affairs Research poll, August 2023
- CNN poll, June 2023
- Quinnipiac University poll, July 2023
- Pew Research Center poll, June 2023
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