In his recent address in Chicago, President Joe Biden sought to convince a skeptical public that the U.S. economy is thriving under his economic policies, which he now refers to as “Bidenomics.” However, a new poll reveals that this may be a tough sell for his 2024 reelection campaign, as only one in three U.S. adults approve of his economic leadership.
According to a survey conducted by The Associated Press-NORC Center for Public Affairs Research, Biden’s approval rating stands at 41%, while his economic leadership approval rating is even lower at 34%. These stagnant figures have raised concerns regarding his ability to govern and focus on workers as he seeks a second term. Biden aims to connect various infrastructure projects, such as road and bridge improvements, factory construction, and the promotion of electric vehicles and renewable energy, to the substantial amount of funding allocated for these initiatives during the first two years of his administration.
During his speech, Biden also criticized previous Republican tax cuts, claiming that they primarily benefited the wealthy and neglected the middle class. He argued that the “trickle-down” approach to economics failed, exacerbating inequality, increasing the national deficit, and undermining infrastructure and community development.
Biden remains optimistic about the state of the U.S. economy, stating his belief that the country will avoid a recession, despite concerns expressed by Republican leaders about high inflation. GOP officials attribute recent economic improvements to their own tax cuts, which they assert have encouraged business investments and boosted worker pay and the stock market. They warn that increased government spending will lead to rising prices and wasteful expenditure.
Although the economy has shown signs of improvement, with consumer confidence reaching its highest level since January 2022 and unemployment at historically low levels of 3.7%, inflation remains a worry for voters. While the Biden administration has managed to reduce inflation from its peak of 9.1% in June 2021 to 4%, prices are still rising faster than the Federal Reserve’s desired target of 2%.
In addition to these economic challenges, the presence of smoke from Canadian wildfires in Chicago added an additional concern for workers and shoppers. However, the White House stated that it would continue with the president’s scheduled events in Chicago, including a campaign reception and the economic speech.
The poll also revealed a weakness within Biden’s own base, as many Democrats who voted for him in 2020 expressed comparatively muted enthusiasm for his economic record. While 72% of Democrats approve of his overall job performance, only 60% approve of his handling of the economy. This contrasts with the support Republicans showed for former President Donald Trump’s economic leadership during the height of the pandemic.
Some respondents who voted for Biden in 2020 acknowledged the challenges he faces, attributing economic turmoil to partisan divisions, global competition, and the lingering effects of the pandemic. Others praised his efforts, with one respondent noting solid job growth during Biden’s presidency and expressing optimism about the impact of infrastructure spending on economic growth.
Despite a slight increase in the percentage of Americans who view the national economy positively, rising from 25% last month to 30% now, the overall perception of the economy remains relatively low. Biden’s allies in the administration believe that a consistent and repeated message coupled with a contrast to GOP proposals to undo Biden’s initiatives can potentially change public opinion and increase voter appreciation of the economy.
In their efforts to reinforce Biden’s accomplishments and engage with voters, the president and his Cabinet plan to embark on a three-week tour across the U.S. They hope that by highlighting his achievements and highlighting the contrast with Republican proposals, they can leave a lasting impression and sway voters leading up to the 2024 election.
The polls conducted by The Associated Press-NORC Center for Public Affairs Research involved 1,220 adults and were conducted from June 22-26. The margin of sampling error for all respondents is plus or minus 3.9 percentage points.
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