Joe Biden’s economy is showing undeniable strength in multiple ways and is being pitched as “Bidenomics,” influenced by FDR and Reagan. It aims to grow the economy “from the middle out, and the bottom up” through industrial policies and support for unions.
However, upper middle-class professionals, who are key Democratic voters, are experiencing a decline in their financial situation, leading to skepticism about Biden’s economic policies, as reflected in recent polls.
Voters are expressing their doubts about “Bidenomics,” according to a joint poll from The New York Times and Siena. Despite a robust economy, Americans are feeling unusually negative, with many reporting a deterioration in their personal finances and a rise in living expenses.
A massive disconnect is seen between public sentiment and economic data. Blue-collar workers have benefited most from the post-pandemic economic recovery, experiencing faster wage growth, which is contrary to previous economic expansions where higher-paid workers fared better.
While this spells good news for blue-collar workers, this shift poses a challenge for Biden, as the Democratic party’s base has historically been well-educated white-collar workers who now seem to be in a less favorable position.
Biden’s economic agenda aims to reverse this shift, but it’s limited in its scope and may not address the concerns of white-collar workers effectively. Additionally, the high cost of living coupled with inflation is irritating many Americans, impacting their purchasing power and financial well-being.
Blue-collar workers win big
In this reversal of economic trends, lower-paid and less-educated workers have seen significant benefits since the pandemic, with faster wage growth and increased job opportunities. This shift poses a challenge for Biden as the Democratic party’s base consists of well-educated white-collar workers who now seem to be in a less favorable position due to the economic trend.
It’s the inflation, stupid
Another major concern for Americans is the rising cost of living despite some easing in the inflation rate. High interest rates are making substantial purchases unaffordable, leaving many individuals feeling the pricing environment is working against them. The impact of inflation on everyday expenses, such as groceries and gasoline, is shaping attitudes and overshadowing any potential income gains, leading to widespread frustration and discontent among consumers.
