Time to “Heave Bidenomics Into the Dumpster?” Just 14% Of Americans Think They’re in a Better Financial Position Under Biden

Jo ShawNov 27, 2023

Minute Read

A recent poll by the Financial Times and the University of Michigan’s Ross School of Business revealed that only 14% of voters thought they were in a better financial position under the Biden Administration. But is it really a Bidenomics failure, or do Americans just want deflation?

Bidenomics Is in Real Danger

The recent poll, indicating that only 14% of American voters believe they are experiencing improved financial conditions under Biden, may suggest that the President’s economic track record could pose a challenge to his chances of re-election.

A New Poll to Track Voter Sentiments

The new monthly survey, carried out by the Financial Times in collaboration with the University of Michigan’s Ross School of Business, the Financial Times reports, “will seek to track how economic sentiment affects the race for the White House.”

Over 30% Say That Biden’s Policies Hurt the Economy

According to a Financial Times article, the survey revealed that nearly 70 percent of voters believed that Biden’s economic policies either negatively impacted the US economy or had no effect. A notable 33 percent of voters expressed the view that the President’s policies had significantly harmed the economy, while only 26 percent believed that Biden’s policies had been beneficial.

Inflation Is the Biggest Concern

The Financial Times underscored that the recent poll results highlight the ongoing challenge for the Biden campaign in persuading voters about the effectiveness of “Bidenomics,” particularly in light of inflation.

Rising Prices Is the Biggest Threat

Erik Gordon, a professor at Michigan’s Ross School, spoke with the FT and said, “Every group — Democrats, Republicans and independents — list rising prices as by far the biggest economic threat . . . and the biggest source of financial stress.”

Bad News for Biden

Gordon added, “That is bad news for Biden, and the more so considering how little he can do to reverse the perception of prices before election day.”

Biden Must Rethink His Strategy

Editorial credit: Alessia Pierdomenico / Shutterstock.

In a recent article, Politico’s Jonathan Martin commented on Biden’s political strategies and the public’s ongoing concern over Bidenomics, stating that “Biden must move dramatically to reshape his appeal to voters.”

Heave “Bidenomics” Into the Dumpster

In his article for Politico, Martin wrote, “Perhaps the most overwhelming economic messaging advice I picked up from Democrats was for him to heave “Bidenomics” into the dumpster. Attempting to make voters believe something they don’t is folly. Attaching your name to that strategy borders on masochistic.”

Consumer Sentiment Falls Again

According to Reuters, their latest survey indicated that US consumer sentiment experienced a fourth consecutive decline in November. Additionally, households’ expectations for inflation increased, with their medium-term outlook for price pressures reaching the highest level in over 12 years.

Negative Concerns Over Interest Rates

Joanne Hsu, the director of the University of Michigan’s Surveys of Consumers, told Reuters, “While current and expected personal finances both improved modestly this month, the long-run economic outlook slid 12%, in part due to growing concerns about the negative effects of high interest rates.”

Inflation Is Not the Issue

However, a recently published article in Vox argues that inflation was not the real issue, but the actual problem was increased prices. The article written by Emily Stewart stated that “The root of what’s going on here can feel obvious: blame inflation, which picked up in mid-2021 and throughout 2022. But that isn’t really as much of the issue anymore, at least not at the current rate, because inflation is coming down. The actual problem here is prices.”

Prices Are Not Declining

Stewart stated in her article that even though prices are not increasing as much as they had been, they have not declined. She also said they would be unlikely to return to any level as seen before the COVID-19 pandemic.

The US Has the Strongest Growth

Stewart included the opinion of Felicia Wong, President and CEO of the Roosevelt Institute in her article, who stated, “Inflation in the US is falling relatively quickly compared to all of our other peer countries, and we have the strongest growth out of the recession,” Wong believed that “people don’t just want falling inflation numbers, they actually want deflation.”

Prices on Essential Items Only Declined Slightly

Stewart mentioned that in October, the Wall Street Journal had highlighted that while the prices of milk, gasoline, and new cars had decreased from their recent highs, they still remained higher than pre-Covid-19 outbreak levels.

People Are Very Price-Sensitive

“The things that people are very price-sensitive about and that they really do think about — the price of gas, food prices, price of cars, the price of housing — is all pretty elevated. Cars and housing, in particular, saw a big shift up and have not declined very much,” Konczal told Vox.

Deflation Isn’t the Answer

Stewart explained in her article, “The situation is frustrating to consumers, but it’s important to note that prices suddenly dropping really isn’t a desired outcome — deflation, meaning a broad decline in prices, is generally viewed as a negative by economists.”

Voters Will Hate Republicans Enough to Vote Democrat

Users went online to discuss the Biden Administration’s use of Bidenomics and the recent poll. “At this point, the Democrat Party strategy seems to be hoping that voters will hate Republicans enough to vote against them. Which to be fair worked in 2022 and 2023. Just doesn’t seem sustainable, but time will tell. I haven’t actually heard Team Biden articulate a positive vision for the future – their messaging is entirely about how Republicans are fascist, and Trump is a bad option,” one user wrote.

Not Easy to Separate Biden From Economic Pressure

“It’s tough when inflation has hit us hard. It was made worse when the macro stats pushed at us by his admin fly in the face of what my wallet feels. I know it’s not entirely on him but it is not easy to separate him from economic pressure people face…” said another.