Voter Concerns Persist as US Economy Shows Signs of Strength

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ICARO Media Group
Politics
11/12/2023 21h13

Voters' negative sentiment regarding the economy under President Joe Biden continues to puzzle experts as the 2024 presidential election looms, according to a recent report. Despite indications of a robust economy, voter perception remains prominently unfavorable, with concerns centered around inflation and rising prices.

Democratic pollster Celinda Lake expressed bewilderment over the discrepancy, stating, "Things are getting better and people think things are going to get worse - and that's the most dangerous piece of this." Lake also highlighted that voters want more than just a reduction in inflation; they desire a significant decrease in prices.

Chair of the White House Council of Economic Advisers, Jared Bernstein, acknowledged the challenge faced by President Biden, noting that although the economy is showing signs of improvement, public sentiment remains negative. Bernstein emphasized the importance of continuing efforts to lower costs and build on the progress made so far. He expressed confidence that with more time, voters would be convinced of the strength of Biden's economy.

Various economists attempted to shed light on the underlying reasons behind Americans' unease with the economy. Former Federal Reserve economist Claudia Sahm pointed out the disruptive and confusing nature of recent economic fluctuations, stating, "People have really been jerked around." Joanne Hsu, director and chief economist of the University of Michigan's Index of Consumer Sentiment, added that consumers are still grappling with the realization that the post-pandemic period will not resemble the pre-pandemic "normal."

Contrary to the negative sentiment expressed by voters, reports from AP News suggest that the U.S. economy is on solid ground. The recent employment report indicated the addition of 199,000 jobs in November, accompanied by a drop in the unemployment rate to 3.7%. Additionally, inflation has significantly reduced in just over a year, declining from 9.1% to 3.2% without causing a recession.

Despite these positive indicators, polls consistently demonstrate Americans' lack of optimism regarding the economy. A Fox News poll conducted in November revealed that three-quarters of voters believe the economy is in bad shape, with two-thirds expressing skepticism about its potential turnaround. Only 29% of respondents believe that the worst is over, although this figure marks a slight improvement compared to 2022.

Concerns about inflation are widespread, with 89% of respondents expressing worry. This level of concern has remained relatively steady over the past year, showing a slight decrease from a high of 93% in July 2022. The majority of Republicans (84%) and independents (77%) share the sentiment that the economy continues to face challenges.

Various outlets, including CBS, The Atlantic, and NPR, as well as respected media figures such as former CNN reporter John Harwood and Democratic strategist James Carville, have argued that the economy is steadily recovering and that people may be holding onto negative perceptions stubbornly.

At present, the Biden campaign has not provided a comment in response to a request for input from Fox News Digital.

In conclusion, while the US economy shows signs of strength and growth, voter concerns persist, particularly regarding inflation and rising prices. Experts and economists remain puzzled by the dichotomy between positive economic indicators and negative public sentiment. As the 2024 presidential election approaches, it remains to be seen how these perceptions will shape the political landscape and influence voter decisions.

The views expressed in this article do not reflect the opinion of ICARO, or any of its affiliates.

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