In an attempt to dispel voters’ concerns about his economic leadership in an election year, US President Joe Biden has praised the US economy as the “envy of the world.” In a furious State of the Union speech on Thursday, Biden argued that the economy has grown under his leadership by citing a number of economic indicators, such as record job creation and historically low unemployment. “The economy I inherited was in danger of collapsing. Our economy is now the envy of the whole globe! Biden stated in a joint meeting of the Senate and the House of Representatives. “Three years and fifteen million new jobs—that’s a record!” 50% of workers are unemployed. Every one of the record 16 million Americans launching small enterprises does so with hope.
Although there are issues with some of Biden’s statistics—the COVID-19 pandemic’s high employment loss rate skews the record creation data, for example—the president makes a compelling case overall. The US economy is seen as being in very good shape by most. The GDP expanded by 3.1% in the previous year, which was much faster than the growth rate of other developed nations. Given that most economists had projected a recession in 2023, that accomplishment is even more astounding. A constant thorn in US consumers’ sides before, during, and after the pandemic, inflation is currently less than 3 percent.
Voters are not giving Biden much credit for these unquestionably great results, which is a dilemma for him as he faces Republican opponent Donald Trump in November. Numerous surveys have revealed that Americans’ confidence in the state of the economy is low. 51 percent of respondents to a New York Times-Siena Poll released earlier this week described the state of the economy as “poor,” while 23 percent said it was “only fair.” Just 26% of respondents thought it was “good” or “excellent.” Even worse for Biden, they believe that Trump is a more reliable economics expert.
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