A majority of Americans are not feeling the touted benefits of the Biden administration‘s economic agenda, as most voters say their incomes are not keeping up with inflation.
President Joe Biden has made “Bidenomics” a staple of his reelection campaign as inflation continues to decrease and the administration touts record-low employment rates across the country. However, Americans do not appear to be feeling the effects of these statistics in their individual lives.
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A recent poll from CBS News shows that 70% of voters do not believe their work income is keeping up with inflation, and 52% believe that financially, they are staying in place.
Sixty-five percent of respondents said they would rate the U.S. economy as “bad” compared to the 29% who said it was “good.” More respondents, 46%, said the job market was “good.”
Inflation dropped to 3% in June, a major boost for Bidenomics. While inflation is still high, it is cooling in response to the Federal Reserve’s aggressive interest rate hikes.
However, 69% of voters said they believe prices have been going up in the last few weeks, and 45% still say that the Biden administration is increasing inflation.
There was a 2 percentage point increase when voters were asked if the condition of the U.S. economy was bad compared to June and July. Sixty-three percent said the economy was bad in June, and 65% said the economy was bad in July.
When asked if Republicans’ actions impact the economy, 63% of voters said no impact or “not sure what they have done.”
Nearly 60% of people have heard “not much” or “not at all” of Bidenomics — despite Biden’s concerted effort to pitch and promote his economic agenda, as he heads into a primary and general election where the state of the U.S. economy is likely to be one of the top issues for voters.
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When asked what voters think of when hearing about Bidenomics, 50% said “higher inflation” comes to mind, followed by 49% of voters thinking “tax increases.” A minority of voters thought of “investment of infrastructure” and “job creation” — two actual tenets of Bidenomics that the Biden administration is focused on when promoting the plan.
Biden’s overall approval rating sits at 40%, with his approval rating on the economy hitting a low of 34%, which he hit back in June 2022. He is substantially leading Democratic presidential candidates Marianne Williamson and Robert F. Kennedy Jr. in most polls.
