President Joe Biden is frustrated. Unemployment has fallen to a healthy 3.6%, the economy is growing at a decent 2.4% rate, and inflation has fallen to 3%. And yet despite all this good economic news, the vast majority of voters rate the economy as poor and blame Biden for its sorry state.
What gives?
One hint can be found in the most recent CBS News poll, which found that 65% of adults would rate the economy as “bad” and just 13% said that they were getting better financially. Most adults, 52%, said they were just staying in place, while 35% said they were falling behind.
Among those that rated the economy as bad, 88% blamed “inflation and the rising costs of goods and services.” Indeed among all respondents, even those who rated the economy as good, 70% of adults said that their personal income was not keeping up with inflation.
And this perception is reflected in economic numbers. Despite falling inflation, prices are still rising. And overall, real wages are still down 5% since Biden took office. In other words, most voters are functionally making less money today than when Biden took office. No wonder most people think the economy is still bad!
Read more at Washingtonexaminer.com
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