President Joe Biden traveled to Chicago last Wednesday to give a speech about the U.S. economy thriving under “Bidenomics”. The President defended his economic leadership though a new poll shows that just 34% approve of his handling.
According to a report by the Associated Press, Biden said his administration was helping the nation recover after Republican policies crushed America’s middle class. He also presented the previous Republican tax cuts as deeply flawed, saying they only helped the rich.
In addition, Biden said he believes the U.S. will avoid the recession that economists are expecting. Meanwhile, some republicans have said we are already in a recession.
The truth is that the economy has improved over the past year under the rule of Biden.
Unemployment is near a historic low at 3.7% and inflation has fallen to 4% from 9.1% last June. However, prices are rising significantly faster than the Federal Reserve’s target of 2%.
The new poll identifies that 60% of Democrats approve Biden’s handling of the economy, while just 10% of Republicans approve. This is contrasted by the overwhelming support that former President Donald Trump received for his economic leadership.
Some voters are not happy with the U.S. economy but have said that they don’t think the problem is Biden’s fault either. The overall global economy has had rough times thanks to the pandemic and armed conflicts.
Biden still wants to convince the population that he is doing a good job with the economy as a part of his second term aspirations for 2024.