US Economy:  Why Biden Gets a Bad Rap?

By Shlomo Maital  

     President Biden continues to get a bad rap.  Polls show high percentages rate his performance as unfavorable,  especially regarding management of the economy.  Nemesis Trump screams that America is a disaster.

       So what is the truth?  A strong article in americanprogress.org reveals it.  The US economy is stronger than any other of the G7 large economies, in seven measures.

* US has the lowest inflation rate, 2.7%, lower than e.g. UK, 8.7%.  * US energy prices are down by 11.7% compared to last year. * US has had the strongest GDP recovery.  4. US has among the lowest unemployment rates. * US long-term unemployment is low and falling, lowest of G7 except for Canada. * The IMF reports the US has the strongest economic outlook for 2023.  * The unemployment forecast for 2023 is lowest, except for Germany and Japan.

      Perception and reality often diverge.  It is hard to find a bigger, less justified gap than that between how people perceive Biden’s achievements for the economy (especially, legislation, like the big infrastructure bill) and what people seem to perceive, perhaps driven by the rantings of demented opponents.

       Perhaps most important —  Biden seems to have engineered a soft landing —  a reduction in inflation, without causing a recession.  Together with the Fed. 

        If people vote their pockets, perhaps this bodes well for Biden in 2024.