US Economic Gloom Giving Americans the 'Bidenomics' Blues

Seventy-eight percent of Americans say the economy is in bad shape, while two-thirds believe the situation won't improve in the near future, according to a recent poll.

It appears that President Joe Biden's economic plan, dubbed 'Bidenomics,' is not working well, as three-quarters of Americans rate the US economy negatively, according to the latest Fox News poll.

Meanwhile, 67% - including 84% of Republicans and 77% of independents - don't see any signs of improvement. Democrats seem to have no illusions either: 59% say the US economy is in bad shape, 46% say it is unlikely to get better and a whopping 84% of Democratic respondents are worried about inflation.

Across all groups, inflation remains the top concern (89%), followed by worries about personal rights and freedoms (82%), rising crime rates (82%), political division (82%), terrorist attacks (73%), etc.

Remarkably, 74% of Americans are concerned about the Israel-Hamas war, while the Ukraine issue has clearly taken a back seat, according to the survey.

Against this backdrop, Biden's performance rating remains low ahead of the 2024 election season, with 59% disapproving of his policies and only 40% approving. According to respondents, the US president is doing poorly on most burning issues: only 29% approve of his handling of inflation; only 33% think he's doing the right thing regarding the US economy and the same number support him on immigration; only 40% approve of his national security policy, while 57% are skeptical.

Handling the economy/inflation (23%) and generally doing a "good job" (13%) were cited as the main reasons for approving of the incumbent president. However, Biden's handling of the economy and inflation (25%) and the president's age and mental health (18%) were also major reasons for disapproval; 12% say he is doing a "poor" job.

The US liberal press continues to insist that Bidenomics is "working", citing better-than-expected indicators for economic growth, employment and inflation. While at the beginning of the year US economists were predicting a "mild recession" in the US, they are now saying that the Federal Reserve will manage a so-called "soft landing" after repeated aggressive interest rate hikes.

Nevertheless, a recent Wall Street Journal poll also shows that Americans feel "hurt" by Biden's policies and complain about high food and gas prices. For his part, Democratic pollster Stanley Greenberg admitted in his piece for the Financial Times that people aren't feeling the much-discussed "soft landing" because rising prices are eating away at their wages and creating a cost-of-living crisis.

US conservative think tanks are lashing out at Bidenomics. The Heritage Foundation estimates that American families will pay 20% more for food, 38% more for gasoline, and 28% more to keep their homes warm this winter than when Biden took office.

What's more, the think tank points to a record amount of credit card debt in the US ($1.1 trillion), stressing that interest rates on those credit cards are "at record highs" as a result of Federal Reserve policies. "Clearly, the failed policies of the past three years have hurt Americans," the think tank notes, insisting that the situation can be remedied by simply canceling Bidenomics altogether. As the 2024 election approaches, Biden's electoral chances are looking bleaker, judging by the mood of the American electorate.