Despite evidence of a robust economy under Biden, a lingering nostalgia for the pre-COVID era under Trump persists. Biden aims to counter this perception, emphasizing his administration’s achievements in a challenging economic landscape.
As the presidential election draws nearer, it has become more likely that a presidential re-match between former President Donald Trump and President Joe Biden will occur in November. Both candidates secured sweeping victories across the states holding nomination contests.
Economic growth may play a pivotal role in the election as likely voters consistently cite the economy and inflation as their top issues.
But there’s a paradox that President Biden would like to eliminate: Despite data showing robust economic growth and the United States succeeding in avoiding the recession predicted by economic experts, the American public remains unconvinced by President Biden’s economic capabilities.
Donald Trump also inherited a steam-rolling economy and claimed credit for its upward trajectory. Before the COVID-19 pandemic, his administration oversaw economic expansion with consistent gross domestic product growth and a robust stock market.
But while both the Trump and Biden administrations witnessed relatively stable growth and recovery from the global recession instigated by COVID-19, only one president is taking the credit. In his latest communications, Biden is attempting to reshape this narrative.
Waning trust in Biden
The public’s trust in Biden’s economy is waning.
Polls reveal that Americans remain pessimistic about the economic outlook and consider Biden to be less trustworthy than his Republican opponent to handle the economy. The U.S. Conference Board, a business think tank, reports a significant disparity between the present situation and the expectations for the economy.
Doubt permeates among voters across the political spectrum, as evidenced by a poll conducted by NBC News. It indicates that voters are largely critical in their assessment of President Biden’s performance. Forty percent of respondents believe that Trump exceeded expectations, in contrast to a mere 14% for Biden. Conversely, 29% think Trump underperformed, while 42% feel that Biden did.
The former president’s critics point out that Trump inherited an economy already experiencing an upward trajectory. In contrast, President Biden is blamed for the uncertain economic climate.
Biden’s strategy to defend economic progress during his term
In his State of the Union Address last Thursday, Biden made a campaign speech underscoring the economic achievements under his administration. With unemployment hitting its lowest mark since 1969 and a record-breaking addition of 7.27 million new jobs, he proclaimed the American economy as the “envy of the world.”
The U.S. economy is showing surprising resilience but is still recovering from the shock of the pandemic. Inflation remains a persistent challenge for the Biden administration while the Trump administration was marked by low inflation and low interest rates.
Although inflation rates are not back to pre-COVID years, they have been slower than in any other nation during the post-pandemic period, and wage growth has now outpaced them.
The problem is that wage increases are not felt uniformly by everyone, and the period of peak inflation remains vivid, causing resentment towards the Democratic presidency. President Biden acknowledged the wealth disparity in his State of the Union Address, pledging relief for all Americans.
However, when pitted against former President Trump, data is no match for the allure of hyperbole. Trump’s persona has not changed; voters continue to be attracted by his charismatic authority, nonconformist attitude, influence, and affluence, overlooking the legal challenges — Trump faces 91 charges from four criminal cases — and moral transgressions.
Voters are under the impression that economic prospects will stabilize with Trump back in the White House because of his persuasive rhetoric and his tendency to dismiss data and facts in favor of his own, more accessible, narrative.
Recently, on the alternative social platform Truth Social, he took credit for the recent highs in the stock market, branding it as a “Trump Stock Market,” asserting it is because investors are projecting his win.
While Biden may still hope to reshape perceptions of the economy and inflation, challenges remain as his approval rating stands at a mere 36%.
