The 2024 presidential general election is here, for all intents and purposes. Joe Biden and Donald Trump are set to face off in the first presidential rematch since 1956. It’s also the first rematch between a current and a former president since 1892.
The economy is actually doing quite well under Biden. Between the IRA and CHIPS, and other measures, manufacturing is looking good. Blue collar jobs are doing fine too, with some hiccups due to world events. I’d rather have Biden anyway especially since he has let the Central bank have autonomy to set interest rates unlike Trump who took a less conservative approach and more of a populist approach.
Inflation and polls say otherwise. People do not feel the economy is good, consumer debt is rising along with foreclosures.
Inflation has risen by 3.1% from Jan 2023 to Jan 2024. The target that the Federal Reserve has is 3%. Consumer confidence may be a different story though, as even though market indicators say there’s a strong economy, people saying that the economy is bad will make people say that the economy is bad. There’s currently a labor shortage and strong jobs growth and wages are starting to grow in real terms for the first time in a while.
Granted, the only thing that matters in the end is if people think the economy is bad
https://www.usinflationcalculator.com/inflation/current-inflation-rates/
4.1% over the year. 8 % the prior year 4.7 the year before that.
The problem is prices are going up faster than wages. As long as inflation outpaces the cost of things, we are not in a strong economy.
If people were piling on debt just to live and could afford a home, I would agree we have a stronger economy. Right now, I can’t say that with a straight face.